A smart report (business intelligence report) is a type of report created with business management software that can retrieve, aggregate and analyze data to produce useful, valuable information for business decision-making.
Today there are many new models and trends in smart reporting, such as: GPT (Generative Pre-trained Transformer) models; visual reports; reinforcement learning; GAN (Generative Adversarial Networks) models; deep learning…
Instead of spending a lot of time processing data and designing reports, smart reports can automatically update data from different sources in the business - such as sales, customer, financial, production and inventory data - and present it as graphics, charts, tables, summaries or detailed reports, while letting users make quick customizations.
This reduces the time and effort needed to produce quality reports.
What types of smart reports are there?
Business management uses many types of smart reports; depending on the purpose and needs of each business, you can use one or several different types. Here are some common types of smart reports:
First, let's talk about automated reports.
These are reports that the system generates automatically from the data it collects, for example:
- The Opportunities report from the CRM app. Get a clear overview of your opportunity pipeline. Work faster with a drag & drop interface.
- The warehouse analysis report provides automated inventory performance metrics.
Next, let's talk about real-time reports.
These are reports that are updated continuously and let managers follow the business's activities in real time.
Real-time reports help managers detect and resolve problems promptly, for example:
- A visual layout for managing the entire warehouse: provides a map of warehouse locations, the status of goods on the racks and directions to where goods should be stored or picked.
- The company's production plans and manufacturing orders.
Speaking of smart reports, custom reports
are a big departure from traditional reports because they are highly flexible and multi-dimensional.
These reports are designed to provide information on demand for each business or user and suit many different purposes.
Forecasts
are one of the reports in a smart reporting system. Forecast reports use historical data and forecasting models to produce forecast scenarios, helping users predict future results, for example:
- Inventory forecasts,
- Product trend forecasts...
Next come alert reports.
The system automatically detects anomalies and alerts managers so they can resolve the problem before it causes serious consequences.
You can receive these alerts directly on the software's dashboard or by email and message, with visual dashboards such as:
- Low-performing product alerts
- Contracts about to expire alerts
- Overdue delivery order alerts
These alerts can be configured to match the business's management requirements.
What tools are smart reports created with?
Smart reports are created with data analysis and reporting tools, such as Business Intelligence (BI) software or similar tools. These tools let users access data from many different sources, transform and clean the data, analyze it and create reports and charts.
Here are some common tools for creating smart reports:
1. Microsoft Power BI: One of the most popular tools for creating smart reports. It lets users connect and aggregate data from many different sources and then present it as tables, charts, graphs and reports to help users understand their data better.
2. Tableau: A powerful, easy-to-use tool for creating truly smart reports. Tableau lets users connect and aggregate data from many different sources and present it as tables, charts, graphs and reports.
3. QlikView: Another tool that lets users connect and aggregate data from many different sources. QlikView offers faster, more efficient data access and search, and helps users create a wide variety of reports and charts.
4. Google Data Studio: A free tool that lets users connect and aggregate data from many different sources and present it as tables, charts, graphs and reports. Google Data Studio makes it easy to share and collaborate with other users.
5. SmartBiz: provides smart reports from its smart warehouse management apps, smart manufacturing execution system, purchase and sales management apps and many other business apps, helping users and managers evaluate business performance, optimize costs, increase transparency and make decisions quickly.
Managers can also access these reports from any smart device with an Internet connection, working on the go and monitoring their business anywhere, any time.
Conclusion
Smart reports are a useful tool in business management.
Using tools that support smart reporting reduces time and effort, optimizes the management process and leads to more accurate decisions for the business.
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