IBCS – Standards in Financial Reporting 2018-07-19T09:44:55+00:00

Mazepoint Presented Inaugral IBCS UK Seminar

Dr Rolf Hichert, co-founder of IBCS, demonstrated the practical benefits of implementing standards in visual communication at the first IBCS UK Seminar, presented by Mazepoint.

Attendees from companies across Europe discovered how to benefit from clearer, more consistent and more concise reporting across their business activities and how this would impact their decision making processes at all levels.

IBCS Inaugral UK Seminar
IBCS Inaugral UK Seminar
IBCS Inaugral UK Seminar

IBCS standards have been embraced by leading organisations such as Philips, SAP, Coca-Cola, the German Military, Bayer, Lufthansa, Daimler, Roche, and BMW.

IBCS – Setting the Standard for the Reporting of Financial Data

IBCS Standards in Financial Reporting graphical image

The International Business Communication Standards Association, a not-for-profit organisation established in 2013, has been set up to promote, maintain and develop these methods further. Based on many years of research and development and the wide adoption of Dr.Rolf Hichert’s HICHERT®SUCCESS  methodology, the IBCS Association is bringing ease of interpretation, consistency and efficiency to performance reporting.

The IBCS standards are not simply about charts. They help organise and structure reporting content by applying the appropriate visual design to the underlying message.  They also provide a consistent and uniform presentation language for organisations for both internal and external communication.

Hear about the IBCS approach and how Editorial Prensa Iberica, an SAP customer,   uses these standards to drive alignment, shorten implementation time, and improve outcomes

The popularity of IBCS was evident at TechEd this fall where IBCS had a fully packed session. Impressively, half of those in attendance already knew about IBCS, which illustrates its momentum in just a few short years. View this short video of a conversation between SAP’s Jurgen Hagedorn and Dr. Jurgen Faisst, managing director of the IBCS association.

This video highlights why standards are important for easier understanding of information –  CubeServ’s CEO talks about why they have implemented IBCS internally and the reason they use IBCS standards in all their customer demos.

The Need for Clarity and Understanding

Messy spreadsheets, colourful graphs, management dashboards full of poorly labelled, inappropriate charts, 3D effects and visual tricks that do more to hide than promote the important information they contain; report designers today can create almost any visualisation they can imagine with today’s reporting and analysis tools, and too often this is the result.

Understanding performance information can already be a challenge for many users, made more difficult due to the lack of a consistent standard and communication language, even within the same organisation. Is it therefore surprising that decision-makers cannot always rely on the reports they are given, or, worse, draw the wrong conclusions?

The Need for Standards

Most other professional disciplines benefit from having notation standards – think about mechanical, electrical and software engineers, musicians, architects and geographers.

What does music and performance reporting have in common?  In both there is a need to communicate a dense amount of information in a clear, concise way that can be read and understood by anyone.

Musicians don’t create their own notation standards. They use the established methods of design, placement, colour and terminology to communicate as effectively as possible. Today, these methods are only now being established for performance reporting.

IBCS Standards in Financial Reporting Musical notation - Prelude

Practical Benefits

IBCS delivers the following benefits:

  • Improved quality: The quality of the deliverables in every process stage will increase. This means more readily understood dashboards, clearer messages in more comprehensible reports, and – ultimately – better decisions.
  • Reduced reaction time: The speed of the overall decision-making process will increase. The delivery time of new dashboards will be shorter, business analysts can answer the questions more quickly, and executives can make sound decisions faster.
  • Reduced costs: Saving time in the delivery of dashboards, in the analysis of data, and in the creation of reports and presentations will reduce costs. Reducing the time executives spend on trying to understand the reports will be the biggest advantage.

What Do Users Say

“Analyzing the newly designed reports helped our management team to understand our key messages more quickly. And Ithink this helped to come up with better decisions”
“Most important for us was easier and faster recognition of the information by using visual standards, e.g. for actuals, budget, and forecast data”
“Our reports now can be understood more quickly because of their better structure and higher quality of visuals. Our new notation concept plus user-friendly templates were the key for success.”
German Military
“We could substantially reduce the number of chart and table layouts. The new standards were easier to handle and I think this saved us a lot of time.”
Swiss Post