Reporting by the numbers

Data is among the most critical assets for businesses today. However, generating and accessing this data isn’t enough — how you use it determines competitive differentiation. That’s where reporting - a workflow to collect, process, store, and present data -comes in. Good reporting reduces the complexity of data, makes it accessible to end users, and informs at a glance to drive action. 

Why is reporting important?

Top organizations leverage reporting for: 

• Decision making: Reporting delivers data-driven insight into what’s working and what isn’t, which is vital for making informed decisions. Reporting can show which areas in your business need more focus, resources, or improvements, and which projects are not feasible. The National Center for Biotechnology Information (NCBI) reports that decision quality by organizations increases by up to 77% when they use real-time reporting dashboards. 

• Performance evaluation: Measuring your organization’s performance, including financial performance, employee productivity, and customer satisfaction, is critical for identifying early indicators. Comparing against established key performance indicators (KPIs) provides a benchmark. 

• Accountability and transparency: Tracking your organization’s performance promotes accountability and transparency. For instance, key operational metrics help teams understand how their work contributes to the success of the organization. Further reporting creates trust within the organization, offering rationale behind important decisions.

How much data is actually being generated?

Statistics indicate that companies across the world produce an average of 2 quintillion bytes of data each day. To put this into perspective, that’s the equivalent of every person on Earth generating about 320 times the amount of data contained in the entire Encyclopedia Britannica every single day. This varies across industries. 

For instance, within the manufacturing sector, forecasts project that by 2030, discrete manufacturing will produce over 2 zettabytes of data, which is the digital equivalent of roughly 150 billion copies of the Encyclopedia Britannica. Meanwhile, the automotive and process manufacturing will generate 1.3 and 0.5 zettabytes, respectively, or another 100 billion+ encyclopedias combined. 

What benefits do data-driven decisions provide?

When your organization makes data-driven decisions based on enterprise reporting, it can provide several advantages, including:

• Operational precision: Measuring resource allocations effectively and identifying areas to eliminate waste and better ensure your company’s operations run efficiently.

• Reduced risk: The right reporting insights can identify trends and help reduce risks relating to operations, market conditions, and customers.

• Improved customer acquisition and retention: Reporting gives a better understanding of your customers and their preferences. This understanding is essential for creating strategies that help attract potential customers and keep existing customers loyal to your business.

How do embedded analytics drive engagement? Is there a quantifiable increase in usage?

Research shows that SaaS applications with embedded analytics report 28% higher customer retention and engagement rates because they make reporting insights easily accessible. Users don’t have to jump from one application to another for information. Instead, users can access these insights within their workflows, which reduces friction and increases customer satisfaction rates by 38%. 

Research by ThoughtSpot shows that over 60% of product managers report increased engagement with their products as a result of embedded analytics. When users spend more time within the product, this results in improved customer retention, improved customer satisfaction, and ultimately, revenue growth.

Build vs. buy?

Generally, it takes about four to nine months to develop software products, such as a reporting tool. The opportunity cost of this time to your business is an important factor to consider. Every month or week you spend building your reporting tool is time taken away from driving growth in your core business or application. 

Additionally, when it comes to advanced capabilities like pixel-perfect reporting, your homegrown tool may fall short. Your team may not have the skills to design a tool that supports precision, formatting control, and compliance-grade outputs. That’s why it’s best to buy a purpose-built solution where pixel-perfect capabilities are built in.

Is pixel-perfect reporting necessary?

With pixel-perfect reporting, organizations see:

• Enhanced credibility and professionalism: By ensuring that every element is correctly aligned and formatted, and that they export to various formats exactly as you designed it.  This promotes professionalism and builds trust with stakeholders.

• Improved user experience: Highly formatted, pixel-perfect reports use precise design specifications that make them easier to understand and navigate. This proficiency directly improves user experience and, consequently, engagement.

• Better compliance: When standard reports won't do, you need flexibility and customization to report consistently and in compliance with standards and regulations. 

Does a reporting tool save a company money? If so, how much and why? Can you quantify the ROI?

A study by Harvard Business Review Analytics shows that companies using BI tools report an increase in marketing ROI of 32% year-on-year. As for cost reduction, a Deloitte survey found that companies using BI tools experienced an average of 14.2% reduction in operational costs within three years of using BI tools. Reporting tools can help your organization save money by: 

• Identifying cost-reduction opportunities

• Improving operational efficiency

• Supporting data-driven decisions. 

In conclusion, leveraging effective reporting tools provides numerous benefits for organizations including improved decision-making, enhanced performance evaluation, increased accountability and transparency, and operational precision. Data-driven decisions lead to reduced risk, better customer acquisition and retention, and ultimately, revenue growth. Embedded analytics drive higher engagement and retention rates, while purchasing a purpose-built reporting solution can save time and ensure advanced capabilities like pixel-perfect reporting. Consider Jaspersoft for your reporting and embedded analytics needs today. 

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