With the huge quantity of data that firms have available, it’s easy to quickly overload on data. But decision makers need the right data to inform their decisions. And they need it quickly. With the right executive dashboard, you can access the most advanced and up-to-date data in your office or on the go.
Business Dashboard Benefits
Here are a few ways business dashboards improve decision-making:
Visibility. A well-designed business dashboard aids in transparency at all levels of the company. Whether it is a high-level project status, budget reviews, or the goals of the sales team, dashboards provide visibility.
Accountability. Visibility brings accountability. Not only do dashboards provide visibility into what is getting done, but it also provides insights into who is doing it. Heisenberg’s Uncertainty Principle when applied to management tells us that just the act of observing and measuring a process or people influences the outcome.
Improved Risk Identification. The ability to identify a risk early, before it escalates into a major problem is absolutely crucial to project leaders and managers. An effective business dashboard helps identify jobs that might not be on track so management can take early corrective action.
Save Time. Every organization has employees that spend their time gathering information, building presentations, and creating reports to provide insights to decision-makers. A business dashboard automates this process so decision makers have the data they need, and employees can focus on activities that require human creativity.
Easy KPI Tracking. KPIs are crucial to meeting company goals at any level. They measure progress and when used properly they keep teams focused towards their objectives. A business dashboard that highlights these KPIs in a detailed, easy-to-understand way will aid in keeping every member of the company on track.
Breaks Down Data Silos. Information is power and data silos can lead to power struggles. Dashboards break down silos and make sure that data is in the hands of decision-makers and action takers. In addition, when data is readily available, you don’t need to stop someone from their assigned duties just to get the information you need.
What to Look for in a self service business dashboard
First and foremost, you need a solution that is easy to use. If a software solution is too complex, it’s not a solution – it’s a problem.
Make sure it integrates well with your existing architecture. Your ERP, CRM, and WMS shouldn’t have to conform to your tracking system. Pick a solution with a rich API for easy integration.
Pre-built templates. The wheel is round and rolls, why invent it again? Man hasn’t! Same with KPIs. Look for a solution with customizable templates so you get up and running quickly.
Cloud-based options allow you to track data points without using your own data center. In addition, your dashboards will be available anywhere you have an internet connection, whether it’s at the office or at home.
What to Avoid in a Dashboarding Software
Stay away from solutions that don’t offer training or customer support. No matter how easy it is to use, there’s always a learning curve.
Watch out for special introductory offers that come with a long contract. You don’t want a long-term commitment until you know the solution is right for you.
Make sure it captures what you need without overloading you with information. It’s easy to be distracted by the next shiny object. Make sure your solution is focused on what matter to you.
With the right dashboard in front of you, the information you need will inform the decisions you make on your business journey.