One of the main challenges in providing reliable business intelligence is big data and Bi reporting comes in very handy to sort the issue. To be specific, there is a large amount of raw data that we can get from multiple sources. However, without adequate tools for data analysis or the means to provide business intelligence, data aggregation is of little use. In 2020, 65% of users reported that BI data and analytics helped improve their productivity and efficiency.
Business Intelligence reporting or BI reporting plays a vital role in this as it allows companies or businesses to collect and transform data more effectively. To be more specific, BI reporting will enable us to create smart reports by relying on many different software or tools. The article will focus on investigating BI reporting, its benefits, and methods.
What is BI Reporting?
BI reporting is the process of collecting data and analyzing it to obtain relevant insights that are later used to provide observations and suggestions to decision-makers or boards of directors. The goal is to empower users to act and create strategies that will have the desired results, given how data-driven they are.
Depending on what you’re trying to achieve or how drastic a change you want to implement, you’ll decide how much data to collect and the number of angles to explore. In other words, you may want to consider different variables or use different interpretations of data before creating a BI report.
There are several benefits that companies can gain from BI reporting. In general, acting on information or making well-informed decisions allows companies to maximize their chances of achieving target goals.
Benefits of Business Intelligence Reporting
So far we’ve only listed the general benefits, so it would be useful to focus on more specific use cases where BI reporting plays a major role.
1) Improving the overall workflow efficiency:
Automation, routine and increasing efficiency, and achieving desired results are usually the main goals of project managers. However, to achieve this, they need to examine various aspects of production, sales strategies, deliveries, etc. So finding best practices for all these steps and creating a well-oiled machine or system requires data analysis and BI reporting.
2) Implementation strategy:
Coming up with creative solutions is just a part of the equation, as you also need sound implementation techniques. This means you will need a history of a particular team’s performance and perhaps a report on the performance of your competitors who managed to do a better job. By simply comparing reports, you can find implementation strategies that are more likely to work.
3) Use of both real-time and historical data:
BI reporting tools make it easy for you to incorporate historical and real-time data into a report and make the necessary comparisons. If you were to use a tool like Whatagraph, you can efficiently create feeds from multiple data sources through their integration features and monitor the data in real-time. If you rely on the same tool for a long time, compiling historical data becomes much easier, and you can also generate detailed and visual reports.
4) Customer analysis and behavior prediction:
The most lucrative benefit of business intelligence reporting is an insight into customer behavior. It allows them to predict trends and determine why certain groups of users do not find their offer or product attractive. Every business that wants to grow prioritizes strategies that can get them, new customers or new users.
It is no surprise that emotion or emotional need can be a driving force in the business decision-making process. Therefore, it is important to know what motivates your buyers to determine the future features and sales positions of your product.
Overall, it can be said that bi-reporting tools and procedures have several other benefits, such as optimizing the purchasing, and recruitment process or an overall increase in data quality. However, they are only limited by your imagination, as finding new and creative ways to implement this technology is something that happens daily around the world. Coding Brains can help in providing the right bi-reporting solution for you. For more information, please contact us.