Throughout this month, we’ve explored what organizations should do if they rely on the end of life Oracle Reports product. In this article, let’s discuss how to take your reporting to the next level to help your organization get the most from your data.
Favor Dashboards Over Reports
Legacy reporting systems like Oracle Reports are much more static than common and widely-available dashboarding tools. Dashboards empower your team to do research with their data and not simply supervise the state of charts they receive on a regular basis.
For your team members who thrive on discovering how the business works through information, dashboards are your key and in many cases can replace the functions of reporting tools altogether. Empower your team to optimize and drive the business forward with access to user-friendly, industry-leading dashboards.
Make your data drive decisions with algorithms and automation. The reports you have in place today no doubt include several decisions that you should be able to automate. If you want to cut out human steps in these types of supervising processes, you need to re-think how your data can send signals to affect these changes in other systems.
For example, supervising the ebb and flow of demand for commodity products can directly drive markup or markdown in ecommerce pricing. If your warehouse has old and overstocked product, you can either simply supervise inventory levels with a report, or algorithmically recommend promotions and deals to move that inventory.
To most effectively implement a data-driven management process, you may need to hire a data scientist and purchase the appropriate software suite to assist. Before making these additions to your team, however, you should have the appropriate architecture assessment to ensure that your team is prepared to make the best use of your data.
Make Data Work for Your Customers
One of the most cutting-edge improvements you can make to your business is to expose data to customers as value-add. Your customers need information about your goods and services just like your own team does. Instead of providing customers with static reports from your platform, consider enriching their software touchpoints with tailored emails, customer portals, and apps. Providing better access to valuable data can at least address some customer ease-of-use considerations, and at most give you whole new revenue streams for providing such access.
For example: Power companies that experience seasonal changes in demand can predict the cost for their customer base in the coming months. An intelligent application of this data and predicting customers’ specific prior usage habits can allow you to send them courtesy correspondence ahead of a power bill.
Stop Analysis Paralysis with Notifications
Give your employees notifications to direct them instead of reports to analyze. If you don’t like the idea of automating key business transactions like pricing and purchases from data-driven events, you can do the next best thing and send appropriate notifications directly to your employees.
Rather than requiring them to habitually check dashboards or reports, you can use the same data and threshold logic to send notifications to their emails, mobile apps, or web-based productivity applications. These notifications are part of a larger process-driven work methodology which favors providing employees just enough information to get right to work. Remember to send notifications that are relevant and matter to them and their jobs. This type of workflow promotes efficiency and reliance on mainline processes that are easier track and analyze your team’s efficiency in real time.