There are many reasons to incorporate a Business Intelligence (BI) dashboard into your existing business no matter what industry or vertical space you reside. The ability to track, monitor and share real-time data within your organization enables you to make better business decisions. Let’s talk about four major ways a BI dashboard can empower your business.
1. Increase Consumability
Information is power. In other words, data is power. However, no matter how much information you are able to collect, it is useless until it is easily consumed. In today’s data driven world, you can collect tons of data at a time, whether it is an extensive sales spreadsheet or real-time data feed collected from thousands of devices. Being able to convert this data into easily read charts and tables is what can enable quick analyzing and decision making. Plus, no boss or executive wants to see raw data; they want to be able to see and understand all data within seconds. The correct dashboard can make this happen.
2. Analyze Up-to-Date Information
This world moves fast. Data collection is quick and in real-time, however, manual data gathering and report building is not. A report built about data from last week or even yesterday can prove to be useless in some instances. A real-time dashboard that updates accordingly can prevent this from becoming a problem.
3. See the Bigger Picture
Department specific reports can disrupt the ability of an executive to view all aspects of the business at once and ultimately affect their decision making. Although key performance indicators (KPIs) may be met, it is important that they all work together toward one goal. Details are important, but in reporting, they should help build the big picture of the business rather than be dwelled upon.
4. Drive Results
The ultimate goal of collecting data and performance indicators is to measure the effect of recent activities and modify them in an effort to see better results in the future. Also, accurately measuring results in real-time can allow management to follow KPIs from one meeting to another and enforce accountability. It is simple; the quicker it is to measure results, the more time available to make alterations and improve those results.
Ultimately the success of a business hinges on the ability to make quick, informed business decisions. The ability nowadays to collect so much real-time data from so many places can only help executives to do so – especially with the help from a well-developed BI dashboard.