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From print to digital – moving the Annual Report into the 21st century

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  • 1. KWDCorporate reporting - From print to digitalJonas Jonell, KWD
  • 2. 1. Information overflowCan web technology make annual reports comprehensible and customisable todifferent stakeholders?
  • 3. Things were easier beforeEricsson Annual Report 1901, 6 pages including cover Cover Report of directors Income statement Balance sheets Proposed appropriation of earnings
  • 4. Then came the avalanche 1970 1980 1990 2003 2005 2010 Legal Adding of Environment, C New legal Increased New regulations document Company- SR, requirements demands on after the presentation sustainability by IFRS Corporate financial crisis? sections added governance reporting
  • 5. Avalanche example: Electrolux 1950-2008 Number of pages 200 CSR 178 Corporate governance 158 150 138 IFRS 122 114 Environmental 98 100 reporting 85 80 76 60 56 48 50 15 24 0 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005
  • 6. Why is this? It is the most prestigious document from the company Its usage has broadened, but the format remains Society Small Employees Vendors Customers Journalists Authorities Large shareholders, Analysts shareholders Partners Institutional investors Non-professional readers Professional readers
  • 7. Is this really the best way tocommunicate the corporate story?
  • 8. Can we use the web format to make annualreports comprehensible and customised, likeWikipedia?
  • 9. Customised information Different readers have different needs Large shareholders, Small Vendors Institutional Society shareholders Employees Partners Customers Journalists Authorities investors Analysts What is the I want to I don’t What are I want to I want to know What is the I want aWhat is the financial know more believe in the main learn more even more board’s printeddividend? situation of your about your this market trends? about x about x payment? version! vendors? CEO figure!
  • 10. Customised information Search Quick questions are best answered with the web’s search capability Besides quick answers, search also provides related information, like policies for dividend or remuneration, throughout the entire report Large shareholders, Small Vendors Institutional Society shareholders Employees Partners Customers Journalists Authorities investors Analysts What is the I want to I don’t What are I want to I want to know What is the I want aWhat is the financial know more believe in the main learn more even more board’s printeddividend? situation of your about your this market trends? about x about x payment? version! vendors? CEO figure!
  • 11. Customised information Drill down Hyperlinking is the reason for the breakthrough of www in the 1990’s Use it as internal shortcuts or to external parties, like industry press articles, to the company’s vendors, or to third party market surveys This will help the reader to understand your company and its context Large shareholders, Small Vendors Institutional Society shareholders Employees Partners Customers Journalists Authorities investors AnalystsWhat is the What is the I want to I don’t What are I want to I want to know What is the I want adividend? financial know more believe in the main learn more even more board’s printed situation of your about your this market trends? about x about x payment? version! vendors? CEO figure!
  • 12. Customised information Rich media There is an increased focus on the company’s management and the CEO as an individual The CEO’s letter to the shareholders is an effective way to address the shareholders directly, but a video presentation makes it even more effective and personal. Large shareholders, Small Vendors Institutional Society shareholders Employees Partners Customers Journalists Authorities investors Analysts What is the I want to I don’t What are I want to I want to know What is the I want aWhat is the financial know more believe in the main learn more even more board’s printeddividend? situation of your about your this market trends? about x about x payment? version! vendors? CEO figure!
  • 13. Customised information Customised print The print media will survive, not only because many authorities still require a physically signed document, but also because many readers prefer a hard copy. However, an online report can provide tools for creating your own, customised PDF file. Large shareholders, Small Vendors Institutional Society shareholders Employees Partners Customers Journalists Authorities investors Analysts What is the I want to I don’t What are I want to I want to know What is the I want aWhat is the financial know more believe in the main learn more even more board’s printeddividend? situation of your about your this market trends? about x about x payment? version! vendors? CEO figure!
  • 14. Customised information Interactivity Complex financial information is hard to grasp for a non-professional reader The web medium has several interactivity features to enhance pedagogy Large shareholders, Small Vendors Institutional Society shareholders Employees Partners Customers Journalists Authorities investors Analysts What is the I want to I don’t What are I want to I want to know What is the I want aWhat is the financial know more believe in the main learn more even more board’s printeddividend? situation of your about your this market trends? about x about x payment? version! vendors? CEO figure!
  • 15. Interactivity increases understandingCan you see the trend? Can you see the trend?
  • 16. SummaryThe thirst for information will continue to grow, but the web medium is excellent todeal with this Rich media Search Custom PDF creation Internal hyperlinks for External hyperlinks additional page entries for drill down analysis
  • 17. 2. ProductionHow to add another step in an already complex production cycle
  • 18. A new world for both web agencies andtraditional annual report producersFrom the web agency point of view From the buyer’s point of view The buyer is not web native Changes that appear easy might be very “Let’s publish next week” is not an option difficult to solve Top management have stronger opinions Changes that appear hard might be very than usual easy to solve Content is horizontal rather than hierarchical How do I keep track of interactivity and in its structure internal hyperlinking features? External hyperlinks, official information from my company? Wikipedia? But once your organisation get used to the online format, you will also find production benefits with online annual reporting!
  • 19. Why don’t wait until things settle down? Because then the report is old news To get best value for the investment, publish the online version simultaneously as the printed one Number of visitors Average day Day of report IncreaseCompany X 376 838 +123%Company Y 3 152 4 649 +47%Company Z 12 280 21 026 +71% H&H statistics for three Swedish, listed companies
  • 20. Another example of publish timingNearly 600 visitors on publish day (simultaneously published)Note that the online annual report does not die, it is revisited on various investorevents 700 Launch 600 500 400 Q1 report Q3 report Investor day 300 Summer Christmas 200 100 0 Number of daily visitors on an online annual report for a large Swedish company
  • 21. Semi-parallel production processComplete the graphical design and programming of all templates and special pagesin good time before the print version is final and sent to the printer houseAfter content sign-off, make sure to have the right tools to fill the templates withfinal contentInclude a launch phase in the time plan to ensure quality Final sign-off print content 2-4 weeks 3 weeks to 3 months (synchronized with (depending on graphical complexity) print and distribution) Design Programming Content migration Launch
  • 22. Despite all preparations, we still suffer fromdual processes. Isn’t there another way?
  • 23. Opposite approach: Annual Report 2.0Annual Report 2.0: To create the annual report directly for the web medium, and get a printed version as a secondary product
  • 24. The journey towards digital reportingphase Typesetting in Web version Draft in MS Word Print ready PDF 1 InDesign conversionphase Typesetting in Print ready PDF Draft in MS Word 2 Word and web versionphase Draft and type- Print ready PDF 3 setting in Word and web version
  • 25. Benefits with Annual Report 2.0Digitalizes your content automatically for multichannel purposesOne single process instead of twoPossible to use web writing style from the startSends a clear message that the web is the primary medium,motivating a reduced circulation of printed copies (if any)A printed version is still available But its graphical ambitions is reduced, because those who prefer the printed version do not appreciate heavy graphics anyway This lets you reduce your budget, or target your budget to increase the quality of the web version
  • 26. KWDThank you!Jonas Jonell, KWDjonas.jonell@halvarsson.se