Running a business looks incredibly different depending on the industry you’re in, the size of your company, how long you’ve been around, your company goals, and a million other factors. That being said, when you boil it down to its core, running a business is all about making the right decisions over and over again. Yes, that might seem like a bit of an oversimplification, but the point still stands: how companies go about making decisions can determine how successful they are. That, of course, begs the question, what’s the best way to make decisions? The answer is simple – it starts with the numbers!
Every day, your business is generating data. The first challenge that you face is not letting all of that valuable information slip away. Many businesses begin by tracking their workforce needs with Excel spreadsheets but eventually move to a human capital management (HCM) software.
The first step you should take is to look into how your current HCM software handles data collection. The key questions you want to have answered are: 1) “Does my HCM software track and store valuable data points that I can use to better understand how my business functions?” and 2) “Am I able to easily view that data?” If data is not automatically logged or if exporting that data causes a significant increase in administrative burden for your company, it might be time to look at alternative solutions.
Once you have collected all your data, you need to turn it into a readable report. An issue that businesses often run into is not having the tools or know-how required to properly dive into the large amount of data they are producing. This leads them to shy away from using the valuable resource they have at their fingertips, instead opting to make decisions based on what they feel is the right choice.
That’s where pre-built solutions come in handy. These solutions capture all the data you naturally produce running your day-to-day operations and turn it into simple-to-understand reports. Think payroll summary tax liability, payroll summary cash analysis, and payroll time sheet reports. When it comes to HCM software, this functionality is a must. Manually creating reports by exporting data into third-party software opens up the possibility of mistakes. Mistakes in generating reports = mistakes in your decision making and sometimes even legal action.
What might take hours manually only takes two minutes with a pre-built report solution. With a report library, it becomes easier than ever for decision makers to get the info they need in a way that’s easy to understand.
At Viventium, we understand how important it is to be able to make data-driven decisions. That’s why our software includes a Report Library consisting of hundreds of pre-built reports.
In our library, there are tons of ways to find the reports that fit your needs. Report descriptions detailing how the report works, report categories, and tags make it easy to find the reports you want generated in the first place. Find yourself using the same reports often? Our recent reports and favorite reports lists make it easy to jump right back into the reports you commonly use.
The best part? If you’re reading this blog post, that means we have officially launched our Report Library 2.0. All of this and more are dressed up with a fantastic redesign, making the whole library not only work better but feel better to use.
At Viventium, we have a passion for constantly improving our software based on the feedback of our wonderful client base. Helping you elevate your business via data is just another way that we are forever in it with you.
PS: If you’re interested in taking your data journey to the next level, Viventium also supports custom report generation. While we didn’t cover that in this blog, be sure to keep an eye out for a future feature spotlight where we’ll cover that!
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