With a market as competitive as today’s, companies need to have a high degree of visibility into their overall performance and all internal processes. Hence the importance of having real-time reports .
By having access to this type of reports, companies are able to use real-time metrics to facilitate decision making.
Let’s learn more about their advantages and why you should implement them in your organization.
What are real-time reports?
Real-time reporting uses the latest information to generate analytical reports on a company’s productivity and profitability. This enhanced functionality allows many organizations to replace their traditional data collection methods, such as static reporting.
Although the sources of information are reliable, static reports do not leave much room for finding useful information. This means that these reports can only be used once before they expire or lose their value. Hence, the objective of live reports is to have the information updated and available when it is needed.
Advantages of accessing reports in real time
These are some of the benefits of being able to access live reports to know the performance of your organization:
- Real-time reporting automatically aggregates relevant information from multiple sources into a central database. This allows companies to easily compare measurements from different time frames and make quick decisions.
- You can access information from multiple devices, and give access only to the right people. This accessibility allows all employees to see updated information without having to manually exchange reports.
- You can track the evolution of your metrics in real time and have precise information when you need it.
Importance of having real-time reports
A real-time KPI report allows companies to access updated information at any time. Real-time reporting also allows users to interact with the data, manipulate values, and perform various analyses.
Real-time reports also take into account historical and current data to make projections, allowing companies to predict future trends and anticipate any type of problems.
With the ability to integrate the latest information from multiple sources, up-to-date reports alert companies to emerging issues to promote business responsiveness.
How to create reports in real time
The easiest way is to create a real-time dashboard that allows you to link data from various sources, configure filters and immediately understand data that may not have been immediately available and that will greatly assist your decision-making process.
What is a dashboard for? In a dashboard you can have high-level data, key metrics, historical information, etc.
In a dashboard you can have a selection of the relevant indicators for your objectives and audience. You can have access to different types of graphs to correctly illustrate your data, it is undoubtedly a tool for action.
If you want to make a successful presentation and give better visibility to your company’s data, here are some key points that you should keep in mind:
Real-time reports allow analysis of incoming data, allowing companies to see their performance and progress. On the other hand, static reports can only cover a certain department for a specific period of time, which limits visibility.
Real-time reports use interactive tools to graphically represent data for better visualization. There is data exchange without human intervention, which reduces the risk of error. Through the use of technology, real-time reports through a dashboard allow you to have greater precision and accessibility to the information generated by your business.