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Importance of Reports
When executives and managers want to get a clear idea on how their business is performing and where it is headed, they turn to the reports generated in their organization to show them the way. Reports are thus a key element for any business, not only for those running it, but also for those governing it or funding it, apart from a number of other stakeholders. It is from the information on these reports that executives arrive at key decisions and formulate strategies for direction of future growth. Therefore, all IT implementations in all businesses are almost always accompanied by development of appropriate reports.
Challenges Faced with Reporting Solutions
While reporting is an essential part of an IT implementation, it is also perhaps the most dynamic. For reporting requirements keep changing often – sometimes to accommodate a business user request, sometimes to incorporate legal requirements or government regulations. Hence an ideal reporting solution should be able to assimilate these changes with minimum time and effort. Reporting packages where one can easily customize and create new reports just by picking and choosing elements and designs can be quite effective in such dynamic environments.
Diversely Distributed Data
Many a time reports required by a business need to pick data from various external vendors, or even different departments within the same organization. For example, a report of a mutual fund’s performance might require data from stock exchanges, depositories, regulatory bodies and within the bank – general ledgers, operations team and account management systems to name a few. Retrieving data from such diverse sources and ensuring that it is converted to the format required for the report increases the complexity of reporting manifold.
Performance Issues and Security
Adding to the complexity of data retrieval and formatting, the issues of numbers of copies required, the formats of transmission (wire, email, Mobius, hard copy etc.) and the frequency of generation might bring up performance issues if not handled in a diligent and efficient manner. Also, security would be of great concern since the Reporting Solution needs to interacts with so many external and internal applications and networks.
Building Effective Reporting Solutions
The challenges are significant no doubt, but they are not manageable. We at Paragyte can say this with a confidence that comes from believing that an ideal Reporting Solution for your business must:
- Assimilate changes with speed and ease
- Be Easily operable and customizable even for non-technical users
- Extract data from various sources in a smooth manner
- Provide users flexibility in terms of formats, frequency and adhoc reporting
Paragyte brings to you capability in building the right reporting solutions for you either using existing tools in the market or through custom development using programming languages.
Our Expertise Range
- Package Solutions – Cognos, Business Objects, Microstrategy and Tableau
- Report Development Tools – SSRS, SSAS, Crystal Reports
- Custom Reporting Solutions – Using Java, dot net etc.