The Benefits of Reporting
Reporting has shaped the face of businesses over the past few years. It has allowed companies to make important business decisions based on the information they have collected. We now live in the information age and while this seems daunting to some people, it has been embraced by the vast majority of commercial facing businesses. Companies are now required to act fast. To be able to do this they need to be well informed about the situation at hand.
Reporting allows this to happen. Companies can see at a glance the data they have collected. This, in turn, allows for the identification of trends. As well as allowing comparison of the current data to more historical data. From the simple image below, we can see that our blog has retrieved more traction over the past 30 days, with visits going up by nearly 43%. With simple reporting like this, companies can determine what methods are working within their business model and what areas have room for improvement.
One of the most important areas of reporting is the ability to analyse trends within the data presented. Trend analysis takes into consideration the data presented over several periods of time. This allows businesses to find correlations between aspects of data. Such as how much they sell based on the time of year or the weather. Reports allow the identification of bottlenecks within certain campaigns as business owners can see which campaigns are not doing as well as they should be.
Updating reports continually with data allows businesses to get a real time view of all the information being collected. This allows them to make more informed decisions rather than acting on impulses. Therefore, from a marketing point of view, continuous data allows us to monitor channels and campaigns. This, in turn, allows us to identify which of these gain the most traction from our audiences. With continuous data allowing for trend analysis, this can lead to predictive data. Consequently, this means that businesses can forecast and predict their turnovers for the next financial year.
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Written by Aaron Carson, Junior Software Developer at Zymplify
Aaron is a software developer from Co Antrim who has a strong interest in artificial intelligence as well as algorithmic computing.
He also enjoys gaming in his spare time.