Small, medium and large companies, despite their size differences, can and should use operational reporting software for their ERP and Cloud applications. For the sake of this article, we’ll refer to small companies as businesses that have less than $50 million in annual revenue each year, medium-sized companies have revenues between $50 million and $1 billion annually, and large companies as ones that bring in more than $1 billion every year. These numbers correlate to a study we’ll reference later.
Here’s why every company should be using operational reporting software:
- Many companies can’t keep up with the growth of their data.
- Operational reporting tools can be used by companies of any size.
- Companies need real time operational data to make informed business decisions and improve operational efficiency.
Information is growing too fast
Information is exponentially increasing year-over-year, and that alone should worry companies who aren’t well prepared. In a study conducted by the Aberdeen Group, researchers found that company data is increasing 40 percent year-over-year. This is one of the reasons why some businesses (35 percent exactly) began to use operational reporting software that could help them better organize and present their information. Many of these firms began using software to consolidate their data and saw a significant, immediate improvement to their operating profit and an increase in their customer base.
Again, both growing and established companies can take advantage of operational reporting software.
All companies can use operational reporting tools
When we think of operational reporting tools like Reporting Workbench for Oracle E-Business Suite or ORBIT Analytics for 3rd party and Cloud applications, we typically think of software that is only used by multi-billion dollar corporations. However, operational reporting solutions are perfect for smaller businesses as well.
In Aberdeen Group’s study, researchers noted that 40 percent of large companies (>$1 billion annual revenue) and small businesses (<$50 million annual revenue) needed to obtain their business data within one hour of an event. We might also assume medium-sized companies operated in a similar fashion. Simply put, company leaders don’t have time to flip through spreadsheets and manually develop reports so they can make high-level business decisions. They need to make decisions quickly about issues regarding finance, human resources, customer service and supply chain, to name a few.
Operational reporting tools show managers how their company is performing. It provides them a detailed, real-time snapshot into their company’s current operational environment. While operational reporting tools may, to some degree, help managers better analyze trends, that’s not the point of the software. Instead, it allows them to efficiently drill through an often overwhelming wealth of data to identify potential issues. In turn, these tools help leaders ensure their employees and departments are hitting their metrics, and, if not, why.
With Reporting Workbench, end users have, at their fingertips, all of their company’s data in the familiar Oracle E-Business Suite interface. While tools like ORBIT Analytics offer the option to pull reports from multiple ERP and Cloud applications into one web-based interface. Both tools allow the end user the ability to view reports in Smart Grid, graphs, charts, PDF, Excel and Excel pivot tables, as well as web-based tabular and pivot tables. This type of flexibility further reduces wasted time and improves efficiency for companies who need to quickly shift how their data is presented.
No matter the size of your business, don’t be intimidated by data. Tools like Reporting Workbench and ORBIT Analytics were built to make the end user’s job easier.