In a business setup, reporting plays a key role when it comes to evaluating profits and performance. To ensure smooth working of an organization, it is very important to know what is happening in each department. Production, sales and distribution – all aspect has to gel together for a business to flourish. Managers and business owners tend to rely on monthly or quarterly business reports to monitor the progress made. This includes sales reports, financial transactions, inventory lists, and also employee performance reports.
By definition, reporting refers to presentation of complex data in an easy-to-understand format like charts, graphs and tables. By creating reports, information can be shared across the organization and assists top-level executives to make important decisions about future strategies.
Traditionally, data would be collected from multiple sources, and then put together in a cohesive format for further analysis. Accounting software like MS Excel or Tally was used by many organizations to create reports. But while these software helped in data management, they are not equipped for data analysis. Creating reports on Excel or Tally proved to be quite a time consuming process. This is why organizations nowadays are opting to use business intelligence reporting solutions.
Business intelligence (BI) refers to a system-driven process for data analysis that delivers key business insights, allowing users to make informed business decisions. Reporting is an important aspect of BI.
BI reporting tools can provide business users with information, as well as insights and also predictive analysis. They can automatically collect data from various sources and present the results of data analysis in any desired format. Thanks to the reports generated by the reporting tool, users can see and understand the data, as well as act on it. This allows an organization to function smoothly. The insights derived from reporting empower users to make better business decisions.
EasyReports BI tool provides scalable, flexible and affordable reporting solutions. Monthly, quarterly, time comparative reports can be made based on top, bottom, ranking and contribution analysis. It allows pivot style reporting for quick analysis of data. Key Performance Indicators can be highlighted in the reports generated.
The main benefits of business intelligence reporting are:
Easy data import
Leading BI tools like EasyReports come with complete Tally ERP.9 integration capabilities. This means all relevant data saved on a company’s Tally servers can be seamlessly transferred into the BI platform. Users can import masters, transactions and stock lists in a matter of minutes. Having access to all the data allows BI tools to create reports quickly and efficiently. Since the import of data is a system-driven process, data integrity is also maintained.
Less chances of human error
With BI tools, data analysis is an automated process. In the traditional reporting method, data was collected from different sources and entered into the system manually. There were higher chances of wrong data entry or duplicate entries. BI reporting tools can auto-generate reports based on the quantitative analysis done. This reduces any human errors.
Increases employee productivity
Reporting is an important function. Sales reports, financial reports or performance reports help managers to evaluate how the business is doing. Every department – be it sales, production or distribution – has to submit monthly or quarterly reports for review. Creating reports manually can be a tedious and time-consuming task for an employee. BI tools can generate automated reports based on latest data in just a few clicks. This helps to save time, which the employee can use for their other core activities. Thus, BI directly helps in improving productivity.
Quicker business decisions
The main purpose of business intelligence reporting is to present valuable insights into an easy to understand manner, so users can make informed decisions. BI tools perform automated data analysis and deliver insights timely. The analytics reporting with almost real time data allows users to identify current market trends, assisting managers to make quick and efficient decisions about their future business strategy.
If your organization wants to adapt a BI reporting tool, EasyReports offers affordable and analytical reporting solutions especially with its real time integration with Tally ERP9. For more details, log on to www.easyreports.in