Creating reports on Excel enables the spreadsheet to conduct myriad tasks and steps without the involvement of manual performance. A few of the actions automated by Excel include -
1. Copy-paste data between worksheets
2. Enable formatting and styling
3. Manipulate data and text
4. Communicate through text files, databases, and more
Excel automation and reporting do have benefits...
One of the biggest benefits of Excel automation and reporting is the time saved and streamlined use of Excel. Key person dependencies are also eliminated in the process as any person from the organization can step in and work in the manner originally started by the key person. Additionally, one need not be a coder to fully utilize Excel automation.
But they might not be enough
1. Hidden insights cannot be identified
Visualization tools are very helpful in highlighting important aspects of a data set, but it is equally difficult to spot essential insights in raw data. Latent data insights cannot always be spotted when the spreadsheet is overwhelming.
2. Difficult for non-experts to analyze
Analyzing data on spreadsheets can be challenging for laypeople, especially if the volume of the data is massive. Lack of data literacy could lead to misinterpretations with a high possibility of wrong actions based on the said misinterpretations.
3. Spreadsheets do not store historical data
Spreadsheets are not usually designed to store all historical data. Additionally, in an attempt to keep the size of the data manageable, companies size down the data and end up losing important inputs making it difficult to spot trends over time.
4. Not easy to share with team members
Sharing spreadsheets among team members is difficult as there is a high possibility of the data being accidentally deleted or altered. The data or spreadsheet is mostly never live or real-time. Further, information could get lost in the inboxes as emails are only shared once a week.
5. People don't like spreadsheets
Excel does have a bad reputation among employees, especially among those who do not regularly use it. For a data analyst who is accustomed to spreadsheets, tools of Excel automation will be very useful. However, they comprise only a small portion of the total workforce strength. The majority of employees do not use it, and analyzing and drawing insights is a far cry for other professionals.
Towards The Solution: Smart and Personalized Reporting Automation
Solutions exist in the market which assist in the creation of dashboards that:
1. Both data/tech experts, as well as non-experts, can use on their own. Benefit: Business leaders can utilize their acumen in analyzing the given data and forming decisions instead of trying to understand what the data means
2. Give real insights. Auto-generated insight generation solutions like Phrazor embed insights in written language directly onto the dashboard in real-time, so data is understood in totality, and analyses and decisions can be built upon that foundation. Phrazor also auto-generates hidden insights from the underlying data pool. All of these insights are extremely personalized and linked to a wide range of KRAs instead of constrained, pre-defined ones.
3. Are easy and fast to make, along with being very convenient to share. Benefit: A watertight data-to-decision time process, and additional time and convenience through easy sharing of reports and files, both horizontally and vertically
Phrazor Reporting Automation - Driving Data Management of Global Giants
Phrazor is an NLG platform that translates complex data into simple language-based insights. Phrazor’s AI-powered capabilities are being used globally by the likes of Barclays, Olam, Sanofi, Fidelity, and many more across multiple industries. Phrazor provides a pragmatic solution that is applicable to all types of businesses. Here are some bulleted advantages:
1. Phrazor automates report generation for its clients. It integrates and unifies all data, and creates highly personalized reports at machine speed. All this is not just for one report - Phrazor is as scalable as you want it to be, without compromising on quality.
2. Phrazor lets these companies set KPI parameters and add multiple perspectives of their choice so they can have an overview in the manner they like to. The reports can be shared with both external and internal stakeholders immediately, and on a regular, standardized basis, if needs be.
3. Phrazor provides ready-to-use reporting templates for at least 12 industries, with an additional filter for functions. These templates, curated by experts after exhaustive research, have proved to be a key offering for many businesses.
4. Phrazor allows leaders to manage and navigate data independent of technical expertise. It can be complete self-service, should managers want to operate it that way. They can create data flows and have meaningful interactions with the data on their own through the ‘Ask Phrazor’ functionality, which allows real-time back-and-forth communication in the form of questions and answers.
5. Human maturity in taking decisions cannot be replaced by machines, at least as of now. What Phrazor reporting automation does is assist those in decision-making positions through advanced analytics, which includes summarized insights that cover the most granular of observations in natural language.
Driving decisions down the hierarchy with good effect requires taking correct decisions on the basis of detailed insights. Excel automation does not seem to drive teams towards decisions; it only converts complex data into complex visuals. Smart reporting automation tools like Phrazor have a proven track record of helping global companies utilize their data to the fullest by adding language-based insights and creating scalable reports that are highly personalized in nature, at machine speed. This allows business leaders to direct efforts in a coordinated manner and achieve the maximum results out of the strategies they formulate.
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Akanksha Ramchandani has worked in IT industry as Developer, Project Lead, Strategy Lead, and Solutions Consultant for over a decade. She understands the requirement and problems of the clients and delivers a tailor-made solution. Currently, she is looking to help fortune 500 companies in changing the way they look at data and automating their reporting by using vPhrase's AI product.