This is a question that might have plagued many business owners. However, with the growing importance of reporting and analytics, it seems that a lot of people do not know the key differences between the two and they often ask what exactly is the difference between them. In this article, we are looking to try to figure out the key differences and what sets them apart and how you can use them to better your business!
What are their similarities?
The bottom line basically is that reporting and analysis signifies the collection, storage and also the processing of larger quantities of your business’ data. This means that the process involves the meticulous collection and then tabulation and analysis of the data. This data can then be used to improve your business decisions.
So what is Business Analytics?
Business analytics takes things a little step further because they help you to use your business data to find new and improved opportunities in the industry. These analytics are made and tabulated so that you can improve and strengthen your footing in your industry. It can also help you risk manage all your current business activities and ventures.
Business analytics will allow you to find answers to questions like “Why did this happen this month?” or “What opportunities am I missing out on?” and maybe even “Where should I open my business up next?”. These kinds of questions require extensive research that will produces these analytics. And you can then use these analytics to map out your next steps in the business.
It allows you to answer more complex and sometimes even more strategic questions. If you are looking to expand your business and you feel like you need a lot more information for that, business analytics will really help you in that aspect.
What About Business Reporting?
Reporting is basically the collection and structuring of information to show off your business performance. Basically with reporting it converts your data into information that you can use to make daily business decisions.
So What Are The Differences?
|Differences/Type||Business Reporting||Business Analytics|
|General||Business reports will be used to sometimes validate an apparent trend or viral thing in the market.
For example, you can answer a question like “Did our products sell out like it did in December last year?”. Reports can help you answer questions like that.
|Business analytics will allow you to research a trend in the industry and be able to respond directly to that change in market conditions.
For example you could say that maybe there was an issue in production that caused the drop in sales. You can then use this info to find the problem in the system and you will be able to fix it fast too.
|Business Setup||Reports require a lot of work by a lot of people because you need to gather the information from multiple places.||Analytics tend to be easier to collect and tabulate and it allows you to do a lot more with the information you have gathered. Analytics offers you instant and real time information so that you can react immediately to problems or famous, viral trends.|
In conclusion, we believe that both business reporting and analytics both play an extremely important role in ensuring your business thrives.
However, reporting and analytics can be a hassle to make and maintain but we believe that you should stick to it and ensure that you get all that information with you so that you can start and continue making well-informed decisions for the betterment of your company.
With the new MBRS reporting tool, more Malaysian companies will have to digitally submit all their reports to SSM. To become certified to use the system, head on over to this link to get yourself or your teammate certified to use the MBRS tool.