A business in profit will always be praised by the customers, workers, counterpart businessmen, etc. But an unfavorable situation in a business will lead to the disaster in the reputation of a firm or the businessman. As a person goes to a doctor to check his health, the performance and overall business health should always be tracked for a better business. Reporting and Analytics are the tools that are used for tracking and analyzing the health of a business.
Reports are the means of communication in organization that helps in transmitting the information from one level to another level. There are many types of business reports. Each business report has to have its own characteristics to meet its importance. Business analytics breaks down the information related to past performance and helps to plan for the future. Business analytics involves the process of Big Data.
The Reporting and Analytics in a business will be helpful in the following aspects:
- Critically analyzing the results of the business.
- The performance trends will help to set the benchmarks and goals.
- Improves the quality and transparency of information.
- They help in finding the Key performance Indicators (KPI).
- Helps to plan and make strategic decisions.
- Helps to automate and optimize the business process.
- Helps to control the cost of the company.
- Helps to find the interests of the customer.
- Review the business performance.
- Helps to remove the trial and error methods in a business.
- The queries that arise in a business can be easily solved.
- Valuable insights to customer’s behavior can be gained.
- They help in making better inventory.
- Helps in improving the technology that is deployed in a company.
- Helps to quickly locate the area of flaw in a business.
Some of the tools that will be helpful in reporting are:
- Jasper Report
- MS-Word
- MS-PowerPoint
- Seal Report
Some of the tools that will be helpful in business analytics are:
- R programming
- Python
- SAS
- Apache Spark
- QlikView
- MS-Excel
The effective use of these tools will help in preparing a perfect report and business analytics to help the growth of a company.
An investor or an entrepreneur needs to have all the data to back up the goals and visions for the company. If there are signs of Return On Investment, the investor will be encouraged to invest and vice-versa. These two tools will not only help in the financial growth of a company but also helps a company to improve in the technical areas too.
