Industries begin standardizing big data reporting needs

Reporting tools are becoming more integral for business operations, whether it's presenting information gleaned from big data or simply showing off statistics relating to the sustainability of the organization. No matter the case, employees must be able to effectively use their designer software and create comprehensive visuals. This will help make positive changes and drive business growth. While the application may differ between industries, big data has emerged as an influential competitive advantage.

Information has always been a significant factor in company changes and how decision-makers innovate everyday processes. According to Jaspersoft's Big Data Survey, 56 percent of respondents have plans for big data projects while 36 percent have allocated funding toward the initiative. As more users begin to understand the value of big data, their reasons for not adopting the solution are quickly decreasing.

Many organizations are using their analytics processes to dissect customer relationship management metrics, with 48 percent of respondents focusing on consumer analytics. This concentration will help employees better engage with clients, in turn spurring more opportunities for revenue increases and boosting customer retention efforts. Big data can tell organizations where most of their audience is from, along with preferred methods of communication. By taking these factors into account, employees can provide a more unique interaction, appealing to the client's individual needs.

More regulation placed on data reporting
While reporting on information has often been seen as an optional process, more industries are beginning to set it as a standard. With a report designer, organizations can leverage their data and present it in an effective manner while complying with sector requirements. New accounting standards were recently placed on financial firms, for example, necessitating quantitative indicators of the environmental and social impact, according to the Financial Times. This may include a number of complaints as well as the amount of greenhouse gas emissions from the physical locations. Because the drafts of these rules have yet to be finalized, there is still some uncertainty about whether the new reporting standards will be effective in improving processes. However, others are expecting their firm to acclimate to reporting over time.

"There is a market need for these data, and as soon as investors start talking about them and looking at them … then I think we will move to that," said Jack Ehnes, chief executive of the California State Teachers' Retirement System, according to the source.

The standards being discussed will help create more uniformity in reporting core performance information, which is currently varied among financial firms. This will enable organizations to compare data more effectively and drive positive innovations within the sector as a whole, rather than in one business at a time. While businesses will be unlikely to incorporate the tools until they view the regulations, many are beginning to discuss how to integrate reporting processes.

Big data and visualization features are changing how companies operate, and influence essential decisions. As the technology continues to mature, organizations must determine the most effective way to leverage it for competitive advantages.