The First Step Towards Recovery: Critical and Intelligent Business Reporting

ByChris Clifford

11 Sep, 2020

Prior to the pandemic, many organizations had issues comprehending the intricacies of their business operations. Now, with COVID-19 causing a paradigm shift in the marketplace, businesses are running blind due to the lack of data intelligence, clueless on how to make the bleeding stop. That’s exactly where businesses have to focus – improving critical business reporting and insights.

Success for a brand can only be deciphered using data and insights; thus allowing managers to make better short and long-term decisions. However, more often than not, the data is irregular, chaotic and difficult to comprehend causing managers and business leaders to miss out on the intelligence that lies within. That’s why, at this critical juncture, businesses should focus on cleaning up their critical business reporting. Here are some ways to do this:

Have a data warehouse for all your data

What is a data warehouse?

A data warehouse is a system that pulls together data from many different sources within an organization for reporting and analysis. The reports created from complex queries within a data warehouse are used to make business decisions.

A data warehouse stores historical data about your business so that you can analyze and extract insights from it. It does not store current information, nor is it updated in real-time.

A data warehouse stores historical data about your business so that you can analyze and extract insights from it. It does not store current information, nor is it updated in real-time.

Until now, many business analysts were missing a holistic view of all of their raw data across departments. However, shifting to a co-located data warehouse can help analysts to more comprehensively assess business problems while also aiding in real time reporting. At a critical time like this, businesses with single cross-departmental data frameworks can uncover significantly more operational data; in turn, helping organizations craft solutions to unexpected problems that may arise.

Uncover rich data and use the right metrics

Data is the clear MVP for businesses. From generating insights to personalizing solutions and improving CX and OX, data plays a massive role in the success of businesses and its’ reporting processes. However, while businesses that use their data wisely see a 35% Y-o-Y growth and a 10% increase in productivity, only 7% of businesses are part of this club. To alter this trend, businesses need to have a better data ingestion process. Analysts must have access to the right data at the right time in order to create roadmaps and projections that would enable management to set targets and identify trends, especially right now during this state of flux.

Enter into the world of visualization

During difficult times, businesses that are able to visualize their operations through the use of data are better positioned than those that cannot – the availability of real time data and relevant dashboarding helps businesses understand in a more detailed manner how they are going to get where they are seeking to go. Compare the use of data to that of using a GPS to get from one point to another. Without the GPS (i.e. Data), you are shooting in the dark and may take a round-about way of getting somewhere or not get to your destination at all. Marketing, operations and inter-department management tools that integrate with dashboards can provide management the visibility they need to identify strengths, weaknesses, foundational KPIs, etc. Having this tool in the shed will enable business leaders to assess and highlight anomalies, risks and opportunities while clearly arriving on focal points that can help businesses survive during such a crisis.

Final Thoughts

As the wheels of many businesses globally are falling off, brands cannot blindly move forward, oblivious to the whirlpool that is sucking them in. With all of this being said, the coronavirus pandemic and all the economic contractions that it brings with it does have a silver lining – businesses are becoming more aware of the need to implement critical and intelligent reporting systems that take advantage of data and automation, while replacing outdated systems for integrated ones. The survival of many businesses and the efficiency of others, will heavily depend on updating outdated GPS systems with new and improved ones.

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