It doesn’t matter how innovative your brand is or how groundbreaking your business model might be; if your business is ridden with glaring inefficiencies, your potential for growth is eventually going to get stunted.

In fact, an IDC study showed that over 80% of business leaders surveyed from sales, HR, procurement, and other departments agreed that issues arise because companies are equipped with different internal systems and applications that don’t ‘talk’ to one other. 43% of the surveyed staff also said they often have to copy and paste or rekey in information, thereby wasting time and hindering productivity.

Now, regardless of the sector or industry, the procurement of goods and services in a timely and efficient manner is one of the primary drivers of success. If your procurement process costs you valuable time and incurs unnecessary costs, you may end up falling behind your competitors.

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To succeed in today’s competitive business world, the ability to make the right decisions at the right time based on water-tight insights is essential. If you don’t have the vision or don’t know what to do with it, you’ll find yourself shooting in the dark – and that is detrimental to the growth and evolution of any business, regardless of size or sector.

Studies suggest that businesses that adopt a data-driven marketing strategy are likely to gain an edge over the competition and in turn, increase profitability. In fact, according to eMarketer, 40% of executives surveyed in a study focused on data-driven marketing, expect to “significantly increase” revenue.

That said, if you’re looking to evolve your empire, increase brand awareness, and boost your bottom line, embracing business performance dashboards and big data should be at the top of your priority list. And we’re not just talking about marketing, but all your business’ bits and pieces should embrace the power of modern data analysis and utilize a professional dashboard creator that will enhance your data management processes.

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Historically, the terms data report or business report haven’t got the crowds excited. Data reports have always been important for businesses. However, they have been a necessary evil, created by analysts and consultants. The term usually conjures up images of static PDFs, old-school PowerPoint slides and big tables. Usually created with past data without the possibility to generate real-time or future insights, these reports were obsolete, comprised of numerous external and internal files, without proper data management processes at hand.

It doesn’t have to be this way. The business intelligence industry has been revolutionized over the past decade and data reports are in on the fun. The rise of innovative report tools means you can create data reports people love to read. If you utilize business intelligence correctly, not only you will be able to connect your data dots, but take control of your data across the company and improve your bottom line.

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In the digital age, great businesses are founded on great insight — the data-driven kind. Without access to valuable business data, regardless of your niche and sector, you’ll merely be shooting in the dark when making key commercial decisions.

But data is only valuable if you know how to handle it effectively.

With so many digital insights available in our hyper-connected age of information, a  professional report tool is the most effective means of collecting, curating, organizing, and analyzing your most valuable business data.

To help you understand data-driven reporting and propel your business to the next level, we’re going to explore the difference between static reports and dynamic reports.

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Management reporting is a source of business intelligence that helps business leaders make more accurate, data-driven decisions. But, these reports are only as useful as the work that goes into preparing and presenting them. In this blog post, we’re going to give a bit of background and context about management reports, and then we’re going to outline 10 essential best practices you can use to make sure your reports are effective.

We’ll also examine for some of the examples that illustrate these best practices in action created with a modern report tool. By the end of this article, making stunning and useful managerial reports will be second nature to you. But before we get into the nitty-gritty, let’s start with the basic definition.

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