Are you looking for ways to improve decision making and data analytics within your company? If so, you may want to consider BI reporting. But what is BI reporting? In short, it’s the process of creating or providing information or reports from data that can help businesses make better decisions.
Unfortunately, many businesses don't fully understand what bi reporting is or how it can be used to exponentially grow their company. This being said, let's take a deep dive into BI reporting and how your business can benefit.
What is BI Reporting?
A BI report (or, business intelligence report) provides an easy-to-understand overview of different components of a business. On top of this, it suggests actionable business insights that can be taken in order to improve the company as a whole.
Various factors go into creating a BI intelligence report. The first step is to gather data from various sources using custom tools and software. Once gathered, data is analyzed and then organized into data visualizations. This makes it easy to identify trends, anomalies, and patterns. Afterwards, the visualizations are then reformatted into actionable insights that can lead to quicker, more strategic business decisions.
A BI report can be an invaluable tool for businesses of all sizes. By understanding what it is and how to create one, you can make better decisions that will help improve your bottom line, customer experience, employee engagement, and more.
What Are the Benefits of Business Intelligence Reporting?
Through analyzing data provided by reporting in business intelligence, businesses can gain insights into their customers, operations, and finances. There are many benefits of business intelligence reporting, but some of the most important ones include:
Increase workflow speed: When decision-makers have access to accurate data, they can make faster, more informed decisions.
Use data that communicates between departments: It does not matter what type of company you are or what your position is, BI reporting can help you do your job better. On top of this, it can bring the data from many different departments into one cohesive outlook and strategy.
Use real-time and historical data: With this data, you can make better decisions based on what has happened previously and what is happening currently. This can help you identify trends and make decisions that improve the bottom line.
Leverage customer analysis and behavioral prediction: By analyzing customers’ behavior, you can understand what they want and need, and predict what they will do in the future. This information can be used to improve products, processes, and customer service.
Optimize operations and forecasting: By using BI reporting, you can optimize your operations and forecast what will happen in the future. This information can be used to avoid making time-consuming and costly business decisions.
How Do Companies Use Data Reporting in Business Intelligence?
Business Intelligence reporting is the process of communicating information clearly and concisely.
When it comes to business intelligence (BI), reporting is one of the most important aspects of the process. BI reporting allows companies to analyze, organize, and collect data in order to make better decisions about their business. There are many examples of how companies use data reporting in business intelligence, including:
Embedded BI is the process of embedding dashboards, reports, and analysis views into another application. This allows users to access BI features and data directly from within the application, without having to switch to a separate BI platform or data warehouse. This can improve user adoption and satisfaction, as well as make it easier for users to get the data they need.
Data discovery is the process of exploring data to find patterns and insights. It can be done manually, using visual tools, or through automated methods such as machine learning. Data discovery can help businesses make better decisions by providing a deeper understanding of their data.
Self-service BI analytics is a type of business intelligence that enables users to access and analyze data and create reports without relying on IT or other departments. This gives users more control over their data and allows them to make faster, more informed decisions.
Augmented analytics is a type of business intelligence analytics tool that uses machine learning and natural language processing to automate the data analytic process. This can improve accuracy and speed up the data analysis process with intelligent reporting. As a result, this allows businesses to gain deeper insights from their data faster.
What Should You Look for In BI Reporting Tools?
When considering what to look for in BI tools, it's always important to keep the main goal of BI reporting top-of-mind. Primarily, BI exists to help users make better-informed data-driven decisions with accurate and timely data visualizations. With that in mind, the ideal tool will be easy to use and will provide a high degree of customization and flexibility.
Plug-and-play support: In terms of functionality, plug-and-play support is key. The ability to quickly connect to data sources and start generating reports without any need for complex setup or configuration can save a lot of time and hassle.
Good UI: Intuitive user experience is also important. This being said, the best BI tools will be designed with the end-user in mind. Your BI platform and connected tools and reports should be easy to navigate and information-gathering should be quick and painless.
Custom: Customizable dashboards are another must-have. This will allow users to tailor their interface to specific needs and preferences. It can also help them track down and communicate specific insights.
Scalability: As data requirements grow, your BI platform and tools should be able to accommodate. This is usually why it's important to work with a BI solutions provider who can plan for and automate this in the backend.
How To Get Started with Business Intelligence And Reporting
BI reporting is a powerful tool for businesses of all sizes.
By understanding and harnessing the power of data, companies can make better decisions, improve operations, and boost profits. If you’re looking to get started with BI reporting or want to take your business intelligence efforts to the next level, contact us today. We'd love to help.