‘Analysis’ Is Different From ‘Reporting’
Running a business requires thinking outside the box. Business strategies can never be built up in the air. It needs serious thinking and practical execution of the pre-defined strategies. There exists a very thin line differentiating ‘Analysis’ and ‘Reporting’. However, it is thin but should not be treated as blurred. Some corporate entities assume both as inter-changeable but they are intertwined. Before discussing about their differences, it’s worthy to determine both the terms clearly.
Let we go through the example of Coco Cola’s market research. Since market research comprises reporting and analysis, both; thus, it would not be an uphill combat to differentiate them.
The report and analysis of non-alcoholic beverage Coca Cola GB uncover its big picture. However, both are defined under these banners- purpose, tasks, outputs, delivery and value but their objectives are varied.
Reporting: It does transformation of raw data into information. In plain words, it is all about defining what is happening in the company/organization to conceive information. It requires genuine data to bank on.
Analysis: Analysis furthers the reporting to the next level where insight is developed. Thereafter, suggestions and recommendations are forwarded while thinking big. The market research analyst India or any somewhere else explains the answer of ‘why’ and ‘what to do next’ to the organization.
“What determine the report and analysis of non-alcoholic beverage coca cola and also, the best ways to do market research,” catch them below:
Purpose: A short briefing of Coca Cola GB introduces this report. This market-based research reveals open secret of its supply and product ranges. The researcher found 80 products of this brand are widely in demand.
- Monitor: As this research is market-based, comprehending consumer brands marketing, its functions and hierarchy educate the report-maker to know them like an open-book.
Have a look over Consumer Brands Marketing model:
A market research analyst studies the report and makes it more meaningful through developing insights. He puts on questions and attempts to produce actionable recommendations.
Task: It reveals the data collected from various resources through quantitative and qualitative methods. Thereafter, collected databases are sifted through building, configuring, consolidating, organizing and formatting to be summarized. The below pie-charts depict the summary of Coca Cola GB products’ supply as well as demand:
Non-alcoholic drinks by volume (pie-chart)
Soft drinks by volume (pie-chart)
Having gone through this task report, the market analyst comes in the spotlight. He puts on queries, makes comparisons and then, testifies his analysis.
Output: The streamlined data and its synopsis breed such magnificent ideologies and strategies that enable the organization to stay ahead of the curve. The foretold beverage brand met the pleasing facts about its outreach. These are represented in canned reports in predefined structure, dashboard using data visualization and alert for conveying that the range defined was beyond the criteria of data.
These facts are below for your glance:
As the questioning and reviewing are the prime roles of the analyst, he responds through ad hoc and presentations. Ad hoc method is used when the intensive studies can’t be possible and the concise report is to be delivered. Thus, it is time-sensitive. On the other hand, presentation requires key research (findings) and what he recommends.
Delivery: Reporting needs timely delivery to the clients. It should be forwarded as per fixed schedule, say weekly, fortnight and monthly report. The model of its delivery should be convincing but alongside, it should be understandable. Excel Spreadsheet and Widget are some worthy options to deliver it effectively to groups or individuals for assessment.
The analyst sows suggestions and recommendations through his excellent reasoning skill and analytical expertise.
Value: Pan processing of data, from monitoring to decision making, will easy come and easy go if it fails to produce value. The above market research presentation declares how value-addition is brought to coca cola GB products by introducing new products and modifying the existing products.
The convincing projections and estimations of an analytical mind remove disparity between data and action. Once they are executed flawlessly, the value automation will absolutely come.