Data reports are essential tools for any business, providing actionable insights to monitor and analyze Key Performance Indicators (KPIs) and the overall health of the business. Comprehensive data reporting helps identify the bottlenecks in processes & operations and find opportunities for growth.
The benefits of data reporting are well-established. A report published in Business Wire states that “real time data will be a key value proposition for all use cases, segments, and solutions.” Unfortunately, 63% of employees report not having access to business insights at the right time – primarily due to an overworked Business Intelligence team or outdated technology. This is especially true for small businesses that still depend on Excel or spreadsheets for data reporting, hindering productivity, increasing security risks, and reducing ROI in the long run.
To address the challenges, small businesses should consider using online reporting tools and improving effectiveness. According to Datapine – an online reporting software – “An online reporting tool is a management solution used by KPI-driven companies to create online reports and dashboards for all the data requirements for effective management an organization might have while utilizing modern and interactive reporting software features.”
So, let’s understand why small businesses need a robust and automated online reporting tool.
Benefits of Using a Small Business Online Reporting Tool
1. Helps Improve Workflow Management
Online reporting tools are powered by Artificial Intelligence and Machine Learning, helping access multiple datapoints and collating actionable insights for efficient analysis and decision-making. Due to centralized nature of data reporting, everyone has access to the right information at the right time – improving workflow processes and productivity.
2. Paves the Way for BI-driven Decisions
Did you know organizations that use Business Intelligence for insightful decisions are 6% more profitable than competitors? Online reporting tools aid in improved Business Intelligence – helping organizations identify & resolve the loopholes, personalize user experience, acquire new audiences, reduce costs, and improve the bottom line. Custom reporting solutions help businesses grow vertically and horizontally.
Check out the 3 reasons why OTT businesses need a solid BI solution.
3. Simplified Data Reporting
The objective of using online reporting software for small businesses isn’t just prompt data accessibility for all. It also makes valuable data easy to understand for all – saving their time to make quick decisions. Modern online reporting tools present actionable insights in a format that is beyond mere text and includes PowerPoint presentations, charts, visual representations, graphs, and much more. This helps facilitate faster decision-making and proactive measures that can help improve processes, operational efficiency, and the overall health of your business.
4. Easy to Use
To keep pace with terabytes of data that modern businesses come across every minute, the demand for a SaaS-based reporting system has increased in recent times. The Software-as-a-Service solutions are easy to use and provide incredible flexibility, unlike traditional reporting tools. Small businesses do not need to invest in special training to use the reporting tool, while it allows for effective management, faster responses, and better decision-making.
5. Get the Technology Backup a Small Business Needs
Unlike error-prone and time-consuming manual reporting used by small businesses, online reporting systems are automated, robust, and intuitive. Many of these solutions leverage the potential of Artificial Intelligence to identify trends and bottlenecks within bulk data – automating cumbersome manual tasks. The software allows personalizing all the features to the user’s needs, and enables editing and manipulating data to make the most of every business information you have.
AI-powered tools help small businesses to go beyond traditional graphs and charts and build powerful online presentations that can be stored, shared, and accessed on the cloud. Cloud storage helps cut down hardware and software costs for additional storage solutions while gaining access to valuable data at any time and from anywhere. It aids in effective data visualization and presentation, improving employee productivity while using a standard processor and memory.
6. Integrates Historical Data
In addition to real-time data, online reporting also aids in accessing bulk amounts of historical information that are valuable resources for small businesses. These historical data are then cleansed and processed to generate new data that can be useful for the business. AI algorithms will then identify trends and patterns that are potential risks or opportunities for an organization.
7. Gain Valuable Customer Insights
Small businesses face tremendous competition from large enterprises in their niche, particularly when it comes to attracting and retaining more customers. This is where online reporting systems function as a powerful tool to gather crucial customer information, monitor consumer behavior, and personalize customer experiences. This aids in improved brand loyalty, in the long run, driving more sales and higher ROI.
8. Improved Quality of Data
Better the quality of data insights, the more informed decisions that small businesses can make. Traditional reporting systems are typically manual-based, where the data includes errors, discrepancies, and duplicate entries. This can significantly affect the quality of the final data businesses get to analyze. However, SaaS-based data reporting software is smarter and collates a broad spectrum of data from multiple sources. Leveraging AI and Machine Learning, these data are presented in a more meaningful manner – providing small businesses accurate and reliable information to base their critical decisions.
9. Make Strategic Business Decisions
The success or failure of small businesses depends majorly on their ability to make timely and strategic decisions, implement proven business strategies, and formulate proactive measures to address challenges. Online reporting provides high-quality and valuable data right onto the fingertips of business owners, helping them make strategic decisions that matter. These include improving internal workflows, streamlining budget, identify and leverage potential business strengths, establish ROI-driven campaigns, and much more. And these decisions are based on actionable insights gained through online reporting tools.
Conclusion
Online reporting has remarkable benefits that small businesses should utilize to improve processes, control costs, and drive increased ROI through insightful decisions. If you are planning to implement an online reporting software, consider consulting an expert and selecting the right tool that meets your business needs. A comprehensive understanding of relevant reporting features, security, reliability, and ease of use is important to generate the most value from this robust software.
Nicola Holder