The value of business intelligence (BI) reporting can’t be understated, especially if you’re planning on scaling your business.
You need to ensure your company is working as efficiently as possible to improve profit margins and increase annual turnover. BI reporting is an important part of that.
What is business intelligence reporting?
Business intelligence reporting uses technology to collect and analyse data from various sources and present it in a way that’s easy to understand.
What is the purpose of business intelligence reporting?
The purpose of business intelligence reporting is to improve your management team’s access to business data so they can make better decisions.
Why is business intelligence reporting important?
Business intelligence (BI) reporting is important because it removes guesswork from decision-making. Without BI reporting, you could be basing your decisions on an inaccurate or incomplete understanding of your business and market.
BI reporting software removes this risk by organising your data into easy-to-analyse visuals. By digitising your business and improving your data collection, analysis and visualisation with BI reporting, you’ll have access to better information, leading to better business decisions.
Benefits of business intelligence reporting
The benefits of business intelligence reporting will apply to virtually any business. Let’s look at four ways your business could benefit from BI reporting:
Comprehensive reporting
Comprehensive reporting means collating information from many sources so it’s easier to analyse. Modern BI tools ensure you have real-time, reliable data from sources like cash flow statements, expense reports and payroll management systems. MYOB offers reporting and insights in every plan so you can see how your business is tracking:
Better decision-making
Better decision-making is critical to maintaining and growing your business. Whether you’re trying to improve lead times, optimise performance management or update your financial plan, BI reporting gives you valuable insights so you can take the best actions.
Faster analysis
Faster analysis means you can make the right decisions for your business at the right time. BI tools make it easy to share data with colleagues and stakeholders when you need input on urgent decisions. Streamlining your decision-making can help maximise productivity, reduce operating costs and boost the bottom line.
Better data access
Better data access for you and your team is one of the most significant benefits of BI reporting. Not only is it easy to share reports across teams, but with BI tools, you can customise visuals and dashboards to suit the needs of each department.
By improving understanding of your business data, everyone in your organisation can take action based on reliable and up-to-date information.
Examples of BI reporting
Examples of BI reporting include:
Self-service business intelligence
Self-service business intelligence lets non-technical employees analyse data without the support of technical teams. Effectively, it means everyone in the organisation can access the company’s data.
Dashboards and data visualisation
Dashboards and data visualisation tools let you turn data into graphs and charts for an at-a-glance overview of your company’s performance.
Mobile business intelligence reporting
Mobile business intelligence reporting lets you access, analyse and interact with your business data on the go using smartphones and tablets.
Static business intelligence reporting
Static business intelligence reporting is when you make regular reports to find patterns, look at trends and track your progress against goals.
Augmented analytics
Augmented analytics uses technology like machine learning or AI to automate data analysis. This advanced BI reporting sifts through vast data sets to reveal insights and patterns you might have overlooked.
Tip: MYOB has cash flow, profit and loss, tax and payroll reporting built into every plan. Basic reporting and analytics are available in MYOB Business Lite. You get more advanced reports in MYOB Business Pro and next-level insights in the MYOB AccountRight plans.
As an open business management platform, you can also integrate third-party business intelligence apps available on the MYOB App Marketplace. For example, BI4 Cloud integrates with MYOB Business, MYOB AccountRight and MYOB Acumatica. This powerful integration means you get over 50 reports out of the box, so you can drill deeper into your data.
Business intelligence reporting best practices
Business intelligence reporting best practices start with these four steps:
Identify your target audience
Identify your target audience – different teams will need different reports and information. For instance, your marketing department probably won’t need insights into your inventory management. You should also consider your user’s technical skills and knowledge to ensure you create reports they’ll understand.
Govern your data
Govern your data to keep sensitive information safe and accurate. Ensure you have user permissions set up in your software, and then protect against unauthorised access with passwords, two-factor authentication and any other security measures you need.
Create clear data visualisations
Create clear data visualisations like pie charts, line graphs, bar charts or maps. You can use colours to differentiate between data sets, but remember to leave plenty of blank space between visuals to allow your users to digest them.
Review regularly
Regularly review your data and BI reporting structures to ensure you’re constantly gathering accurate data and analysing it effectively. If your data isn’t reliable, your BI reports won’t be either.
As your business grows, your reporting requirements will probably change, too. This is why it’s essential to create adaptable reporting structures that you can amend to suit.
Business intelligence reporting FAQs
What are the main challenges of business intelligence reporting?
The main challenge of business intelligence reporting is ensuring you have quality and complete data. The software can only report on the data it has access to. If you run your business off many disconnected applications, you won’t get the business intelligence you’re looking for.
A business management platform like MYOB solves this issue by bringing all your data together in one place. You can then connect specialist BI reporting software to extract even more value from your data.
How does BI reporting differ from traditional reporting?
BI reporting differs from traditional reporting in four key ways:
1. Historical vs real-time analysis
Traditional reporting relies heavily on historical data, but with BI reporting, you can analyse real-time data. This access lets you conduct predictive analysis rather than just analysing past performance.
2. Static vs dynamic
Traditional reporting usually involves manually creating static reports. In BI reporting, interactive dashboards encourage team members to interact with the data so they can uncover insights faster.
3. Single vs multiple data sources
Traditional reporting often has less information than BI reporting, which gets data from many sources.
4. Manual vs automatic
Traditional reporting usually takes longer to produce than BI reporting, which automates data collection and analysis.
Turn data into valuable decisions with BI reporting
Setting up BI reporting can ensure your decisions take your business in the right direction. With MYOB Acumatica, you can integrate a range of business intelligence apps to turn business data into customised reports.
Likewise, with MYOB Business and AccountRight, you can use the built-in reports or extend your platform with specialist BI reporting software available on the MYOB App Marketplace. Start making better business decisions with insights you can count on. Get started with MYOB today.
Disclaimer: Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.