Automated reporting saves you time and money by doing laborious tasks for you with a high level of accuracy. While an automated system churns out as many reports as you want, you and your staff are focusing on other important business decisions.
If it's not something you already use, the business benefits of automated reporting are well worth considering.
1) Increases productivity
Any repetitive business processes, such as monthly or weekly reporting, should be considered for automation. Rather than wasting time downloading data, manipulating it and then distributing relevant parts across your team, set it up to go out automatically.
Automation software exports reports for you, and the more advanced software can even automatically send it to key stakeholders. This means that their deadlines are met, and you get back some time you used to spend dealing with reports to deal with other important areas of business. One company reported time savings of eight hours per day when they started scheduling reports, according to American Machinist.
Your team will thank you for it, because they'll have reports as they want them and be able to make their decisions based on real-time data.
2) Reduces risk linked to inaccurate data
Your team need accurate data and analytics to base big business decisions on. Automated reporting reduces the risk of human error in calculating or presenting data, so you can make your strategic company decisions with confidence.
What's more, automated reports are usually available in a variety of formats – such as graphs, tables or dashboards – and are also able to exported into different programs. You can provide crucial business intelligence to your team in a way that makes sense to them, and supports the kind of decisions they need to make.
3) Meets auditing requirements
The accuracy of automated reports make them well-suited to regulatory reporting processes where mistakes can be costly and cause you big headaches down the line. Depending on the software you use, it may come with reports set up exactly as required for the regulatory body concerned, or even your advisors, such as your accountant.
The right reports can also make identifying potential problems easier with automation, such as spotting invoices yet to be reconciled or missing fields in important data sets.
To talk about how automation could provide your team with the business intelligence they need with time to spare, talk to the team at Advanced Business Manager.