Business Intelligence Reporting is a central component of every business in the race of competition. A well-designed Business Intelligence (BI) reporting plays a vital role in discovering hidden patterns and invaluable insights in your data. It is evident if this reporting process is mismanaged, then it causes misleading and confusion for its end users. This is why it is necessary to handle and implement in the right way to get the desired results.
In this article, we will tell you about BI reporting and guide you on how to improve your Business Intelligence Reporting.
What is Business Intelligence Reporting?
Business Intelligence reporting is the process of using a BI tool to configure and analyze data to discover and transmit valuable insights. The primary goal of BI reporting is to improve decision-making ability and business performance. In this way, businesses can get more and improved outputs from their existing efforts and resources.
How to Improve Your Business Intelligence Reporting
If you have ordinary BI reporting, you should improve it to acquire efficient outcomes that will give your business monetary benefits. Moreover, you will get an opportunity to improve your brand image in the marketplace, which will attract more audiences. Here, you will get a complete guide on improving your Business Intelligence Reporting:
1- Understand the Reporting Requirements
First of all, you need to understand the reporting requirements for creating effective Business Intelligence Reporting for all stakeholders. You can start by gathering the information in a list of all your end users and decision makers for your report. Once you have gathered the information of all your stakeholders, you are allowed to interview them and find their requirements.
While taking an interview, you should consider asking questions like:
- Which report they are using currently?
- Do they require an additional report?
- Why do they need a report, and how do they use it?
- Which device they will use to access the report?
By asking these questions, you will get an idea to improve your Business Intelligence Reporting for all of them.
2- Consistent Reporting Schedule
If you want to improve your Business Intelligence Reporting, then you need to establish a consistent reporting schedule. It means you have to set a regular schedule for your reporting generation and distribution. This will help you to make sure that your data is continuously updated and reporting is put on track.
Further, a consistent reporting schedule assists you in establishing a regular habit or routine for your data analysis. It identifies the patterns in the data and trends in an effective and accurate manner. Moreover, this process ensures that all the needy stakeholders receive the report in their need.
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3- Visualization
Visualization is an essential aspect of Business Intelligence Reporting. You are allowed to showcase your data in an appealing and eye catching manner with the help of visualization. In this way, users understand the information in an easy way to make wise decisions. You can use graphs, charts, and other visually appealing graphics to convey your information.
Visualization helps you to convey your complex information in an understandable manner to a broader audience. Moreover, you can highlight the key trends and patterns in the information for your target audiences. This is the way you can improve your Business Intelligence Reporting.
4- Analyze
It is essential for you to keep an eye on your BI reporting to acquire effective implementation for better results. By analyzing your data and visual representation of your data, you can create an effective BI report. Businesses need to know the predicted insights from the visuals to understand the generated insights. This is because businesses will act upon them and get the results. It is why these insights need to be better.
Further, many tools in the market allow businesses to connect their reporting and analyze their data by natural language process. With the use of these tools or services, businesses will get insights to improve their Business Intelligence Reporting. In this way, they are enabled to make adjustments to their data to get desired insights for better outcomes.
5- Automate Your Data Collection
The only way to stimulate your data collection process is to implement an automated process. This automated process helps you to improve your Business Intelligence reporting by reducing the manual error. For instance, you are analyzing your report to find solutions for a certain query, and then you get referred to multiple Excel files and other solutions. To get the solution, analysts connect their data to tools and use its Google-like” search feature to smoothly discover the preferred insights.
In addition, this process eliminates the need for analysts to spend days roaming on Excel files to find solutions. With the automated process, you can ensure that your data is updated and find your solutions in seconds. In this way, businesses will have the capability to improve their Business Intelligence Reporting.
6- Know the KPIs
Identifying the key KPIs is an additional method to improve your Business Intelligence Reporting. You should know the essential key performance indicators (KPIs) and metrics for each report. It includes making a list of all critical KPIs you wish to display on each BI report for the ease of all your stakeholders.
Further, you need to conduct interviews with your relevant stakeholders to find their required KPI. While having these interviews, you must ask them:
- Which KPIs and metrics are they currently using?
- Do they have a sample report for reference?
- What information would they like to add and remove from the report?
In this way, you will be able to find the key metrics and KPIs for your stakeholders that will help you to improve your Business Intelligence Reporting.
Final Verdict
Business Intelligence Reporting has become a lifeblood of your business to grow in this competitive world. Improving this has become essential more than before to acquire a track of success for the long term. With the mentioned strategies, such as understanding the report requirements to know the KPIs, you can improve your BI reporting. This is the only way to thrive in this marketplace and generate great annual revenue.
