Move on over traditional reporting methods. Business Intelligence Reporting, or BI reporting for short, is here and companies are quickly taking advantage of it. BI is certainly not a new thing, it’s been around since the 1970s. What makes it particularly special today is technology’s progression and the integration of BI reporting into software.
What is BI reporting and why should you know about it? BI reporting is vital to the success of any business which wants to be transparent, accurate, and efficient. BI reporting is a system or process that provides information in a format that is easy to understand while also displaying up to date data. BI software uses a variety of different techniques to gain insights from past, current or live, and predicative data and delivers summaries of said data in a structured and visually engaging report.
And that’s only a peek under the hood. There is a lot more to know about BI reporting and how it can help businesses grow. Ultimately, the end goal of BI reporting is to allow end-users to understand data given to them in a way that is digestible and then, most importantly, actionable. The insight acquired along the way is not just a bonus, but also crucial to the development of a business.
BI Reporting means information given in real time, tracing data over time, and being interactive with data. Using BI reporting tools means even better quality data as many software programs allow for flexibility, like teams having access to information regardless of location. Notifications of changes for teams to address when needed. Creating images to explain complex information to a non-specialist. Single reports being sent to multiple users or setting different access permissions to specific people. Applications of BI reporting software range from spreadsheets, online analytical processing, data mining, storing and cleansing, activity monitoring, and digital dashboards. The capabilities of BI reporting software is extensive and provides the basis for better and quicker decision making.
Reporting & Business Intelligence
Key to BI reporting, is well, reporting. Reporting means making data accessible in different ways with visualizations like tables, graphs, and charts. Graphical representation of data needs to be done in a way that is understandable to all users, but most importantly end-users. There are different types and styles of reporting depending on the type of information or data being presented. Some examples include ad-hoc reporting, which are reports created on extremely short notice, paginated reports that are separated into different pages for printing, and pixel reporting based on customization in size and location.
Despite being different types of reporting these are all a part of BI reporting. BI reporting software combines different reporting styles to get more accurate and real-time data. They provide reports in different types of formats and files, often times in stunning visualizations.
The development of BI reporting software goes back to one of the main goals of BI reporting; making data understandable and accessible to end-users. End-users can be a variety of people from clients to management, whoever needs to see data in a way to make it useful. In general, reporting is no longer limited to specialists who already know what they are looking at. It is now possible for nontechnical users to use BI reporting with new software and applications.
BI is the catch all name that describes the use of a variety of tools and methods to collect, analyze, and display data. Tools include software programs specifically created for business intelligence. These programs find data from both internal and external systems, put the data together for analysis, perform the analysis itself, and then create visualizations of the data to be used as reports or dashboards. Clear and understandable visualizations or reports are important for decision makers to make the best and most accurate decisions. BI is not just for presenting data, it is also used to track and follow how data progresses or changes so people can make better decisions and improve business performance for the future. BI tools are constantly changing and developing with flexibility in mind.
What can BI Reporting do for you?
BI Reporting takes businesses to the next level. Getting and understanding meaningful data is only part of BI Reporting. The other part involves how you use that data. Data displayed and distributed via BI Reporting allows users to gain insight into consumer behavior. For example, pin-pointing consumer buying trends and providing better customer experience.
BI reporting can provide data for comparative purposes. See how you are doing in relation to you competitor or instead track your competitors and see what they are doing wrong or right. It can assist in improving visibility and performance amongst your team to gain results more efficiently. Centralized information for your team to access instead of separately distributed reports, lets your team stay on the same page making informed and smart decisions with tighter data accuracy and compliance. It could also contribute to increased workflow speed. Financial analytics can assist in cost optimization.
The benefits of BI reporting are undeniable. Regardless of company or organization size, BI reporting tools are crucial to future success and development. The type of BI reporting app or software that is needed depends on the company, with factors like usability, functionality, connectivity, and analytics being considered. Luckily there are different programs that adapt well to a variety of industries. As the world progresses with the development of technology, digital mediums, and connectivity, more and more information and data is being and will be shared. Businesses will rely on tools that can manage this data in an accessible, flexible, and efficient way. Look to BI reporting to create and develop a sustainable company.