While you may already know that a detailed financial reporting process is important (mainly because it’s a legal requirement in most countries), you may not understand its untapped power and potential. In fact, finances analysis is one of the bedrocks of modern businesses. It offers a level of insight that helps businesses remain compliant while streamlining their income or expenditure-centric initiatives across the board.

Utilizing financial data with the help of online data analysis allows you to not only share vital information both internally and externally but also leverage metrics or insights to make significant improvements to the very area that allows your business to flow.

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Businesses have been producing reports since, forever. No matter what role or industry you work in, chances are that you have been faced with the task of generating a tedious report to show your progress or performance.

While reporting has been a common practice for many decades, the business world keeps evolving and, with more competitive industries, the need to generate fast and accurate reports becomes critical. This presents a problem for many modern organizations today as building reports can take from hours to days. In fact, a survey about management reports performed by Deloitte says that 50% of managers are unsatisfied with the speed of delivery and the quality of the reports they receive. 

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Data analysis and interpretation have now taken center stage with the advent of the digital age… and the sheer amount of data can be frightening. In fact, a Digital Universe study found that the total data supply in 2012 was 2.8 trillion gigabytes! Based on that amount of data alone, it is clear the calling card of any successful enterprise in today’s global world will be the ability to analyze complex data, produce actionable insights and adapt to new market needs… all at the speed of thought.

Business dashboards are the digital age tools for big data. Capable of displaying key performance indicators (KPIs) for both quantitative and qualitative data analyses, they are ideal for making the fast-paced and data-driven market decisions that push today’s industry leaders to sustainable success. Through the art of streamlined visual communication, data dashboards permit businesses to engage in real-time and informed decision-making and are key instruments in data interpretation. First of all, let’s find a definition to understand what lies behind this practice.

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Software-as-a-service (SaaS) is becoming an increasingly viable choice for organizations in search of accessibility, functionality, and versatility in a cutthroat business environment.

It’s possible for companies to run SaaS software solutions and online data analysis without the need to rely on installing and running applications on their own computer systems and data centers. As such, these incredible innovations are rising in popularity every year.

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To succeed in today’s competitive commercial world, the ability to make the right decisions at the right time based on water-tight insights is essential. If you don’t have the vision or don’t know what to do with it, you’ll find yourself shooting in the dark – and that is detrimental to the growth and evolution of any business, regardless of size or sector.

That said, if you’re looking to evolve your empire, increase brand awareness, and boost your bottom line, embracing business performance dashboards and big data should be at the top of your priority list. And we’re not just talking about a single function, but all your business’ bits and pieces should embrace the power of modern data analysis and utilize a professional dashboard creator that will enhance your data management processes.

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