Why SSRS Reports are Still Being Used?

If you’re in the day-to-day trenches of your firms’ happenings, then you know the vast amount of data being collected. From names and addresses to personal financial information, the data pile grows with each passing minute. There are various wealth management technology solutions used by investment firms to increase their operation efficiency. One of the reporting tools being used is Microsoft SQL Server Reporting Services or SSRS for short. This allows the user to tap into the data and begin formatting it in a manner that can be reported upon. The larger question is why Advent SSRS Reporting is still being used by many when technologies continue to grow and evolve outside of it.

Ease of Use

The first is simply easy to use. In using SSRS, all the data being accessed is centralized, allowing you to pull from one location. Many times, data is across several platforms, and it can take a manual component to pull all that data together.

On top of that, once you have your data together you can easily export it into certain formats such as a CSV and XLSX because you are working with Microsoft products start to finish. Having the ability to cleanly move data into an Excel file is ideal because even if you use a third-party product, it likely requires data to be input via Excel.

 Data Formatting

 Another reason it’s being used is data formatting is customizable. You can sort your data how you need, meaning you can add columns and the view is from largest to smallest, or however you need. Also, you have the ability to take your data and dig deeper, getting to an individual client level. Being able to look at individual data points allows you to market better and effectively provide information you client’s need.

Drawbacks

As with any reporting tools, there are drawbacks, with the first being complexity. Yes, there is an ease of use once you understand the tool, but first, it can be complex to learn. This tool does take time and education to use, meaning you may spend hours making a report that should only take a few minutes. Also, the installation of the various software needed to run SSRS reports is not pre-installed, meaning you will need to likely contact a representative to help you get started.

Reporting is certainly one of the most important aspects of any financial firm as that is how you present to prospect clients and keep your current ones up to date. However, you must take into consideration the data you need and want to have a better understanding of what fits your firm best. From there, invest time into learning the platform and make the most out of it.

If you are an investment management firm, RIA or financial advisor and are looking for wealth management software solutions, just mail us at hello@hexaviewtech.com and we’ll get back to you within a few hours.