Companies today collect performance data on an unprecedented scale. Yet many fail to exploit its full potential, because they struggle to communicate this information effectively throughout the business. A few simple tips can help you to maximise the benefit of your management reporting software.
Increasingly, businesses are finding themselves in a position where they are able to easily collect large volumes of data. Furthermore, they understand the value that this data has to offer. What they struggle with is turning this raw data into actionable insights—insights which can then be passed onto the executives responsible for key decision making.
For many organisations, Excel remains the primary tool for creating management reports. While this may seem like an effective solution, it simply doesn’t cut the mustard in a data-driven economy. In order to exploit the true potential of you companies’ data, it’s important to move beyond these static reporting tools and consider a more dynamic approach to management reporting software.
In this article we take a look at four simple ways you can improve the performance of your management reporting software—thereby ensuring that executives receive the insights they need to make informed decisions.
Avoid information overload
When it comes to creating management reports, it’s important to understand that business executives are unlikely to have the time to trawl through large volumes of data to find what they need.
With copious amounts of data at your disposal, it can be tempting to try and include as much information as possible in these reports. However, this can often lead to information overload, and make it harder for executives to form actionable insights. Instead you should focus on a limited number of KPIs, so that reports are easy to follow and key trends are easily recognisable.
Ensure reports are timely
Traditional management reporting can often be a difficult and time-consuming task that typically requires the help of IT departments. This can put great strain on IT staff and can lead to bottlenecks occurring in the reporting process.
Self-Service management reporting software can take the hassle out of building reports, requiring significantly less manual effort on the part of the user. This accelerates the whole process and ensures that you receive the actionable insights that you need in a timely manner.
Many reporting tools such as Matillion also allow you to schedule reports for a specific time or date, thereby guaranteeing that your reports will always be on ready on time.
Make reports visual
Large bodies of text and tables with endless rows of data make reports difficult to follow, and can lead to important information being obscured through poor presentation.
It’s important to take full advantage of the visual creation tools in management reporting software, as these tools can be used to produce stunning data visualisations that not only look great, but also deliver actionable insights in a more simplified form.
Want to spot trends, identify gaps or communicate visually? Data visualisation lets you do all of this through graphs and charts. By making information easily digestible to everyone, data visualisation can foster a quicker, more efficient decision-making process.
In today’s work environment, mobility is no longer a luxury, but a must-have feature for many business applications. And management reporting software is no different.
With busy executives always on the go, it is crucial that they can easily access management reports wherever they are, on a range of different devices. This need has led to a huge surge in the demand for Mobile BI capabilities, with the market for these tools growing by an estimated 42% in 2013 alone.
Mobile compatible management reporting software means executives can have up to date business intelligence with them, wherever they are. Walking the factory floor, for example. At a customer’s premises. Or at a supplier’s premises. While travelling. And they can have it whenever they need it—instantly, with no fuss, and from whatever mobile device is to hand.
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