Presenting information has become a major initiative among organizations. While many still use spreadsheets to support these processes, this method is quickly becoming outdated and unfeasible to maintain. There's too much room for human error and redundancies, which can lead to incorrect choices and missed opportunities. However, with big data analytics and a report designer, businesses can better identify trends and elements that need to be improved upon. Many companies have already started collecting a mass amount of information for these purposes, but it will take the best available tools to sort through it all and derive actionable insights.
Organizations are increasingly realizing how important data is to their everyday operations and long-term growth. As a result, decision-makers are putting more money toward improving their data analysis and use, showing how essential the trend is becoming. According to Competitive Edge Research Reports, over the next two years, mid-market businesses are expected to increase their budgets by $6 million on average. In addition, a vast majority -96 percent of respondents- have or are planning for big data initiatives. This interest stems from the fact that big data can bring substantial benefits like faster responses, improved operations, better information sharing and more educated decision-making. These advantages will go a long way toward achieving success and ensuring that the business prospers.
While these perks are essential to further growth, if viewers are unable to understand the information, the entire project is wasted. With reporting tools, people will easily be able to see what elements are being affected and how to improve these areas. This will lead to more opportunities and will maximize potential benefits.
Analysis market continuing to grow
Although analytics is proven to be beneficial, some organizations are still unsure of how to use it appropriately. With a user-friendly interface, the analytics programs can be set up throughout all departments to tear down existing silos and bring together a full picture of the business. According to Gartner, due to these substantial capabilities, the global business intelligence and analytics market grew 8 percent last year to be valued at $14.4 billion. The research firm noted that although there is still interest in the technology, confusion about how to leverage it is still holding many adopters back. However, as the tools become simplified, a broader range of staff will be able to use the analytics and reporting features to their advantage.
Reporting tools and visualizations offer an easy way for people to convey messages through data. While reports once included long lists of metrics and statistics, this information was overwhelming to many, and could often lead viewers to miss out on essential trends. With a report designer, employees can simplify this situation with automated analytics and derive important data.
"Overall, just like last year, the market is shifting gears, which is keeping growth in the single digits," Gartner research director Dan Sommer said. "At the same time, paradoxically, we're at the cusp of a series of tipping points which will facilitate unprecedented interest and adoption of analytics."