Data Analysis vs. Data Reporting
There is a saying “sometimes you win, sometimes you learn.” The analogy refers to taking a really big hit when it says “sometimes you learn.”
Data reporting is the process of compiling the information from different processes of a company. Accounting, sales, expenses, inventory are all metrics that need to be measured and understood.
Inaccurate data reporting can lead to making wrong decisions based on inconclusive evidence. This can lead to a hard lesson learned.
The difference between visualizing and reporting.
An analyst or statistician in the business intelligence department will typically take all of your company metrics and turn it into a report. Once the report has been created, you have a visual representation of accounting, sales, expenses, inventory, etc.
After the report is created, it can be further analyzed for forecasts of the future, trimming costs, allocating spend elsewhere, etc. This is data analysis.
So, if an analyst is compiling all of the data and giving you a conclusive summary with suggestions for the future, why should you visualize your data?
A sales executive once said, “Your company pitch should be so simple, that a 3rd grader could understand it.”
The same is true with your data, everyone in the company should be able to understand it.
What do you gain when your company understands the data?
Higher performance comes from understanding. When your team understands that the company is not breaking even on debt to income, fear may jump in when contemplating their next paycheck. When the team understands how the company moves in a forward direction, their process will have clarity.
What if you don’t have a business intelligence team?
PlenaData has the experience to compile your data sets into readable reports for any vertical within your company. They take all of your data (and go deeper than most reporting tools) and create easy to read reports so you can make the right decisions at the right time.
Learn from the mistakes of others, not from your own.