Since today’s businesses are so data-driven, dashboards are a great tool to see visually how your business is doing. The function of a dashboard is to provide real-time results from the data you have collected. Some businesses may call this data its key performance indicators (KPIs). Dashboards simplify the data into manageable chunks that you can see a visual representation of how you are doing and where improvements are needed.
There are three types of dashboards that are currently used in business:
1. Operational Dashboard – This gives a daily overview of how the business is doing.
2. Analytical Dashboard – This used data from the past to provide trend analysis.
3. Strategic Dashboard – This uses the KPIs to give an overview of the company as a whole, month by month.
Benefits of using Dashboards
Here are the top 5 benefits from using dashboards:
1. Data transparency – Collecting data does not do any good unless it is reviewed and analyzed.
2. Access to data – Dashboards bring data from many different sources into one location where it can be reviewed easier.
3. Better decision making – Dashboards are unbiased. They just report data, and it is up to each department to determine how it is useful to them.
4. Accountability – Dashboards can show you exactly where your issues are within your business.
5. Interactivity – The best dashboards allow you to interact with them and seen data and charts on the fly.
Do we need a Dashboard?
Almost every business can benefit from having a dashboard that aligns with its objectives. It allows them to see how they are presently doing and determine if any trends are occurring in the business.
If you are unsure if you need one, ask yourself these questions:
1. Does your company need to improve, but you have no idea how or where to start?
2. Are you monitoring or tracking data, but you do not know what to do with it?
3. Are you struggling to see all your data from multiple sources in one location?
If you are still unsure, I would be willing to set up a discovery call and discuss this further.
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