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What Is an Analytical Reporting?
There is another type of business reporting that is used to make decisions. Analytical reports offer both information and analysis, but they also include recommendations. Offering recommendations is the biggest difference between informational and analytical reporting.
Analytics reporting based on statistics, historical data and can deliver predictive analysis for a specific issue. Let’s visualize through some examples:
The example below shows a sales performance analytical report which assists sales team to track and improve their performance. This interactive dashboard gives the end user to click on specific parameter and analyse data on daily, monthly, weekly or yearly basis. They get quick, accurate and real-time reports to get a complete insight into profit and loss.
Here is another example of the marketing industry. The below interactive dashboard gives user to track marketing campaigns, drive ROI from campaigns and improve marketing capability.
It is clear in these analytics reports that these dashboards can be used in any industry, in which a specific set of data needed to compile recommendations, and suggestion for accurate suggestions of action.
Things to Remember while Making an Analytical Report
Before proceeding, discuss what the original points should be to remember to create the analytical report:
- Analytical report can be short or lengthy according to its subject matter. Analytical reports may differ from each other due to some factor used.The purpose of analytical report is that its contents differ in comparison to other reports.
- Analytical report should be clear, informative and concise. Use tables and easy to understand graphs to interpret numbers.
- Focus on both negative or positive expectations. This will help you make better decisions for the management and development of analytical reports.
- Label all the data and tables so that it really can be understood.
How to Write an Analytical Report?
To write an effective analytical report by having accurate content, proper formatting, and provide strong & appropriate recommendations, you can follow the below mentioned points:
- Gather the information
The primary task should be collecting data and gathering resources. You should produce enough information in the research process which makes you feel comfortable with all aspects of the concept. Keep pros and cons, counter-arguments, and proposals in mind. Quality research will enable you to analyze the information and solve quality recommendations and problems.
- Resources Identification
Identify the resources that you can see if you need to list more details that have not been identified in your initial information store.
- Reports That Evaluate Opportunities
Analytical reports inform decision makers about a new, exciting, and most successful attempt. For example, you can think that the company that produces processed foods for the people can be successful and earn profit from the production of pet food. You need to research on the new market and find examples of other companies in similar markets, who have reached the success on this issue. Such examples can affect your path in a new industry.
- Organizing and Analysing
After collecting appropriate research, synthesize the information. Verify your information based on your information. Use the appropriate algorithm to present new information and draw conclusions. In this stage, you should also determine how to organize and present the information: chronologically, geographically, spatially, categorically.
Analytical Report Examples
Find below few examples of the reports that are used in many industries for healthy business development. you can remove the sentence ‘Let’s explore few examples:
Healthcare: How to analyze the Patient Satisfaction scores
In the Healthcare Dashboard example above, you can find out the Patient Satisfaction Scores. You can find that the Average Satisfaction Score is 8.15, which is a Healthy score. At the same time, ‘Excellent’ and ‘Very Good’ scores constitute more than 82%, which is again a Healthy Score. If the Hospital focuses on the Survey Questions, where the ‘Most Satisfied%’ is less than 50%, the Hospital can improve the ‘Patient Satisfaction scores’ further. These all can serve as a fundamental part of future decision-making, which are important for running and modifying a successful hospital strategy.
Retail: How to check the stores Profit Analysis
The above retail dashboard example allows you to track the profit analysis of a store. This combines many important KPIs like sales and gross margins, customer lifetime value and conversion rates. You can find out the functionality and visualization daily, monthly, yearly and profit from the area. The importance of above the dashboard is that you can get the benefit compared to two years as shown in Dashboard 2010 vs. 2011 profit 12.4%.
The Purpose of Analytical Business Reports
- Better understanding of operational and business activities
- Data visualization helps the business owners to view, understand and summarize the large amount of information regarding business condition.
- The biggest advantage of data visualization is it allows the end user to view multidimensional charts. Where user can interact by data visualization tools.
- Analytical reports used a problem solving using previous examples of similar situations and weighing the options between several solutions.
Creating an analytical report can be difficult, but when we say that we believe in proper guidance and with effective references, it is easy for you to keep an analytical report. Remember the things we discussed in this article and use them as your guide when you are already starting making an analytical report for your business or for the company that works for you.
Jigarsinh is working as a Software Developer at EzDataMunch. Responsible for maintaining web application.