How important is reporting analytics?

How important is reporting analytics?

In the past several years, the rate of innovation in the business intelligence arena has accelerated significantly, with software developers and other IT-minded professionals developing incredible tools that not even the greatest science fiction authors could have predicted. Whereas big data and reporting analytics tools were initially popular solutions to simple problems and viewed as methods to at least incrementally improve operational efficiency, the rules of the road have changed significantly.

Now, organizations from a wide range of industries are beginning to deploy far more advanced and wide-reaching strategies based in reporting analytics solutions, becoming more intelligent at the decision-making level through better-informed and more timely insights. Vast improvements to virtually every function, business process, workflow item and more can be attained when using the most effective reporting analytics tools properly, and the sky is the limit for specialization in this regard.

However, while big data and reporting analytics solutions are far more common in the workplace today than they were a few years ago, a wealth of organizations have yet to deploy the technology. It appears as though decision-makers and leaders are wising up to the need for more timely implementation of these technologies, and all should keep in mind that the early bird will certainly get the worm in terms of reporting analytics utilization.

Big results in new survey

Forbes recently reported that a new study, conducted by General Electric and an affiliate, revealed that 89 percent of leaders believe a failure to quickly embrace big data will lead to a significant competitive disadvantage within the next few years. Considering the success or failure of a business is contingent upon the skill and intelligence used in the decision-making process, this should not be all that surprising a finding.

According to the news provider, 87 percent of respondents believe that modern analytics will have a significant and potentially profound impact on what it means to be competitive in their respective industries. As a note, members of several industries, including those related to energy, manufacturing and heavy industry, were questioned by the researchers, and many of them had consistent responses regarding the value of these new intelligence solutions.

The source pointed out that the average business that is already using big data is still within the earlier stages of deployment and optimization, focusing most of its efforts and budget on straightforward analysis of generated information. However, one of the forthcoming advances in reporting analytics and other intelligence solutions that many experts and decision-makers are waiting for is the prospect of predictive capabilities.

Depending upon who is discussing the subject, one might hear that predictive analytics are already a reality or that they are still a long way off from proliferating. Either way, utilization is one of the best first steps toward advanced analytics benefits, such as predictive insights, that a business can take.

What this means to the average business

So, while big data and modern reporting analytics are still certainly in their adolescence as technologies and markets, business leaders should not avoid provisioning and researching the tools today. As found in the General Electric survey, it is becoming increasingly dangerous to balk on analytics investments, regardless of which industry the firm might be competing in, and the solutions are readily available for deployment today.

By leveraging the support of a seasoned, reliable workflow automation and reporting analytics service provider, organizations can begin to capture the power of these modern tools while simultaneously improving the chances of enjoying the highest returns on investment possible.

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