“The world is now awash in data and we can see consumers in a lot clearer ways.”
- Max Levchin, PayPal co-founder.
Everyone uses reports! Don’t believe that? When you log in to your Twitter handle, you see a list of ‘notifications’.. a simple report. Your credit card statement the size of a Potter novel ... a report (perhaps not the kind that makes one happy). Your company making a million dollars profit... definitely a report that you’d look forward to. Basically, all of these are reports. Whether you are the head of an SME, the founder of PayPal or self-employed, you need reports that will make sense out of data and help you understand and plan next steps of action.
Here’s why reports are so crucial:
• Tracking progress
Is your business doing what it is supposed to do? Are you on track with sales/ profits/ or do you see red flags? It’s crucial to know!
The primary use of data is to understand the way things are working (be it sales, operations, quality or any element of your business), and to track progress. A quarterly sales report, for instance, could show you if you are sticking to plan or if there is a need to step up efforts to accomplish your sales targets. A client satisfaction report, on the other hand, could give you an indication of what you are doing right (or wrong!). All reports serve their own purpose and allow you to track the progress of your business, while monitoring individual departments or sections.
• Reduce administrative tasks and also Save Time
Producing automatic and instant reports ensures that users save time and greatly reduces the administrative side of their work. Our recent survey of public sector entities revealed that almost a fifth of time is spent on admin tasks!! Imagine how much more productive your team could be, if you had to spend lesser time on admin, and focus more on strategic work.
• Make informed management decisions
Instant and comprehensive management reports can provide real-time data to support and inform effective management decisions. Software can be used to respond to supplier challenges, FOI requests and to make informed decisions. With design and print expenditure often miscoded and/or commissioned outside corporate contracts, Public Sector organisations often use reports to tighten their fiscal monitoring and strengthen financial accountability.
• Integrate various business elements
It becomes increasingly apparent that reporting allows you to keep an eye on your company from every angle. Rather than look at just sales figures, a detailed report could show you both client interaction and sales results, along with say timesheet entries, which give you a truly comprehensive view of your business.
• Interactive reporting
The good thing about some software is that it allows interactive reporting, which helps you with filtering relevant data to extract valuable information. Intuitive reports can help facilitate effective monitoring and also support service improvement.
“A project is complete when it starts working for you, rather than you working for it.” – Scott Allen
Make your software work for you. Ours does!
If you want to know more about Panacea, and the various reports that we have to offer, do give us a call on 02079760116 or drop an email to firstname.lastname@example.org, and we will get back to you.