Operational Reporting and Why Your Business Needs It
Operational reporting is the process of regularly providing the complete report of an organization’s day to day activities and operations. These reports provide operational insights for time intervals like hourly, daily, weekly, and monthly. Serving various functions, these reports at times need to be customized for specific insights. Stakeholders can interact with these reports and filter, drill down or drill up to reach the desired details.
Many organizations use operational reporting to expedite their decision-making. While many, use them to take a broader look at the organization’s activities and make long term strategic decisions. Operational reporting can provide granular level insights in real-time for fast-paced industries. These reports can include data regarding ongoing processes, expenses, revenue, production, accounting, and more. The focus however remains on providing short-term insights, so the information doesn’t get outdated.
What are the Benefits of Operational Reporting?
Examples of Operational Reporting
Operational reporting has extensive use across industries and domains. Below are a few examples of how these domains use it in different ways:
Types of Operational Reporting
Real-time operational reports provide live operational data analytics and insights for the fast-paced industries. Managers and other executives can access these reports in the form of dynamic dashboards with trends, numbers, and statistics changing in real-time. They can observe performance and other data and make informed and proactive data-driven decisions and strategize in the short term. This helps in providing business a dynamic pace of work, making them more adaptive and responsive, improve overall performance, and measure their success and failure as the situation unfolds.
Monthly operational reporting makes an essential activity by keeping track of the progress on a monthly basis. These reports and dashboards inform the stakeholders and high-level executives regarding month on month trends and updates, organization’s progress, and department-wise performance. It provides a holistic view of the operations, aiding in making short term decisions as well as includes long term strategic initiatives. A well-made monthly operational report provides a balanced view of the organization, consisting of top-level KPIs along with a detailed view of certain aspects. It helps managers and employees to stay on track and revise goals consistently and drill down whenever needed.
Almost all industries and their various departments need data-driven operational reports and dashboards. These reports help them measure their progress, track the goal completion, enhance customer satisfaction, and improve operational efficiencies. For example, financial operational reports provide an overall view of the institution’s finance as well as provides a combination of important KPIs. These metrics can be drilled down to the lowest levels to know minor details like daily performance. These dashboards can also provide an eagle eye’s view of the complete operations to assess the success and find anomalies to improve upon.
Best Practices for Operational Reporting
As the organizations keep growing and expanding, the significance of these operational reports increases. These reports not only provide a time to time picture of the entire organization or division but helps the leaders track their performance. Be it any industry or domain, operational reporting is imperative to stay on top of all the processes and get a concise yet complete view. With the emergence and wide acceptance of BI, operational reporting is bound to make positive change across the hierarchy and horizontally too.