When it comes to understanding your business data, nothing is more valuable than an analytical report. It can help you see beyond the surface-level numbers and gain a deeper understanding of your company’s performance.
However, not all reports created are equal. To get the most out of your analytical report, you need to know how to read and interpret them correctly. This guide will teach you everything you need to know about analytical reports so that you can use them to make smart business decisions.
Everything You Need to Know About an Analytical Report
Translating data into actionable insights, analytical reports have revolutionized the business realm for organizations. Here is a quick overview of analytical reporting and their main components.
What are Analytical Reports
Firstly, let’s shed light on the analytics report definition. An analytical report is a type of report that uses data analytics to identify trends and patterns. Data analytics is the process of extracting, cleaning, and analyzing data to identify patterns and trends. A variety of industries, including business, healthcare, education, and government use analytical reports.
An analytical report can be used to track customer behavior, understand market trends, optimize marketing campaigns, and improve operations. Analytics reports typically include visuals such as charts and graphs to help users understand the data.
Types of Analytics Reports
Now that we are well aware of the analytics report definition, it is time to get familiar with the main types of reports. Some common examples of analytical reports include market research reports, feasibility studies, needs assessments, and impact evaluations.
1. Market Research Report
A market research report is an analytical report example. It is a type of report that provides insights into the functioning of a particular market, market segment, or industry. It uses data collected from market research to provide an in-depth analysis of the market conditions and trends. Market analytics reports can be used by businesses to make informed decisions about their marketing strategies, product development, and investment plans. They can also be used by academic researchers to study the market dynamics of a particular industry or market segment.
In recent years, market analytics reports have become increasingly popular as a tool for business decision-making. This is because they offer a comprehensive and up-to-date analysis of the market conditions that can help businesses to formulate strategies that are well-aligned with the prevailing market trends. Market research reports are essential for big commerce analytics reports too as they provide a detailed insight into the market. Big commerce analytics reports enable businesses to gain a holistic overview across all the business metrics. At Ascend Analytics, we utilize predictive analytics to forecast and predict future trends and possibilities for an organization.
2. Feasibility Studies Report
A feasibility study report is a document that assesses the viability of a proposed project or undertaking. Feasibility study reports can be used in a variety of contexts, from evaluating the potential of a new business venture to assessing the feasibility of large-scale infrastructure projects.
In each case, the goal is to provide an objective assessment of the project in question, taking into account all relevant factors. As such, feasibility study reports play an important role in decision-making processes and can have a significant impact on the success of a given project.
3. Needs Assessments Report
A needs assessment report is a type of report that evaluates the needs of a particular population or group. The report typically includes an analysis of current services and resources, as well as a gap analysis that identifies areas where additional resources or services are needed. Needs assessment reports can be used to guide decision-making at all levels of government, as well as by NGOs and other organizations that provide services to specific populations. Ascend Analytics leverages user-behavior analytics to facilitate needs assessment reporting. The user-behavior analysis helps in mining user behavior to detect problems and generate timely solutions.
In many cases, businesses generate needs assessment reports in response to a specific event or crisis, such as a natural disaster or the outbreak of a disease. However, they can also be conducted regularly to evaluate the changing needs of a population over time.
4. Impact Evaluation Reports
Another analytical report example includes impact evaluations that examine the outcomes of a program or intervention. Reports that merely summarize data are not as useful as those that analyze and interpret the data to provide insights into what it means. When writing analytical reports, be sure to include impact evaluations to show not only what happened, but also why it happened and what the implications are.
Impact evaluations dig beneath the surface to identify the underlying causes of observed effects. They ask questions such as: How did different groups respond differently to the intervention? Did any group change in an unexpected way? To what extent can the results be attributed to the intervention? What other factors may have influenced the results?
By answering these types of questions, impact evaluations can provide valuable insights that can improve the design and implementation of future programs. Ascend Analytics uses growth analytics and funnel optimization to analyze the impact of campaigns on sales growth.
How Ascend Analytics Generates Analytical Reports
We generate actionable analytical reports for our clients at Ascend Analytics.
- Through descriptive analytics, we dive deeper into the details after making initial observations. It can be used to answer questions such as “what is the average age of users of this product?” or “what is the most popular type of product?” Descriptive analytics is a powerful tool that can be used to understand data and make better decisions.
- Our diagnostic analytics tools take the analysis one step further by using data to identify problems and root causes. In many cases, diagnostic analytics can be used to proactively identify potential issues before they cause problems.
- Predictive analytics by Ascend Analytics enables organizations to predict the outcomes of their decision and test them for success. We leverage machine learning and artificial intelligence in predictive analytics to generate analytical reports.
- At Ascend Analytics, we utilize prescriptive analytics to make future decisions by analyzing past performance.
The Structure of Analytical Reports
Reporting and analytics require a proper format to generate actionable insights. Analytical reports typically follow a standard structure,
Executive Summary
The executive summary is a brief overview of the main points of an analytical report. It should include a brief description of the problem or issue being analyzed, as well as the main findings and recommendations of the report.
The executive summary should be clear and concise. When writing an executive summary, it is crucial to remember that it is directed toward a general audience, so it should be free of jargon and technical terms.
Methodology
There are various types of analytical reports, each with a different methodology. The type of report will dictate the methodology used. For example, a SWOT analysis is a common type of analytics report used in business. SWOT analysis involves looking at the organization’s strengths, weaknesses, opportunities, and threats. To compile a SWOT report, data must be gathered from internal and external sources. This data is then analyzed and interpreted to identify the company’s strengths and weaknesses, as well as opportunities and threats that it may face.
Other types of analytical reports include financial reports, which analyze a company’s financial performance; marketing reports, which analyze a company’s marketing efforts; and feasibility studies.
Regardless of the type of analytical report, there is a specific methodology that every analyst should follow to produce accurate reports.
Body
The body of an analytical report typically includes three main sections: data collection, data analysis, and conclusions.
- In the data collection section, the author outlines the methods used to collect information and presents the results of any surveys or experiments conducted.
- The data analysis section is where the author interprets the collected data and draws conclusions based on their findings.
- Finally, the conclusions section summarizes the key points of the report and provides recommendations for further action.
Throughout the body of the report, the author must maintain a clear and concise writing style to ensure that the reader can easily follow their line of thought.
Partner with Ascend Analytics to Generate Analytical Reports
At Ascend Analytics, we partner with clients to generate analytical reports that help them make informed decisions. We have a team of experienced analysts who are skilled at extracting data from a variety of sources and using it to create comprehensive reports. Our reports are designed to be easily understandable and actionable so that our clients can quickly see the implications of their data and make the changes they need to improve their businesses.
We are committed to providing our clients with the insights they need to succeed, and we partner with them every step of the way to ensure that they get the most out of our services. Contact us today to learn more about how we can help you generate the reports you need to make informed decisions about your business.