Data Analysis in Excel - Report Design
How to deliver actionable insights
This is the fourth article in a series, “Data Analysis in Excel”. The initial articles can be found below:
Unused reports are, not to be redundant, useless. I could have all the technical skills in the world, but if I an unable to understand the needs of the business I will ultimately be unsuccessful. The previous articles in this series (referenced above) will hopefully teach the “nuts and bolts” of report construction. This piece is intended to walk you through the softer skills of parsing through what the business needs.
Receiving Input from the Business
My team’s “book of business” is the amalgamation of disparate needs across the organization. Asset management needs to surveil costs, the maintenance team needs to schedule personnel, and the dispositions team needs to track offers on our homes. Given the breadth of these needs, we need to produce several reports for a variety of audiences. How do we know what each group needs?
The simple answer, and yes it really is this easy, is we talk to them. Our team thinks of ourselves as internal consultants. We meet with the necessary stakeholders and ask what information they need to effectively do their jobs.
Asking Questions
A skill that I’ve been developing is asking the right questions of the business. Broad questions, such as “what do you need?” tend to elicit vague responses and encourage scope creep (see below). Targeted questions tend to provide the direction needed to build a report. Check out the following examples from some work with our acquisitions team:
I see you’re tracking underwriting volume. Where are you sourcing this data and how frequently does it need to be updated?
Many of the metrics you want are grouped by market. Are there other cohorts you would like to track?
Who is the audience for this report? Do you want to use this to manage your team or to report to senior management?
Part of your request includes tracking conversion rates. What are the steps in the acquisitions process we need to capture?
Avoiding Scope Creep
In the modern world, data is a commodity with untold value. Your stakeholders realize this. As this is the case, it is very common for the business to ask for a tweak here, or an additional data point there. Oftentimes, these are necessary improvements and additions, and you should do your best to accommodate. However, sometimes an ask that seems simple to the business is really more complex.
If an addition to a report requires you to bring in a new data source, segment the data in a novel way, or tailor the report to a new audience, it may be a separate request entirely. Do not let additions such as these inhibit your ability to deliver finalized reports. As a general rule, be flexible to the needs of the business but firm in the scope of each specific project.
Gauging Use
In my experience, if the business is not asking follow-up questions soon after the implementation of a new report, they are likely not using it. Acquainting yourself with a new file and working it into your daily workflow is challenging, and you should expect feedback from the business. If you are not receiving any questions, comments, or concerns from the business it may be time to reach out. Simple leading questions such as “does data point X seem correct? It took us a while to figure out this calculation” can get the stakeholders to take a closer look.
In addition, many organizations use Google Drive or other filesharing solutions that can track downloads. If you have access to these sorts of analytics they are a great way to determine usage. Still not gaining traction? It may be time to return to the drawing board and figure out what the business needs from a functional standpoint.
Closing Thoughts
While I wrote the above from the perspective of building an Excel report, the general principles apply to any sort of report generation, be it in a BI tool, code, or even a PDF. I always try to remember the opening line:
Unused reports are useless.
Transparency and collaboration with the business will help you to build trust, gain credibility, and get the organization to buy in.
Alec A. Nathan is the Director of Research and Data Analytics at Sylvan Road Capital. A graduate of the University of Georgia, Alec specializes in real estate investment and data science. Please direct any inquiries to anathan@sylvanroad.com.