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Automated reporting analytics bolsters companies’ competitive advantages

Automated reporting analytics bolsters companies’ competitive advantages

Intelligence has always been one of the driving factors of a successful business, but new technologies have allowed companies to take their decision-making to an entirely new level of performance. Although plenty of firms managed to find ways to progress and maintain the tightest possible governance of records when paper filing systems were still the most common approaches to information management, these processes simply cannot compare to automated solutions. 

Data volumes are growing at an exponential rate, while virtually all of the new information being generated is contained within the digital arena, and organizations must make the necessary changes to strategic oversight and general management to capitalize on the value of records. This is where automated reporting analytics tools come in, as the solutions can quickly reduce the amount of waste and inaccuracy that would otherwise surface in a more pad-and-pen approach. 

When companies have a tight and real-time understanding of how processes are moving along, the ways in which assets are performing and other relevant insights, decision-making will tend to be far more prolific and effective. On the flip side, firms that do not embrace modern automation tools will be less likely to gain these actionable insights in a timely fashion, putting them firmly behind the eight ball when it comes to improving performance from an intelligence standpoint. 

Although it has taken certain circles a long time to begin considering the prospect of investing in automated reporting analytics solutions, the tide is rising across industries and in virtually every region with respect to these technologies. This has provided a wealth of use cases and other evidence that analytics solutions and strategies can in fact make good on the promises made regarding efficiency, productivity, intelligence and general performance improvements. 

Old firm, new tricks
Baseline Magazine recently reported that Wind River Holdings, which has been in operation for roughly 100 years, has made the switch to modern analytics and seen vast improvements related to data management and governance as a result. This is yet another story regarding a business that has conducted its operational procedures in a specific way for decades, but finds ways to adjust to modern times through the use of advanced analytics solutions. 

According to the news provider, this investment company was actually using an enterprise resource planning application for some of its information governance, but the tool was overly complex and left too much room for either inaccurate or inefficient administrative functions. In many ways, firms will also want to look for ERP integration tools that provide the most streamlined and user-friendly experience across the board to get the most out of their other technologies. 

Wind River Holdings is a good case study because of how complex its demands truly were, as the source pointed out that standardization has long been an issue for the investment giant. 

"We have a diverse set of business conditions," Paul Peterson, corporate control for Wind River, told Baseline Magazine. "Each of the operating companies has its own reporting nuances and requirements, and each has its own general ledger software. The lack of a standardized structure and the sheer volume of entities we roll up are challenging."

Furthermore, the news provider went on to note that the organization is enjoying a more simplified and high-functioning level of performance today. 

"We have moved to an environment with greater agility, flexibility and accountability," Peterson added to the source. "We are now driving a level of understanding and business performance that wasn't possible in the past. We've simplified IT and improved business performance." 

Works like a charm
Regardless of which type of industry a company is competing in, modern reporting analytics solutions can make a big difference in annual operational and financial performances right from the start. The tools have evolved to a point at which a diversity of users with varying backgrounds in information analysis can easily get the most out of each investment, which further improves prospects for firms that do not have a wealth of IT resources in place. 

At the end of the day, every business leader has to find ways to strengthen operational performances from the ground up, and these individuals will be heavily reliant upon access to the right information to accomplish these feats. This is somewhat impossible without automation solutions, especially considering the massive volume of data that is entering the average corporate environment. 

Between reporting analytics solutions, ERP interfaces that make sense of various platforms, automated content management technologies and other supporting investments, companies can begin to step into the modern era of insight-driven decision-making without placing strain on their human capital. This will often result in better operational and financial performances, not to mention improvements in engagement and employee satisfaction since they are freed from mundane and arduous tasks. 

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