From sales figures to product information to personnel data, different departments need completely different data for their daily work.
Reporting has always been used by companies to monitor data. Measuring the success of operational activities and projects is an important task for every department. Key Performance Indicators (KPI) help make the degree of efficiency and effectiveness more visible. The results range from regular monitoring and standard reports to interactive dashboards.
Analyses explain the “why” in a dynamic way. The analytical evaluation interprets the data provided by the reporting on a deeper level. So, while reporting can link different data channels, enable comparisons and facilitate understanding of information, analysis interprets that information and recommends a course of action.
Reporting typically involves repetitive tasks related to data entry of vast amounts of information. Automating these processes can significantly improve day-to-day activities for a company.
Analysis requires a more individual approach that combines the skills of someone such as a data analyst with analytical processes. It is about gaining insight to deliver efficient steps to achieve a specified goal.
This is a key reason why data analysts are in high demand because companies of all sizes need to be able to make recommendations to management on what direction to take their business.