The massive explosion of data volumes across the globe has presented organizations with endless opportunities to become more intelligent, well-informed and proactive in their decision-making procedures, while advanced analytics solutions have further bolstered performance in this regard. The speed with which companies can identify and act on new trends and demands is accelerating thanks to these new technologies and the availability of valuable data, but there are several challenges businesses must overcome before reaching greener pastures. 

Modern reporting analytics software is powerful in and of itself, as vendors and developers continue to create even more intuitive and affordable options given the ways in which competition has evolved. However, when a firm is not diligent in the planning stages of these projects, with a specific focus on the creation of agile strategies that allow the business to get the most out of available data, the chances of enjoying the highest possible return on investment following the purchase of software will not be quite as probable. 

Rather, decision-makers must ensure that they are setting their employees up for success in the reporting analytics arena through strong preparation and guidance from a policy standpoint, then enabling these efforts to be put into action through the implementation of automation tools. At the end of the day, the work a business does prior to deploying new technologies will generally dictate their returns and performances over time. 

With the right level of attention to detail combined with some guidance from a proven solutions provider, organizations can begin to capture the power of modern reporting analytics, streamlining the efficiency of their information management in the process. The ability to make well-informed decisions is highly contingent upon the optimal management and governance of data, and automated tools can help users reach the maximum level of acumen in this arena. 

Market set to expand
There is no denying that businesses from a wider range of backgrounds and industries are beginning to invest more in reporting analytics solutions, which could serve as an indication that those firms which have not earnestly considered doing so might be putting themselves at a competitive disadvantage. Research and Markets recently released a new study that forecast reporting analytics to be in high demand on the global stage through the next five years. 

According to the analysts, several major needs such as customer relationship management, sales tracking, operational performance oversight and general pricing metrics have all catalyzed increased interest in these types of solutions, as companies scramble to get a handle on these matters. When the right reporting analytics solutions are in place, these and many other core corporate functions and procedures can be streamlined and dramatically improved. 

Remember, these tools will inherently boost the efficiency and accuracy of reporting and analysis, which will only lead to a greater abundance of well-informed decision-making among those firms that are putting their best feet forward in these programs. Research and Markets forecast the reporting analytics industry to expand at a compound annual growth rate of 22.3 percent between this year and 2019, with companies spending $3.61 billion in 2014 and up to $9.89 billion five years down the road. 

Avoid a common misstep
With this forecast in mind, it should also be clear that many organizations are just beginning to get their feet wet with these technologies, and that a learning curve will need to be overcome to ensure each investment comes back with the desired returns. There are several mistakes many companies will make when first deploying these solutions, all of which must be avoided for a smooth implementation and profitable experience over the life cycle of the relevant software. 

Harvard Business Review recently asserted that many businesses will fail to assign reporting analytics oversight responsibilities to one individual or team, which can lead to significant problems in practice given the need for centralized management. According to the news provider, this is not to say that analytics aficionados should not be found in multiple departments across the organization, but that there must be some leader who keeps an eye on the entirety of the company's investments in these areas. 

The source suggested appointing a chief analytics officer, or perhaps a vice present of analytics, in the organization who will not only work closely with ground-level employees, but also give the investments an expert voice in board room decisions. This is a strong recommendation given the need for transparency in the C-suite, and companies that are able to make a move such as this one should seriously consider doing so soon. 

However, when the business does not have the resources to create a position like this, there are plenty of other options out there, including the use of a proven reporting analytics solutions provider that can guide the company through the various stages of implementation and long-term management.