/ How visual reporting tools create valuable business intelligence insights
How visual reporting tools create valuable business intelligence insights
Business intelligence is a catch-all phrase that describes collecting, organizing, and analyzing data. BI tools are designed to give your organization the power to collect, understand, and act on relevant data. This means putting it in a format that’s easy for employees to read and understand at every level of the organization. That’s where visual reporting comes in.
Reporting tools unlock business insights that were previously stuck in disparate source systems. A reporting tool can be a key software solution to drive business growth by visualizing data with the purpose of informing action.
BI reporting is the process of turning raw data into something that’s easy to understand. BI reporting tools help you see the big picture as well as drill down on the details when you need them most. That makes these tools essential when working with complex datasets from multiple sources.
The rise of big data has created a whole new class of problems related to information overload and analysis paralysis (the inability or unwillingness to make decisions based on analysis). As more people want access to insights from your company’s data, your existing or previous solutions won’t cut it anymore.
What are the core benefits of reporting tools?
Visual reporting tools are easy to use. They allow you to create reports with just a few clicks, and no coding or IT assistance is required. A visual tool allows anyone on your team to build high-quality reports in a matter of minutes, which means there’s no more waiting for the IT department or other technical resources to get involved in your business intelligence efforts.
Most of these reporting tools are also customizable, so you can create exactly what works for your organization’s needs, whether that is simple charts and graphs, complex pivot tables and charts, or something else entirely.
This flexibility makes them perfect for any business size or industry sector, from small businesses with fewer than 10 employees who want quick access to data to large enterprises where multiple departments need customized reports specific to their roles within the organization.
Visual reporting tools turn data into graphical formats. They help you and your team better understand your data, which is vital to making informed decisions about how to move forward with your business.
Visual reporting tools are a great way to communicate data visually and make it accessible to people who would otherwise be unable to access or understand it. When raw data is presented in an easy-to-understand format, users can quickly grasp the insights that they need. This makes it far easier for you to share your findings with others across your team, including executive management and other stakeholders who may have no idea how valuable the information can be.
Instead of having to wade through a sea of numbers in a spreadsheet, for example, you can simply look at the graphs or charts presented by a visual reporting tool. This makes it easier for your team members to make sense of their reports and use them as decision-making tools.
Reporting tools lead to automation
Visual reporting tools can be used to automate business processes. For instance, a company may want to create a workflow that automatically sends an alert when the number of orders exceeds a certain threshold. This allows them to respond quickly in order to reduce their losses or prevent any damage from happening.
These alerts may be created by users at any level, and they automatically perform tasks based on predefined conditions, such as sending an email notification when an inventory item goes below 10 units. That streamlines business operations and provides visual-based insights into current performance for stakeholders of all levels.
One of the most exciting things about visual reporting tools is that they allow for self-service BI. Self-service BI means that more people can make use of business intelligence tools and insights from different departments and levels within a company. It’s also a way to democratize BI, because no one has to wait for IT or other departments to provide data when it’s needed.
There are several benefits to allowing more people access to business intelligence data. First, it makes operations faster by giving teams access without having to wait on IT or other departments. This means companies can respond quickly when something happens in their business environment or when something needs immediate attention.
Second, it increases efficiency because everyone who needs information can get their hands on it as soon as possible without having to go through multiple steps just to get started with a report request. This automates many of the processes that may have been bogged down in overly bureaucratic systems that are too bulky to stay competitive in today’s agile marketplace.
How to create a quality BI report
There are best practices to include in your reporting tools that ensure a quality outcome for decision-making. Each one depends on the scope and scale of your particular business, but the core ideals remain the same.
Consider who you are addressing with a report. What needs and technical skills do they require to better understand the points you are trying to get across? Try to include only the relevant information for your target audience based on goals and KPIs so you are not wasting any time.
Create the KPIs that matter the most for your analysis of current operations. What will work for your company may not be the same for a competitor. Create the context around these KPIs using modern reporting tools.
Reporting tools are excellent at creating data visualizations with graphs, charts, and other easy-to-read elements that convey critical insights into business operations.
Use an intuitive flow
You should be able to quickly pick up any of the reports generated by your reporting tools and easily comprehend what the document or dashboard is trying to convey. There should be an intuitive flow of the data and visualizations that make sense.
A visual reporting tool is a valuable asset for any business. It can provide better insights as well as reduce costs, improve productivity, and give you the ability to make informed decisions. Visual reporting tools are much more than just charts and graphs, as they’re a powerful way to communicate information.
When you are deciding on the next set of powerful BI reporting tools to implement in your organization, consider the final outcomes you are hoping to achieve. This will dictate the budget, scope, and what capabilities to look for in the dashboard or reporting tools you select. Take your time and consider all your available options so you can ensure a more robust company environment that is market-ready and maintains a competitive advantage.
Check out some related resources:
How to ignite insight-driven decision-making across your business
Developing a Data Governance Model that Meets Your Modern Business Needs
Domo Named a Leader in Nucleus Research’s 2023 Analytics Technology Value Matrix
Try Domo for yourself. Completely free.
Domo transforms the way these companies manage business.