Reporting vs. analytics
In order to get a full perspective on your business performance, it's important to understand the difference between reporting and analytics. These terms are often used interchangeably while, in fact, reporting and analytics serve different purposes.
Reporting is about collecting, presenting, and organizing data into a structured form. The purpose of reporting is to get the data in a format that ensures making data-driven decisions. There are many types of reports that you can generate with Cleverbridge, for example, revenue reports, clearing reports, conversion rate reports, and so on. These reports provide a view of how each part of your business is performing. However, for a further understanding of the data, you need analytics.
Analytics is about all activities from collecting and analyzing data to providing context, extracting patterns, and drawing insights from the information this data contains. Analytics helps you to explore, question, and interpret data in order to drive business actions.
For the business to be successful, you need both reporting and analytics. Only the combination of both ensures operational efficiency and smart decision-making.