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Businesses run on data and reports, based on which further strategies, steps and decisions are made. The data used for reporting must be precise, accurate and available real-time for better business management. And if your business is not in the shape of analysing and taking decisions based on the data generated, then your business is in a trouble. Let’s see what is reporting, real-time reporting and how it can help your business grow exponentially!
Real-time reporting means accessing and analysing updated financial and other information of the company in real-time, when it is happening. In the past, reporting was done by gathering the reports in quarterly or monthly intervals, but now the data can be accessed in real-time. It also allows you to interact with the data, manipulate values and conduct various analyses.
Real-time reporting uses machine learning to generate insightful analyses. It is backed up by modules such as inventory management systems and more to take current data and analyse it across departments. Reporting includes both historical and current data to make detailed analyses and predict future trends.
This concept has been quite popular and desirable ever since its software and applications have been introduced, because of its following features:
The lack of real-time data makes it difficult to assess customer needs and demands, plan resources appropriately, and respond quickly to changes in the market. All these lead to increased costs, decreased efficiency, and lower customer satisfaction. Real-time updated data helps and benefits in many ways, like:
real-time updates help you with what is happening on the shop floor, updated and on-time customer requirements, upcoming demand, and need for inventory and raw material. With all the real-time updates you can make exact planning of what is needed to be done next.
with real-time updates, you can immediately spot the error or mistake going on somewhere and take quick remedial steps.
with exact planning and no room available for errors the response to customer, enquiries is done timely and accurately thus improving customer service & relationship
real-time updates provide us with the advantage of accurate scheduling, which helps to save costs on inventory and logistics as on-time quick decisions are made efficiently.
with real-time data flowing in, management knows the area which needs to be improved and removes any inefficiencies.
by seeing real-time trends and analysis businesses can develop better marketing tactics to target their audience. More effective projects can be launched based on dynamic reporting.
Nowadays, with increasing business & more competitive environment, companies are facing a problem in generating effective reports and making profitable business decisions. Due to this they are lacking behind in gaining new opportunities. Many organizations use manual reporting systems which run really slow and lack behind on updated changes. Lack of proper real-time data can cost businesses in many ways, like:
The bridge between inefficiency to achieving efficiency with real-time reporting can be built using ERP Systems. The ERP market is in a phase of rapid expansion and is expected to exceed $49.5 billion in market size by 2025. According to a study, 86% of businesses stated better reporting and visibility using ERP and 68% noted increased growth.
A powerful ERP system offers an all-around business management solution which includes real-time data access, reporting & insights that help companies to perform better and understand their customer’s needs, meet customer demand and better plan for the future. Integrating an ERP system into a business operation provides benefits such as improved customer satisfaction, increased efficiency and visibility, and reduced costs. It uses a centralized integrated platform between different modules to provide updated reports across departments at the same time. Every ERP system comes with reporting functions that have a compilation of technologies like inventory analysis, financial reports, scheduling priorities, accounts payables and receivables. These reports can be further customized according to the business needs and goals. You can also view, print or save your modified reports.
Real-time reporting with ERP allows you to access your business details at any given time and get real-time precise data reports. ERP systems with BI Tools, exp: SAGE ERP can also provide instant updates which leads to faster and more flexible business management. ERP Reporting tools provide a number of features like,
<<<Also read: ERP Reporting: 7 Features to Consider for Your System>>>
With so many features and benefits available within ERP software, you can improve your reporting with real-time data as follows:
Today the market is full of different software which supports reporting. But one needs to find out a system which can provide all the features and is also cost-effective to provide the best outcome. One such powerful ERP tool which helps in enhancing reporting is SAGE X3 ERP Software. It has all the required features and also supports BI Tools for advanced and precise reporting.
To know more visit the site: https://www.sagesoftware.co.in/
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