Exploring the Playbook 3: How do I measure the impact of digital reporting?
XBRL International’s Regulatory Playbook is now available. It offers regulators an essential guide to planning and implementing an XBRL-based digital reporting framework, including key considerations and best practices drawn from international experience. To celebrate the launch, this series will dive into a few of the questions that regulators often ask themselves, and that the playbook helps to answer.
Digital reporting promises a transformative impact on data collection and analysis across multiple dimensions that may be important to you as a regulator. It creates greater efficiency and automation, improved quality and comparability, and better access to data – all ultimately contributing to enhanced regulatory oversight, greater trust, and more competitive markets.
But – not everyone will simply take your word for it. You’re going to need to demonstrate that those benefits justify the investment in digitisation. Clear evidence of impact will be critical in securing continued funding for your digital reporting project, maintaining momentum, and creating a sustainable initiative for the long term. It will create confidence within your team, across your organisation, and among external stakeholders. And it will enable you to see clearly what’s working and what’s not, where to adjust your efforts to maximise impact, and how to make ongoing improvements to your reporting framework.
Measuring impact can be particularly crucial in emerging economies, where regulators tend to need to make the most of very limited budgets, but at the same time particularly challenging without baseline data, standardised KPIs and digital experience. The Playbook is here to help, guiding you step-by-step through:
- documenting the status quo to create an initial baseline – and how to capture the value of digital reporting when implementing a totally new framework
- impact metrics for key stakeholder groups, with detailed example metrics reflecting time and cost efficiency, quality and analytic outcomes for data collectors, preparers and consumers
- understanding KPI dependencies and effectively monitoring the value networks generated by digital reporting
As you implement digital reporting you will hugely enhance the value of your data. Investing early in demonstrating that value will help you create a robust framework that advances your regulatory objectives and meets stakeholder needs. Read more in the Playbook here.
