What is the different between reporting and analytics? Both are important but they serve different audiences.
If you are a business owner/manager/advisor that understands all the nuances and complexities of the business and are happy to understand the high level numbers, interpret them, make decisions based on a historical view of the business then reporting will serve you well.
If you are a business owner that relies on the data to tell you the story of your performance and need to understand why certain things are happening and need to explore various options then analytics is better suited for your needs.
– Ingest data
– Store data
– Visualize data
– Provide some interaction with the data (making selections or filtering data to reveal a filtered more specific data set to review)
The difference is in the way you work with the data.
Reporting provides all the necessary visualizations and comparison, trend etc. views but provides little data exploration capabilities as reporting is generally based on filters or some static reports.
Analytics means you are exploring your data across multiple dimensions from a high level aggregated view to a detailed transaction level. You are consuming and interpreting the result sets as you drill down and across the data and making findings on the data that will lead you into other directions to navigate and explore again. Such findings are considered as insights gained from exploration of your data.
A good analytical solution will provide you with cognitive intelligence capabilities that will automatically generate analytical views based on a natural language query on the data. Additionally they would provide advanced analytical capabilities such as predictions, recommendations, and chatbots that interact with your data and provide you with proactive notifications when you data changes.
Reporting solutions provide you with WHAT happened as a historical view on your data which essentially is a snapshot of your data in a specific time. Analytics takes the WHAT further through exploration to answer the WHY it happened by helping/guiding you to the WHY.
Additionally you are required to analyse and interpret, work with and argue with your data in order to understand the WHY so data literacy is an important ingredient when you are exploring your data.
Exploration and analysis leads to insights which should lead to actions as you should now have a good understanding of the WHY things happened and thus apply your mind to how you can fix it, monitor whether the fix is appropriate and/or apply alternative strategies.
Data: Is the foundation of the new economy
Analytics: Transforms data into actionable insights
Insights: Lead to action that improves the business
If you are interested to explore your financial data come trial our solution or play with our demo app.
Watch our 4 minute using selections training video and you are off to a great analytical experience!
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