Reporting & Analytics

Reporting is a process of collecting data from various sources and organizing into a concise and understandable format and present them to the relevant users. A good report should include visual elements like graphs, tables etc.

Analytics involves putting in place systems, process and framework to collect, organize data to identify the trends/patterns, gain insights and help to take informed decisions.

Both Reporting and Analytics are essential for an organization though their focus and purpose are different, often complimentary.

Reports are broadly classified into 5 types.

1. Informational – Provides objective information without explaining the reasons and possible outcomes of a situation for example monthly reports from Payroll provides number of employees, salary break up etc.

2. Analytical – Provides analysis and helps the organization in decision making

3. Research – Comprehensive and required when the company considers something new like adding new product or entering a new geography

4. Explanatory – Explains a topic or situation, Financial reporting falls under this category

5. Progress – Shows how things are going at a given point of time, for example weekly/monthly report

Analytics are broadly classified into

1. Descriptive – What Happened

2. Diagnostic – How it Happened

3. Predictive – What is likely to Happen

4. Prescriptive – What should be done

Both Reporting and Analytics help you to understand the business better and make better decisions.