At Bespoke Excel, we see the difference that effective reporting can make to businesses every single day.
Whether it’s digging into sales data to spot financial opportunities or analysing customer demographics to get a better understanding of their target market, modern companies need to be able to produce and share information quickly so that they can use it to inform key business decisions.
Organisations across the world rely on Microsoft Excel to tap into the potential of their proprietary data and generate valuable reports. A lot of this is down to following best practice at every turn. Unfortunately, many businesses we work with do not have the resources to employ a dedicated data analyst or Excel professional, especially SMEs that may only be able to hire an IT manager to oversee all aspects of their digital strategy.
Let’s take a closer look at the importance of quality reporting and a few practical considerations that all businesses can capitalise on.
The importance of quality reporting
The need to report data insights, key performance indicators and annual reviews to managers and stakeholders is the same across all sectors and industries. This information is often used as a reference point for those tasked with making business decisions, so the importance getting it right first time cannot be overstated.
Quality reporting always stems from quality data management. Factors such as accuracy, formatting, relevance of information and automation are all major considerations for any company looking to get the most out of their reports. Although it takes time to maintain a spreadsheet or dashboard in line with each of these factors, this must be seen as a crucial investment that will pay off in the form of greater efficiency in the long run. It is also never advisable to start producing reports when the integrity of the source data cannot be overstated.
Cutting out the risk of human error
Human error is a constant threat within companies that do not have a strong technical understanding of Excel in-house, often leading to misinformation and inaccurate reporting. This can have extremely damaging consequences, particularly when incorrect data insights are used as a foundation for strategic decisions.
High standards must be upheld when collating data, particularly when working with large volume datasets that contain thousands of data points. We also encourage all businesses to think about the benefits that automation can have for their day-to-day productivity.
Whether you are looking to generate summary reports, PivotTable reports or any other form of report on a regular basis, an experience Excel professional can automate a workflow that formats and filters values in order to create a quick report in a matter of seconds. Once the automation process is in place, it can be repeated as many times as necessary with minimal extra effort.