In the extremely competitive globalised business world we live in, businesses need to be agile and resourceful in order to survive. Having up-to-date information to hand which they know is accurate is therefore essential to make the best possible business decisions quickly.
Our experts list a few benefits how real-time reporting can help your business:
1. Proactive approaches can be taken
Instead of waiting for data to be gathered, processed and analysed, real-time reporting allows you to create strategies and approaches based on information that is delivered instantly. This means that any decision made will be based on up-to-date data and trends, making it that much more effective. Traditionally, actions have only been formulated based on previous data, meaning that by the time they are implemented, plans may be out-of-date, or no longer relevant – real-time reporting allows for proactive rather than reactive business approaches.
2. Anomalies can be spotted instantly
By having real-time reporting, any anomalies or abnormalities within the data can be noticed at once, allowing for quick investigation and the solving of problems before they escalate. Not only does the instant ability to de-escalate problems save huge amounts of time and money further down the line, it also allows for rapid investigation into the causes of the problem. A more rapid response allows for clearer investigative processes and pathways, giving stronger end results which are likely to be more accurate, and therefore more effective when designing solutions to these new problems. It also allows for patterns and trends to be discovered, which may help to inform future business decisions.
3. Daily operations can be understood with greater detail
Real-time reporting allows a business to understand all of the individual processes and systems within the whole operation. By being able to view each of these individual actions separately, without having them all presented to you in a quarterly or annual report, you are far more likely to understand the intricacies of daily operations, as well as understanding how they work synergistically. From this information, it is easy to spot areas of potential weakness, areas of unusually high costs, or duplicate processes, allowing for the planning of greater daily efficiency, which will boost your business’ productivity while also cutting costs.
At ExpenseIn, we know the benefits of real-time reporting and have incorporated all of these into our cloud-based software. Offering users an inspired solution to manage their company expenses through receipt scanning via a mobile app, automatic creation of expense claims and a fully accessible platform for managers to view and approve or reject claims, ExpenseIn allows their customers to fully streamline the once lengthy expense claims system.
Get in touch today to find out how our cloud-based expense management solution can support your business.