Every company needs effective BI reporting so employees can accurately analyze the underlying data. Reporting can be done directly in the operating systems or within the data warehouse. Ideally, reporting should be a part of a business intelligence platform.
That’s why you ought to consider using business intelligence tools for reporting. These tools have many built-in reporting features and can give you much more data compared to standard reporting tools. Discover how business intelligence services can transform your company!
Business intelligence and reporting
Generally speaking, reporting is a visual representation of data. Visualization can take many forms, such as tables, charts, or graphs. Its purpose is to provide accurate information – clearly and transparently. This allows end-users to interpret available information with ease.
WHAT IS BUSINESS INTELLIGENCE REPORTING?
Business intelligence reporting involves data preparation and analysis. You may collect data using various platforms and tools. It is also the process of gaining valuable insights and creating intelligent reports to ensure the company’s stable development as well as to improve profitability and business decisions.
TWO CATEGORIES OF BI REPORTING
There are two categories of business intelligence reporting:
- Managed reporting
Managed reports are reports prepared for non-technical users by IT developers or data analysts. Because it is carried out by professionals, reports are accurate and without technical flaws.
- Ad-hoc reporting
Ad-hoc reporting refers to generating or creating reports on demand. Thus, contrary to managed reports, ad-hoc reports are prepared by non-technical business teams using a self-service BI platform.
How does business intelligence reporting function?
Companies and data analysts use BI reporting tools to read data from their company’s data sources. Then, based on the collected data, the team can create comprehensive reports that can be tailored to the current requirements and needs. Depending on the type of data, these can be charts, histograms, or tables. Moreover, you can create interactive dashboards and update them in real-time.
What is the goal of BI reporting?
We can distinguish two goals of BI reporting. First off, all decision-makers should be able to comprehend the report, draw conclusions, and make a conscious decision. Data, once provided to users, should be easily analyzed, modified, and converted into useful information.
Another purpose of reporting is to eliminate data silos. The idea is to have all the relevant information in one central source. Thanks to this, you can get more accurate results and more reliable reports.
What are the benefits of business intelligence reporting?
LESS TIME-CONSUMING DATA ANALYSIS
BI reporting platforms extract data from multiple sources to the warehouse and then process this data according to user-defined variables. With these tools, the analysis is more convenient, intuitive, and much easier. Non-technical users who do not know SQL can easily use them. It reduces the time spent on extensive analysis allowing organizations to be more productive.
INCREASED CUSTOMER AND EMPLOYEE SATISFACTION
BI reporting is of great importance in the customer’s experience. For example, with dashboards, employees can improve customer service. As it happens, not only clients but also employees enjoy the benefits of BI. This is because BI provides data solutions tailored to the needs of every department.
INCREASED EFFICIENCY WITHIN THE ORGANIZATION
Why can we say that BI increases the efficiency of your organization? Here are some reasons:
- Shorter data analysis time, which allows organizations to focus on innovations
- All data is in one place
- By using BI, organization leaders can gain access to an overall view of their business, which allows them to see new opportunities
MAKING BETTER DECISIONS AND GAINING AN ADVANTAGE OVER THE COMPETITION
With more reliable reports and more accurate data, organizations can make better decisions. Moreover, they can recognize their customer’s needs and thus meet their expectations. Business intelligence gives organizations a measurable competitive advantage in an increasingly competitive market.
Who should use business intelligence reporting?
Large companies, as well as SMEs and non-profit organizations, all need BI reporting tools. They can provide business users with information almost instantly and deliver insights. But you need a BI reporting tool that fits the needs of your company, its size, and your IT infrastructure.
5 tips for better business intelligence reporting
- Choose the business intelligence tool that best suits your organization, users, and IT infrastructure.
- Before you craft reports, find out what business intelligence users want to see in their reports and what key performance indicators (KPIs) are driving your business
- Build a persistent layer of data integration, such as a data warehouse
- Visualize information and present it in a meaningful way
- Apply role-based business intelligence reports
BI reporting is a groundbreaking advancement in data analytics. Not only does it increase access to data, but it improves performance and allows you to make much better decisions. It can be used even by non-technical users without the need to contact the IT department. Your company can reap huge benefits thanks to good BI reporting tools.