Corporate reporting is in need of a reboot. Savvy companies are recognising and responding to the emerging challenges of a new technology-enabled environment and are preparing to play an altogether changed game. What should companies do now to ensure they are fit for the challenges ahead? And what can be done to move us all towards a technology-enabled corporate reporting model that is relevant for stakeholders and their changing behaviours?
Technology is disrupting every walk of life. Yet until recently, the traditional reporting model seemed relatively immune. Much discussion around the future of reporting assumed the traditional flow of information from company to user, and focused on what companies report and to whom, rather than when and in what format.
But with emerging technologies – machine learning, AI and blockchain to name a few – influencing how companies operate and communicate, corporate reporting needs to modernise and recognise how information is sourced, consumed and analysed in the 21st century.
This paper sets out our vision for the future of reporting, and aims to help companies take action now so when change does happen, they’re positioned to take advantage.
“Today’s reporting model needs to modernise and recognise how information is sourced, consumed and analysed in the 21st century."
Most of the technologies that will transform the reporting model already exist, but their impact has yet to be fully felt. Even those that have begun to mature, such as social media platforms, corporate websites, digital financial reports and searchable company data, still have the potential to develop and further enrich the dialogue between companies and their stakeholders.
Head of Corporate Reporting, PwC United Kingdom