Reporting: Importance, Problems, and Solutions

1. What is reporting?

According to Wikipedia and experts of Report writing service UK reporting, comprises all means and measures of a company with which information about a company is compiled, forwarded, processed, and stored in the form of reports. In practice, however, many reports are inadequate. What are the main problems? How do you make a good report? What contribution can visualization make?

Reporting is essential for business success:

Reports are designed to provide the basis for companies to make fact-based decisions. The prerequisite for this is that the reports answer business-related questions. Assignment Homework emphasizes that now more than ever it is important that these questions are answered in the short term, as only fast companies are successful. In addition, answers to questions would have to be formulated clearly, unambiguously, and precisely.

What are the most common problems?

Ø  Wrong or poor quality information

Ø  Inappropriate analyzes of the information and/or incorrect conclusions

Ø  Inadequate presentation and preparation of the information

Ø  Inappropriate forwarding and communication of information

Ø  Wrong timing

Ø  Time is money

Many companies still rely on an Excel spreadsheets to generate reports. However, determining the company key figures Excel requires a lot of manual work. This is very time-consuming and can lead to delays and errors in reporting.

In the Time is Money study, the Business Application Research Center (BARC) examined how satisfied decision-makers are with reporting, analysis, and dashboards in their company. It became clear that relevant data is often not available in time. The respondents agreed that the resulting wrong decisions often have negative financial consequences. Due to the lack of availability of a database, the executives interviewed made more than half of their decisions based on gut feeling. They recognized the provision of reports, analyzes, and dashboards in self-service as a solution.

2. This is how good reporting works:

Prepare properly:

According to professional Report Writing uk, the reporting ideally follows a 3-phase model. In the selection phase, the essential key performance indicators (KPI) are identified and selected. In the data phase, the corresponding sources of the underlying data are to be determined and checked for validity. At the same time, a decision must be made about the data dimensions with which the desired interdependencies can be shown. In the layout phase, it is then determined how the reporting data is to be presented.

Visual Analysis of Best Practices:

In addition to a solid database, visualization plays a decisive role in reporting. This allows you to graphically represent abstract facts and make them easier to understand. You can use the business intelligence platform not only for data visualization but also for interactive visual analysis. With it, meaningful reports can be created in self-service within a very short time and shared with others.

You proceed step by step when creating the report. The following brief instructions will give you an initial idea:

Start with questions:

The most important requirement for good visualization is knowing exactly what you are trying to say. So there has to be a specific purpose for the visualization. Visualize only the data that is essential to get your message across.

Choose the correct diagram type:

Once you have determined the purpose of the visualization, choose the analysis types that best express that purpose. For example, if you want to track trends over a longer period of time, line, area and bar charts are usually best.

Present effectively:

Choosing the right diagram types does not automatically create good visualizations. Now you have to highlight the most important data and transfer individual aspects into several small areas in order to work out the essentials.

Design holistic dashboards:

A dashboard is a collection of several related visualizations displayed on a page. Be sure to structure it so that it is understandable to your target audience.

Perfect the report:

Now the fine work begins with formatting the visualizations, selecting the right color, and using fonts consistently. Provide concise lettering and informative tooltips.

3. Practical examples:

The Bradford Assignment Homework the company is one of the hopes of the Uk startup scene and is well on the way to conquering the American market in particular. As a listed company, the start-up must be able to react quickly to new developments. This is especially the case when shareholders get nervous about current business figures.

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