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Reporting tools in this digital world are one of the powerful assets of business to visualize business insights. It is clear that business cannot find their progress without properly handling business data.
Business data plays a very important role for business owners to give them the ability to compare their positions and maintain them in a competitive market. But do you know why 30% of businesses fail to market due to lack of knowledge in reporting tools? Business data is only valuable if they are handling it effectively.
To help you understand data-driven reporting and to grow your business to the next level, we offer a topic Static vs Dynamic Reporting and which is the best option to choose between them.
Related Topic – Dashboards vs Reports Which one fits your organization
What is Static Reporting?
Static reporting works on data that only has significance for a specific period of time. Static reports include data about inventories such as resources and data that is generated periodically.
Static data are generated in Excel, Word or PowerPoint and exported in HTML or PDF format. Static reporting works for data that have a very short life span. This means that this source of information cannot drill down to future insights. Static reports are easy to use as tools for reviewing behavior, patterns, and outcomes.
What is Dynamic Reporting?
Dynamic reporting is also called live or real-time reporting. Dynamic Reporting is a real-time reporting web base application that can be accessed from anywhere and from any device with internet connectivity. These dynamic reporting provides dynamic information at all times and provides users with real-time interactions with the dashboard according to their needs.
Dynamic reporting approach can enable business meeting where various executive level members gather for business goals. The dynamic dashboard here provides a clear picture of a business and allows the executive to think better and make decisions quickly.
What is difference between Static and Dynamic Reporting?
From the above definition, we have given an overview of static and dynamic reporting. Now, let us look at the main differences between static and dynamic reports.
Below are the few topics which gives a clear understanding the difference between static and dynamic report:
Scalability: The scalability of the static report is small as compare to dynamic report because static report works on the data which are having very small life span but dynamic report works on real-time so it always been used by the manager to take a proactive decision for the company.
User-friendliness: Today everyone wants to export the data and it can be sharable. Static and dynamic reports both are having facilities for exporting and sharing but it is manual and time-consuming. But the dynamic report is having some additional features where users can log into a dashboard from anywhere and from any device real-time attraction with data. It gives insights and analysis of data.
Cohesion: The static report provides you to share the data, in order to view insight of a company for a longer timeframe, but it consumes a lot of time to download and share a report to colleagues. Whereas dynamic reporting provides information in one centralized location, comparing insights and viewing metrics fastest compared to static reporting. This reporting helps to create different reporting option like finance report for your organization to take a swift decision.
Advantage of using Dynamic Reporting
Dynamic reporting is no doubly the best option to choose for the organization. The main reason for which dynamic reporting is growing because not only allows sharing the data, but also it provides accuracy like a live report. A dynamic report is most often nothing but a graphic display that provides a combination of the basic elements of other report options available.
Real-time reporting: Dynamic reporting is a real-time reporting that provides a web-based application that can visualize anywhere from any device. The dates in the dynamic reporting report can be adjusted on the fly, allowing you to view the previous month or any time period.
Interact directly with data: This is the greatest strength of dynamic reporting for visualizing data and brings actionable insights to the surface. You can also set up reports to filter by dimensions. Users of dynamic reports may find an interface where they can interact with the dashboard and drill down into more specifications.
Build in templates: The most powerful approach to dynamic reporting is the ability to connect your data sources to any existing template. For any organization, this means designing a template and distributing it to multiple users. There are many vendors that provide inbuilt templates like Google Data Studio, EzInsights which anyone can use.
Time shaving: The ability to share your work with various customers is very efficient. Using an in-build template, users can reduce their designing efforts and save a lot of time.
Transparent: We can say that this approach is transparent because customers can check whenever they want. It also gives the customer a greater sense of control that they know where and how their budget is spent.
When and Why Dynamic Reporting is useful?
Dynamic reporting provides fully customizable and real-time reports. By using dynamic visualization techniques, we can give users more control of their own experience of what they see and how they use it.
Dynamic reporting is useful where data requires long-term analysis. The system updates the data in the dynamic report when the report is displayed in the web browser. You use dynamic reports to show information to your users that change over time.
By issuing dynamic reporting, the user can now have more control over access, organize and present data. It also handles high level subjects like orders, products, shipments. If users want to change business reports with their business needs, they can easily manipulate, modify, delete, and reorder data elements as needed. It also allows special filters on data based on date and position.
Top 3 Dynamic Reporting examples
- Operating Cash Flow (OCF)
- Current Ratio
- Quick Ratio / Acid Test
- Net Profit Margin
- Gross Profit Margin
- Budget Variance
When we are creating a dynamic report, it is necessary to look at the primary KPI. These valuable KPIs help measure how well a company is doing about generating revenue and profit. Monitoring KPIs shows whether a business is achieving its long-term goals.
Sales Order Dashboard
- Cost per Order
- Total Orders
- Total Sales by Region
- Order Status
- On-time Shipping Rate
- Rate of Return
These six KPIs in the above retail dashboard indicate how to improve your fulfillment process, handle orders effectively, and understand any customer-facing issues with your service or products.
Productivity Analytics Dashboard
- Overtime hours
- Overall labor effectiveness
- Turnover rate
- Sales growth
By using above primary productivity KPIs the company can measure sales goals and profit margin.
Related topic: Product Metrics important KPIs for Product Manager
Abhishek is working as a Web Graphics Designer at EzDataMunch. He is involved in Maintaining and enhancing websites by adding and improving the design and interactive features, optimizing the web architectures for navigability & accessibility and ensuring the website and databases are being backed up. Also involved in marketing activities for brand promotion.