Do you know how much revenue your business brings in each month or what is your return on investment (ROI)? What about your expenses? You probably answered yes to both of these, or at least we hope you did. That’s because these are all key metrics to measure how successful your business is running. These factors also have to do with money and how much you’re making versus how much you’re spending.
These aren’t the only factors that are important for you to measure to ensure that your business is successful, though. Yes, to have a long-lasting business, you need to make a profit, but without measuring other key performance indicators (KPI), you’ll miss seeing the much bigger picture.
To properly measure your KPI, you will need to conduct regular reporting and analytics sessions. You could spend hours pulling all this information by hand, but that would be very time-consuming and could cause errors in your data. Instead, you can use one of the hundreds of reporting and analytics tools available online.
To save you time searching for these tools, we have compiled a list of our Top 5 Reporting and Analytics Tools that we think will be best for your business.
This is a business intelligence software that provides comprehensive reporting, analytics, and data visualization. The platform lets users build their own dashboards so that the most important information for you and your business is front and center. This is a little more of a complex tool, so if you are new to the world of business reporting and analytics, we suggest having a knowledgeable team, such as Inner Works Pro, set it up for your business.
This tool allows users to connect pre-existing spreadsheets and cloud-based software. It offers a powerful dashboard and data analytics tool that can highlight trends, showcase new opportunities, and improve productivity. MicroStrategy also has both desktop and mobile features for the business manager on the go.
#3 Qlik Sense
This is a complete data analytics platform that is optimized for use on touchscreen devices, but also can be used on any device. One very cool feature that Qlik Sense has is a Search and Conversational Analytics tool that allows you to ask questions and get insights using conversational and natural language.
This tool is great for in-depth reporting and analytics. You have the ability to personalize your dashboard and sync data from various sources to ensure that all the information that you need is right at your fingertips. There also is a feature that allows users to leave comments on different data sets, which is great for collaboration.
This tool is probably one of the easiest to use, especially for users new to the world of reporting and analytics. Looker is great for small to midsize businesses. It’s part of the Google Cloud and has great features such as visualization, collaboration, and email reports.
The important thing to remember when thinking about reporting and analytics is to know what KPI you want to measure. You can determine this by thinking about the goals you have set for your business. Once you know which KPI you are interested in measuring, you will just need to make sure that the data and analytics tool you’ve chosen tracks it.
This obviously isn’t an extensive list, as there are hundreds of different tools available for reporting and analytics. If you are a new business and you’re just learning how to measure your analytics, you probably don’t need to invest in the top-of-the-line reporting tools just yet. However, if there is a tool on this list that catches your eye, then it can’t hurt to invest now and have access to all the information you need for your business in the future.
If you are looking to take the information from the reporting and analytics tool and use it to build on your business and attract the right customers, we at Inner Works Pro are here to help take your mission and values and transform them into a visual journey. Contact us today for a 30-minute consultation.