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Advantages Of Business Intelligence Reporting There are a variety of ways in which a company can get data about its operations in the corporate world. One of the ways to get information is through the business documents that are prepared periodically. These documents are prepared and presented after a certain time for example it might be after 3 months or after 12 months. Use of financial statements that are prepared after a given period of time is disadvantageous in that the information there is not current, situations might have changed between the period when statements were prepared and when they were used to make business decisions. Due to the advancement in technology, businesses have the ability to get information in a timely manner before it is made obsolete by the changes in the market. Real time business reporting refers to the interception of information and acting on it very fast as the situation demands. Real time reporting for a business is advantageous in that it makes a business to get an upper hand over the other alike businesses in the market. The accuracy of data possessed by a company will determine whether it will be prosperous or not. A firm with business data and information that is timely in nature will be able to make greater profits and than one that is not.
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There are some benefits that a business will reap from real time business reporting for example it is able to respond to customer complaints in time and thus there will be good customer relations. Real time business reporting is also good in that a firm is able to know when to restock its items in case they are almost running out and this is advantageous in that it will prevent the bused romance facing stock outs and such like issues.
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Thanks to real time business reporting, a firm has the ability to take correct any issues that might be arising and affecting its operations. Real time business reporting is also good in that it assists the business in monitoring all the areas of its operations so that it can make any changes on its processes or activities. The effectiveness of a business also increased a great deal thanks to real time business reporting. A firm that has real time business reporting technology installed in the organization, it is able to make more profits after tax and this is attributed to the fact that it is able to identify other areas where it can invest in and make more money. Another advantage of a business reporting its information in real time is the fact that it can be tailored into any business. With the ability of monitoring the activities of a competitors, a firm is able to know which areas it should change so that it can get an upper hand than them.