5 top benefits of advanced business reporting

Data is the foundation upon which strategic decisions and plans are made, and massive data sets require insightful analysis.

Business intelligence (BI) uncovers valuable insights within data, providing a vital framework that equips organizations to navigate complexity and drive growth. The most widely used BI features for insights are dashboarding and reporting.

Dashboards offer a comprehensive overview of data, enabling swift identification of trends and areas for improvement. Reporting provides an in-depth examination of data intricacies, facilitating informed decision-making and strategic planning.

Compared to advanced reporting, standard reporting often requires more revisions, accuracy and time. While it provides a cohesive view of operations, it can hinder decision-making, especially when data is siloed, decentralized or inaccessible. Advanced business reporting addresses these limitations by offering tailored insights and distribution options aligned with organizational goals.

Efficiency is a mindset that organizations can cultivate through reporting. By focusing on unique key performance indicators, teams can filter out distractions and quickly identify inefficiencies for targeted improvements.

The freshest insights empower employees to respond effectively to challenges and opportunities. Leaders can foster sustained productivity and growth by prioritizing operational and data management efficiency.

With IBM® Cognos® Analytics, managers across various industries staffed their branches 10% more efficiently and reduced annual inventory shrinkage by 80%. Cognos gave their businesses the most recent data essential for understanding staff management and inventory levels. These cost savings are projected to accrue to USD 3.5 million over a 3-year period.

Explore how government-owned Nukissiorfiit was able to eliminate a tremendous amount of administrative work for technical employees.

In our pursuit of growth, minimizing time spent on reporting is essential. Traditional methods often involve lengthy data compilation and analysis from various sources, leading to costly delays.

Instant insights enable leaders to adjust strategies in response to changing conditions. By reducing the time spent on reporting, organizations can allocate resources more effectively, enabling team members to focus on high-value activities and maximize their impact. Automating reporting processes reduces manual effort and frees staff for higher-priority tasks.

“Previously, we had to chase after people for information before sending a report. It could take weeks to compile,” says Dr. Jerry Yang of Kai Ming Head Start. “Today, it’s done in a snap—in less than an hour.”

Learn how Kai Ming Head Start saves time with business reporting and makes more data-driven decisions.

Discover how ULMA Packaging sped up corporate reporting by 86% and dedicated more time to supporting other strategic initiatives, such as the development of innovative packaging solutions.

The primary goal of any strategic initiative is to drive revenue. Advanced reporting provides organizations with insights into customer behaviors and market demands, helping them identify new business opportunities through advanced analytics and data visualization.

By gaining a nuanced understanding of these dynamics, businesses can tailor their offerings, identify patterns, optimize marketing strategies and refine pricing models to enhance profitability. The link between effective reporting and revenue generation is clear: informed decisions lead to strategic actions that directly impact growth.

To support organizations in selecting a reporting tool, IBM commissioned Forrester Consulting to conduct a Total Economic Impact™ study, examining the potential return on investment enterprises might realize by deploying Cognos Analytics.

Forrester interviewed 4 unique customers across 4 industries (retail, manufacturing, nonprofit and research and government) to understand the value, costs and risks associated with implementing Cognos Analytics into their workstreams.

Business reporting significantly reduces costs by streamlining decision-making and providing quick insights that minimize analysis time and errors. It enhances resource allocation by accurately tracking performance metrics, identifying inefficiencies and optimizing operations.

Automation boosts productivity by freeing employees from manual data collection, enabling them to focus on strategic initiatives. Additionally, these solutions improve compliance monitoring and adapt to business growth without incurring significant extra costs, ultimately fostering greater efficiency and strategic focus.

Discover how Peter Jensen lowered its human resources costs and achieved cost savings with returns after just 4 months.

Effective leadership centers on the ability to make informed decisions. Custom advanced business reporting transforms data into actionable insights, enabling leaders to navigate complexities confidently.

The collaborative nature of these reports also encourages cross-departmental dialogue, helping ensure that insights are shared and strategies are aligned. With self-service analytics, organizations can empower users to easily access and analyze data independently.

Reporting is crucial for regulatory compliance, risk management and stakeholder communication. It creates robust audit trails that maintain detailed records of data access and modifications, helping ensure adherence to regulations.

Standardized reporting helps to meet necessary standards and reduces the risk of non-compliance. In risk management, effective reporting enables early detection of issues by identifying trends and allows for scenario analysis to assess potential impacts. Also, it improves stakeholder communication by promoting transparency and providing tailored reports that convey relevant information effectively.

A BI solution with advanced reporting has also helped FleetPride gain unparalleled insight into operational data and transform its supply chain management. Managers now have quick access to real-time reports, enabling better-informed decisions that improves supply chain efficiency and reduce reliance on guesswork.

“We no longer need to rely on hunches or best guesses to manage all the links in the supply chain. Our managers all have quick, easy access to the latest operational data via detailed reports that help them make better-informed decisions to improve the efficiency of the entire supply chain,” says Homarjun Agrahari, Director of Advanced Analytics at FleetPride.

“For example, daily stock reports have enabled warehouse managers to optimize the layout of the products, reducing the amount of time employees spend walking around the different storage areas empty-handed. This helps to make the entire warehouse more efficient and productive.”

Learn how banking and insurance company Länsförsäkringar selected a packaged, full-scale reporting solution based on several factors.

As we look ahead, organizations investing in business reporting will be better equipped to navigate the complexities of a constantly changing business environment. This investment goes beyond technology; it represents a fundamental shift in our approach to data and decision-making.

We are now in the era of data-driven leadership. By embracing advanced reporting functions, we open numerous opportunities for increased efficiency, productivity, revenue growth and informed decision-making. As thought leaders, we are responsible for championing this evolution and guiding our organizations toward a future where data is strategically collected and used.

Let us commit to this journey, helping ensure that we not only keep pace with change but also lead it, unlocking the full potential of our organizations in the process.

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