Making sense of your data with reporting

For businesses, regardless of their industry, data has become invaluable. The latter, if used well, can be powerful decision aids And turn into major competitive advantage. However, to make sense of your data, you need to implement reporting actions. For these actions to be effective, it is essential to use the right tools and the right method. It is these elements that we are dealing with in this article.

What is reporting?

The reporting or data communication process consists of collect data and then analyze and present it This data may concern the performance as well as the results of a particular company or project.

In all cases, the objective of such an approach is based on a logic of decision computing. In other words, the reports generated by the data allow better understand situations and make the right decisions.

The recipients of the reporting can be managers, employees, investors or any other stakeholder in a project. Can take the form of a digital dashboard, a PowerPoint presentation or written reports, reporting is always a essential element of business management and the transparency of an organization.

What are the types of reports?

Reporting can be of various types. Each type of reporting responds to specific problems and may be more or less relevant depending on the sector of activity.

Financial reporting

This first type of reporting centralizes financial data such as income, expenses, profits or losses. Essential for effective strategic management, these reports generally include the company's balance sheet, income statement and cash flow statement.

Management reporting

Then, we have the management reporting that is requested by managers and business managers. Such a report makes it possible to monitor performance in relation to set goals and facilitate decision-making.

Project reporting

The most common among teams of collaborators, project reporting allows carry out a performance measurement as part of a project. By setting up and monitoring relevant indicators, stakeholders can learn more about the progress of the project, the costs, but also about the problems that could arise.

Regulatory reporting

It is sometimes required by third parties to build a monitoring dashboard. This is particularly the case with regulatory reporting. Regulatory authorities and governments use it to monitor and verify compliance and compliance with standards.

CSR reporting

For assess the impact of deploying a CSR strategy (Social and Environmental Responsibility), a company can request reporting in order to follow sustainable development practices and CSR.

The advantages of reporting

The implementation of reporting allows you to benefit from numerous sometimes decisive advantages for decision makers or stakeholders.

• Informed decision making: Reporting tools help decision makers make rational, data-based decisions;
• Performance monitoring: Tracking charts are important for measuring the performance of a business, project, or team in relation to expectations. This makes it possible, if necessary, to implement corrective actions;
• Information transparency: By publishing comprehensive reports, companies promote a good brand image by showing great transparency;
• Regulatory compliance: To avoid any sanctions or fines, companies can produce reports to demonstrate their compliance with the compliance and standards of the industry concerned;
• Identifying trends: Data analysis is required to identify market trends and consumption patterns in order to increase the relevance of the commercial and marketing strategy;
• Continuous improvement: Establishing tools to control and analyze data flows facilitates the creation of a corporate culture based on operational efficiency and continuous improvement.

The 7 steps of effective reporting

To carry out effective reporting, whether it is financial management tables or an activity report, 7 key steps are sufficient.

1. Define goals

First of all, start by clearly defining the goals of your reporting. Is it performance monitoring, regulatory compliance or even communication with investors? Depending on your goals, the nature of the relationship can be quite different.

Take the opportunity to identify stakeholders involved in this reporting. This can be managers, employees, customers or even investors. Again, the way information is presented can vary greatly depending on the target audience.

2. Select the KPIs

Essential step: the selection of key performance indicators or KPIs. The choice of these KPIs depends on the type of report. They have to provide essential information that can be understood by the audience on performance or results.

3. Collect data

To start the reporting itself, it is necessary to gather all the necessary data. They will allow you to calculate the KPIs that you will then integrate into diagrams or graphs. Of course the information must be reliable and up to date. Additionally, you should document your analysis report by citing the data sources used.

4. Analyzing the data

Then, analyze the data you've collected. To identify trends, discrepancies, or data patterns, it is necessary to compare the data collected with the data stored or with the objectives set beforehand.

5. Formatting data

Once the data is analyzed, you need to present it in an engaging format. Use dashboards, charts, or infographics. These visual representations are ideal for facilitate the understanding of information as well as the identification of the key points and conclusions of the report.

6. Present the results

All you have to do is present the result of your work to the public concerned. Of course, the mode of presentation or the level of detail must be adapted to your audience. Do not hesitate to involve them and encourage comments for Verify that the information shared is well understood.

7. Implement corrective actions

Through your various reporting solutions, you must now be able to:Identify areas for improvement. You can then put in place the actions necessary to achieve your goals.

Turn data into actionable insights

Reporting is therefore an essential asset for managing performance. From financial information to employee productivity, numerous indicators can be monitored and analyzed in order to take advantage of data and strengthen your position in the market

To produce relevant reports, do not hesitate to use powerful computer tools such as project management software or collaborative work platforms. Such software solutions are in fact very relevant for centralize data that can then be analyzed and exploited.