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Merits Of Real Time Reporting In Business. There are a variety of ways in which a company can get data about its operations in the corporate world. One of the ways to get information is through the business documents that are prepared periodically. For example if it is financial statements, they are made maybe quarterly or annually. One of the biggest demerit of using such kind of data for business reporting is that it does not provide real time information about the current state of affairs in the business. Due to the advancement in technology, businesses have the ability to get information in a timely manner before it is made obsolete by the changes in the market. Real time business reporting refers to whereby data is received and acted upon immediately. This technology of getting information as it is unfolding is beneficial to an organization in that it will perform much better than its competitors in the industry. The accuracy of data possessed by a company will determine whether it will be prosperous or not. A firm with business data and information that is timely in nature will be able to make greater profits and than one that is not.
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There are some benefits that a business will reap from real time business reporting for example it is able to respond to customer complaints in time and thus there will be good customer relations. Another advantage of real time business reporting is that it helps the company to monitor its inventory and able to make replenishment when it is needed.
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Thanks to real time business reporting, a firm has the ability to take correct any issues that might be arising and affecting its operations. Real time business reporting is also good in that you are able to know which sectors of the business require more resources than others and make the necessary adjustments as needed. The effectiveness of a business also increased a great deal thanks to real time business reporting. With the information that a business will get from real time business reporting, it is able to get an increase in income that a business will obtain. The technology of real time business reporting can be incorporated into any kind of business whether big or small. With the ability of monitoring the activities of a competitors, a firm is able to know which areas it should change so that it can get an upper hand than them.