Analytics and Reporting Principles

The primary function of reporting is to present data in a form that is easy to comprehend. It uses raw data and transforms it into information that can be used to aid in making decisions. Reporting helps to identify patterns as well as correlations and causality in the data. It’s vital for establishing a foundation for understanding the significance of numbers and the reasons why they’re changing over time.

When it comes time to interpret data, it is essential to have a clear set of questions in your head prior to preparing the report. This will enable you to avoid creating a multitude of visuals for their own sake that could be uninformed and distract from your business goals. Ultimately, any report should be accompanied by a clear question to answer, for example: “How do we know that our growth is on track?”

While a report can include various metrics, analytics should focus on one. The goal of analysis is to discover insights, patterns and connections that are related to that specific metric.

The most accurate reports on analytical analysis will provide an understanding and context for the specific product metric over time. These reports should be based on your client’s objectives for business and assist them in making informed decisions about their future growth. This can be accomplished by having the analytics team involved in major, frequent business reviews to determine if necessary changes to the strategic plan are required. They’ll have the largest field of vision around the progress toward achieving goals for the product and will be able to continuously run reports that detect fraud signals and other threats long before they impact the business’s revenue or reputation.

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