Business Intelligence Reporting is a vital tool in an organization’s overall arsenal. All you need to know about BI reporting is right here!
In the data analytics industry, business intelligence reporting is a highly sought-after set of abilities. In fact, we polled dozens of analysts and business intelligence specialists and discovered that a majority of firms still rely on qualitative data rather than quantitative business reporting when dealing with business problems (through BI dashboards).
How does BI reporting help your business?
Helps improving decision making skills and Business Performance
A manager, for example, may discover that their collective team performance has been falling short of their KPI targets for two quarters in a row. In that case, they could use this information to do further research such as examining future sales accuracy and performance statistics/ reports.
Have one trustworthy source
The major function of a BI tool is to arrange data into one central location so it is accessible to all, whenever needed. This allows you to stay informed about important company news and events. It might not be possible for you to respond to certain events right away but it is essential, infact, indispensable for long term planning and management.
Let's get straight into BI: What is it? Why is it important? What are its advantages? Keep going and you’ll get all the answers ahead.
What exactly is Business Intelligence (BI) Reporting?
Business Intelligence Reporting is considered as a business solution that allows you to evaluate your data in an organized, simplified and accurate manner so that you can easily uncover actionable insights. To make it more simple, you get to see all of your data that the BI tool has collected and arranged in one location for you, also, at the same time, allowing you to track and detect patterns that might help you enhance your decision making skills.
Well, better data driven decisions will only lead you to profitable results!
Why is Business Intelligence (BI) Reporting an essential tool for businesses?
Okay, to cut it short, Business Intelligence reporting basically “helps make sense of data!”
Who doesn’t want to make sense of their data? We know you do! That's why BI reporting plays an important role in any Business strategy. There's no denying that business intelligence (BI) reporting is crucial to most firms' performance. BI reporting is the cornerstone for making informed decisions, whether it's analyzing stock trends or project management performance.
Indeed, BI reporting solutions aid not only in data analysis but also in the creation of new reports as needed. In addition to making strategic decisions based on facts and figures, businesses must conduct reports at regular intervals. In order to make the best business decisions at the correct moment, operational data should be examined at the right time.
What are the benefits of Business Intelligence Reporting?
BI reporting is not just limited to making reports for the sake of making reports but also it is relevant for providing important information to those who need it for better decision making. Doesn’t matter if you are a small business or a huge enterprise, there, always are numerous advantages of using BI in your business:
Make use of both real-time and Historical data
Earlier, Businesses used to rely on traditional reports that were written on a word document, the issue, however, was that the reports needed to be updated, changed and delivered to the audience. It was too time consuming and the information took way too long to be delivered to the audience on time.
Business Intelligence Reporting is a process of combining both real time and historical data into one in order to create accurate insights and measurements. It also does the work on time!
Improves Operational and Forecasting processes
Now, when it comes to BI reporting, it not only helps businesses in data analytics but also helps them in bettering their decision making process by providing the correct data at the right time!
Lets say, a company wants to know their customer satisfaction stats, they can evaluate the same through surveys and questionnaires. They can then use business intelligence (BI) reporting software to analyze the data and show it in simple charts and graphs that can be viewed by all levels of management inside the firm for perfect decision making.
Cost cutting/ Economical
A lack of immediate return on investment, the expense of adopting new software can be harmful to a company's budget (ROI). This is particularly true and apt for small enterprises, where every penny matters. As a result, they must comprehend why business intelligence software is required for their specific requirements.
Helps in better Decision making
We’ve said this many times before and will say it again- Business Intelligence Reporting is the best for enhancing your business’s decision making skills! It assists you in first, developing critical strategies, and second, making critical decisions that can have a bigger influence on your business. At the same time, it also makes it easier for multiple departments to collaborate because of its capacity to visualize data in an understandable way.
To put it short, business intelligence is the process of obtaining and arranging digital data in order to help CEOs, executives, and senior management make better company decisions.
Self Service BI
A self-service business intelligence report is a type of report that allows users to study data without having to write code. Self-service BI is now used extensively, although it wasn't always the case. Business intelligence solutions used to be prohibitively expensive and difficult to use, if not impossible to utilize. Users also required IT assistance for any reporting or analytics.
What are you waiting for?
Business Intelligence Reporting is one significant set of techniques that helps you turn your organization’s data into valuable insights. In other words, BI reporting eliminates the need to manually compile data from numerous sources into multimillion-dollar reports.It's time for you to begin gathering and evaluating data!
But what is the most effective method?
MyDash is here for you! We are specially designed to make your business world a better place. We will help you move your organization forward and make informed, data-driven business decisions by giving you the ability to collect, analyze, and report on data in real time. Transform your data into actionable insights today and move your business faster than ever before.