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There is certainly a lot of choice when it comes to reporting software but that can make it troublesome evaluating options and deciding what kind of software is best for your business and what functionality you need.
When evaluating reporting software, you should consider several key features and criteria to ensure the software meets your needs. Let's evaluate some of the key factors to consider when planning.
It goes without saying but budget should be one of the first things you evaluate. Reporting software can vary significantly in price so make sure you establish a clear budget from the offset, but as with everything in life, the more money you are prepared to invest, the more functionality you will receive.
Ask yourself what format you want your data and who is going to be using it. Data visualisation features enable you to represent data in a variety of graphs, tables, maps, histograms and more, making it easily digestible by members of the team who aren’t as experienced in data analysis. A great option if you share your data across your organisation to a variety of skill sets.
A good reporting solution will be robust and have the ability to manage large volumes of data from several different sources. What’s more, you should look for a solution that will grow with your business and won’t restrict your capabilities a couple of years down the line.
Artificial intelligence (AI) is the future when it comes to reporting software and for very good reason. Using AI you can interrogate data even further as the technology automatically creates queries based on previous behaviour and the use of friendly database names. In other words, AI becomes your eyes and ears and helps take your data manipulation to the next level, with minimal manual effort by you.
No two businesses are the same and therefore each business will have different requirements. The ability to customise and create reports to formats that suit your business is a fundamental feature to have. Looking for a solution that can export to several third-party solutions is a good way to achieve this so you can manipulate your data in a variety of ways depending on which tool you export to. This will often depend on what your goals are for that particular data set.
Ideally it should be quick and simple to get your new reporting software up and running, such as an add-on application to an existing solution, enabling for seamless integration with minimal disruption to your daily business operations. If a solution is going to take significant time and resource to set up, perhaps it might not be a sensible solution.
One of the most useful and important features a reporting solution can offer in a rapidly changing business environment is real-time results. Making sure you look for a solution that can offer real-time data is fundamental to ensure you get the most accurate data to make informed business decisions in the moment, rather than a week too late.
Running a business can be busy so looking at tools which help you run your business are a worthy investment. A good reporting solution will allow you to set critical alerts to notify you of several key activities such as credit limits being exceeded, low stock levels and a host of other core business functions. This is a classic example of business solutions working with you rather than against you.
When it comes to reporting software there is certainly no shortage of choice on the market and deciding which solution is for you depends on your budget and what features and functionality you need.
By thoroughly assessing factors such as those explored above, you can select a reporting solution that not only meets your current needs but also supports future growth and adapts to changing requirements.
Here at Pegasus, we think we do reporting software pretty well! We are proud of our newest reporting solution, the Data Connector, available with Opera 3 SE and how well it takes data analysis to the next level. For more information, or to see it in action, please contact us today.
Posted On: August 14, 2024
