Visualize your data to transition from Reporting to Insights

Decision-makers consume data and analytics in one form or other on a daily basis to make decisions. It is the consumption of analytics not the creation of it, that drives the competitive intelligence. Technology has enabled us to capture and disseminate data in every possible format from every source we can think of. But the key to an intelligent enterprise lies in consuming this data in the most effective way to generate actionable insights.

Traditional Reports, with the pre-set format, often fail to acknowledge business context specificity and hence, doesn’t address any specific business problem that the user might have.

Need for Upgrading your Traditional Reporting

Traditional reporting is often consumed in a static tabular format, consumption of which becomes a tedious, time-taking and monotonous activity. Good visual display on a trusted data source keeps the focus on managing the business by exception, and directs management attention to where it is most needed. Senior managers and analysts can spend more time devising the techniques to be used to generate foresight once they have consumed historical trends and analysis. Excessive dependency on excels and developing disparate datasets by different business users often produce non-uniform insights. This practice creates the trust gap and produces multiple versions of the truth. Often excessive use of Microsoft excels to reporting leads to error-prone insights. JPMorgan Chase lost more than $6 billion in its “London Whale” incident, in part due to Excel spreadsheet errors (including alleged copying and pasting of incorrect information from multiple spreadsheets). Rather than consuming the data spend more time in creating the correct representation of the data that addresses the specific pain-point of the business user. This makes the process more times-consuming and delays the consumption of insights.

Transform your Reporting with Visualization and Story-telling

Traditional reports often presented in static and mundane tabular formats are difficult to be interpreted easily to draw insights. Being able to gain a visual understanding of information creates a solid foundation on which to base points. Data that stands alone and is stored on computers over time becomes invisible. To be able to see information or interpret it, it needs to be visualized. This turns the once invisible non-actionable data into understandable pictures, images, dashboards, charts and graphs. When creating visualizations, tables alone are not enough to be able to interpret the data available correctly and accurately – move from data preparation to data analysis.