Business Reporting Tools Boost Decision Making Efficiency

Business Reporting Tools Boost Decision Making Efficiency

Check it out what you will find on this article about reporting tools:

Data-driven business reporting tools are becoming an imperative in the corporate world. Often, business leaders have tons of data to store and need that information to make vital decisions in the workplace. Instead of a person assessing that data, artificial intelligence (AI) and reporting tools can play a much better role in analyzing such information, states a Forbes article. Essentially, reporting tools are very efficient at improving decision making at a company.

Why Many Companies Fail to Adopt AI and Reporting Tools

While the research shows that many executives believe artificial intelligence will boost decision making for their business, few are actually making the investments in data reporting tools necessary to see these benefits. For example, more than 60 percent of chief executive officers, from an IBM study, state that AI shows a significant value in human resources while only 11 percent of human resources officers state having the data science and AI tools necessary to achieve that value.

The problem relates to the difficulties of implementation of reporting tools especially when implementing new systems company-wide. The Harvard Business Review reports that many organizations are failing to adopt AI-based data analysis systems and reporting tools for business decision making on a widespread scale. Based on a survey of thousands of organizations, only 8 percent of companies have implemented the type of practices that encourage widespread implementation.

There are widespread cultural and organizational obstacles that stand in the way of widespread adoption. Many business leaders also make a mistake in thinking that AI is a type of plug-and-play technology that will bring immediate results with profitable returns. While various pilot programs bring in small gains, executives can spend months or years not seeing large returns, which makes them less likely to adopt company-wide programs.

>> Recommended reading:  Artificial Intelligence Technologies: Top Tools and Trends

How to Better Implement Company-Wide Reporting Tools to Boost Decision Making

In order to scale these programs and adopt company-wide data analysis reporting tools for more efficient decision making, there are three steps companies need to adopt.

  • Adopt the tools via interdisciplinary collaboration among multiple cross-functional teams.
  • Begin augmenting employee judgment with algorithms’ data-driven decision making.
  • Take on more risks and become more adaptable.

 

Work Management in the Information Age

New work management models have also been evolving in recent years as the Information Age led to data-driven reporting tools spreading throughout the corporate world. The Internet grew in size and economies were becoming more global in the 1990s. One of the biggest changes during this era is that employees became more valuable with business owners and executives began seeking ways to use the knowledge and skills of their workers to run a more productive company.

This led to work management models involving classical administration, which is related to operational effectiveness in industrial management. In terms of advancing data driven reporting tools within the Information Age, companies need to understand the importance of adapting to change and providing organizational transparency.

How Time Tracking Tools Improve Time Management

Additionally, managers today need to ensure a wide variety of projects are completed to a satisfactory level and this means managing the time their employees spend on assignments to ensure everything is completed by an appropriate deadline. Reporting tools with timesheets and time-centered decision making capabilities can be vital for the time management of company leaders worldwide.

There are other key ways to more effectively manage time and improve the efficiency of decision making in the workplace. These include:

  • Creating realistic goals for time management
  • Becoming more organized
  • Delegating tasks such as via project management software
  • Taking part in self-care and recharging
  • Avoid feeling guilty if an assignment is not completed to perfection

 

>> Recommended reading: Why Implementing Project Management Tools is Beneficial

The Advantages of Project Management Software

When it comes to implementing project management tools, there are a wide array of benefits that company leaders will gain. The type of benefits you, as the manager, will see include the simplicity of assigning projects to the right employees. You’ll be able to quickly and easily ensure that assignments were properly delegated.

Data-based reporting tools will also help the human resources department as well as managers understand which candidates have the right skills for the job. Additionally, you’ll more easily define which employee has the skills for a particular assignment.

You will have access to the number of hours a project or assignment takes to complete so that time tracking becomes second nature. You will also receive the metrics of a major report with the help of project management software.

Do you need to know how many revisions a file or piece of content has undergone? You’ll have access to this information as well. All revisions, changes, and edits will be visible. You’ll be able to easily communicate with your employees via the project management dashboard to determine if any of the team members need more help. Essentially, project management tools will become essential for the success of your company.

Key Performance Indicators Boost Alignment and Efficient Decision Making

Reporting tools often include KPIs or Key Performance Indicators. Company leaders often have goals and dreams for their organization, but KPIs are essential for determining whether a business is on track toward achieving their objectives.

KPIs help company leaders turn their ideas and goals into more concrete and actionable steps with specific results or values tied to each plan. But what are KPIs really? They are a set of measures that have specific values in which a business can measure their success and performance over time. KPIs are used to assess how well a company is achieving their goals as well as compare their finances over time.

There are four specific KPIs you can use to measure performance and improve decision making at your company. These include:

  • Quantitative KPIs, which are measurable facts.
  • Qualitative KPIs, which are based on opinions or feelings instead of numbers.
  • Lagging indicators, which show past results as well as successes or failures.
  • Leading indicators, which utilize lagging indicators to predict the future success rate of a specific action.

 

There are a wide array of areas where businesses can utilize Key Performance Indicators such as marketing and finance departments. For instance, marketing analytics includes sales leads, conversion rates, and the lifetime value of a customer.

Financial KPIs involve net earnings and a gross profit margin. Supply chain metrics as well as human resources data analytics incorporates KPIs as well. The supply chain utilizes KPIs such as the inventory to sales ratio and on-time delivery while the human resources department looks at the employee productivity rate, absence costs, and absence rates.

Essentially, KPIs can help managers improve business reporting in ways that lead to more efficient decision making across a company. Data-driven reporting tools are also essential in the area of people analytics.

People Analytics Tools Offer Way to Find the Right Candidates

Business managers are responsible for hiring and retaining talented employees with the right skills for various jobs. People analytics tools provide a new path toward finding the right candidates for each particular position.

Experience-based decision making based on human knowledge and opinions has been put on the back burner as more managers begin to implement advanced people analytics tools for their hiring decisions. People analytics and data-driven reporting tools are being used to attract and retain the best employees for the job.

There are many advantages for using people analytics tools for hiring decisions such as identifying high performance drivers, streamlining recruitment, and setting benchmarks for managing talent. You’re more likely to make the right hiring decision when implementing people analytics tools and ensure a faster hiring process overall.

Overall, company-wide decisions can be made more effectively with the use of people analytics and data-driven reporting tools.

How Project Management Software Improves Alignment and Business Decision Making

You will find that reporting tools such as the Runrun.it software will help your company greatly. The Runrun.it software will be the perfect asset to help you with your reports. The type of reports you will have access to include timesheet per client, time by stage, people allocation, hours available, costs, allocated hours, registered hours, and effort per task type.

Within the Runrun.it software program, you’ll benefit from automatic time tracking by merely pressing the play button when completing a task. Timesheets are then generated showing the working hours of each team member. Additionally, each assignment can be allocated quickly and easily based on every worker’s strengths and skills.

Some of the types of metrics that will be available in your reports include the costs associated with each project, the allocated hours and registered hours worked on individual assignments, and the number of revisions each file underwent.

With Runrun.it reporting tools, your employees be able to stick to deadlines due to the time tracking features while your human resource department will more quickly analyze data to hire the right workers. Additionally, Runrun.it has dashboards and reports you need to analyze data and assess performance metrics to make the best decisions for your company.

To find out why Runrun.it software is the right choice for your organization, click here for a free trial.

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