Which Is Better – Static or Dynamic Reporting?

One of the biggest advancements in the ways businesses and industries create growth is through the use of information. Our technology-driven society is creating data at an amazing rate and learning how to harness that wealth of information can mean the difference between success and stagnation, or even failure. Businesses that use data every day need a way to view and analyze that information. This is where reporting becomes necessary.

In the past, virtually all data reports were what is considered static. But more businesses are embracing dynamic reporting to better access, analyze, and use their data more efficiently. In this article, we will discuss the difference between static and dynamic reporting, how to use them, and which one is better for the success of your business.

What Is Static Reporting?

Static reporting has been the standard since the invention of business. Static reporting takes information from a specific time period and compiles that information into a report. This type of report is usually created with the help of an application or processing tool. And then it's exported to be shared with a group of people. It can cover a wide range of metrics and is useful for looking at the specifics of a particular point in time.

What Is Dynamic Reporting?

Dynamic reporting uses a web-based application that constantly updates information in real-time. As the data changes, so the report changes. It can be accessed anywhere, at any time, by anyone who has permission to view it. Dynamic reports incorporate an interactive interface that allows users to customize how they see the information, making it easier and quicker to gain insights and communicate actionable goals.

Which Is Better, Static Reports or Dynamic Reports?

A static report contains information that is out of date as soon as it is created. This does not mean the information is useless. It just means that the information has changed. The other problem with static reports is the amount of time spent creating and sharing them with employees or customers.

Static reporting is also limiting in scope. If you want to get the big picture from moment to moment or compare data between departments, you might need to look at several reports simultaneously. Or you might need to scour through individual reports to find a specific piece of information. All this extra legwork can eat away at productivity. Static reports can limit the amount of insight gained from the data by making it harder to analyze or compare specific metrics and results.

How To Use Static and Dynamic Reporting

Static reporting still has its place in the world of information. Consider the use of daily, weekly, or monthly progress reports. Being able to store and organize data that was captured during a specific period can still be useful.

But dynamic reporting can be whatever you need it to be, including being able to isolate a specific period or metric for further investigation. Dynamic reports incorporate the benefits of individual static reports, combining them into one easy-to-access template. It allows the user to easily identify and analyze insights in real-time, giving them the ability to make decisions quickly and handle problems as they arise.

You can use dynamic reporting for financial analysis, sales ordering, consumer reporting, inventory controls, workforce management, and much more.

In Conclusion

As the world changes, so must we change with it. Progress can catapult us into the future, if we embrace it, or can mean the swift death of growth and success when ignored. This sentiment can apply to both life and business. The future of information and data reporting is quickly turning toward dynamic reporting as a better, faster, and more efficient way of using information.