The advantages of a business dashboard
Business dashboards are a valuable business intelligence tool, offering an “at-a-glance” big picture view of a company’s performance.
Some business owners use a dashboard to track KPIs relevant to just one aspect of their business, such as sales growth, marketing, or financial data. Others rely on an executive dashboard for an overview of data culled from various sources (e.g. their accounting software, CRM tools, and website analytics).
The significant advantage of a dashboard is that it presents and compares complex data drawn from a number of sources using visual tools (i.e. tables, line graphs, and bar graphs). With access to this consolidated data – info that would take hours to compile and analyze on your own – business owners are empowered to make more informed real-time business decisions.
Find out more about business dashboards and how they can help you grow a more profitable business.
Better business intelligence
Business owners get the most value from using a business dashboard when they have specific objectives in mind. When you know your objectives, you know which data to monitor, and which type of dashboard will help you gauge progress and meet your goals.
Think about your priorities for the next six months, year, three years. Once you are clear on your goals,
test drive a free trial to get a sense of how business dashboards work and find one that might be a good fit for your needs.
Of course, free software with limited features will not demonstrate everything a dashboard can do. However, testing one out can help you see the potential for your business, and decide whether to look into other paid options.
If you are comfortable with coding, the free open-source dashboard may be a good solution for your small business. Open-source dashboards allow you to integrate data from different sources to create the perfect dashboard to meet your needs.
If you decide to shop for a solution, you will have many customizable options to choose from: analytical, operational, or information dashboards, as well as those that operate via software, web-based tools, cloud-based, and mobile-friendly dashboards.
As a tip, many business owners prefer cloud-based dashboards for their convenience, allowing real-time data to be accessed from multiple devices. A cloud dashboard solution with a drag and drop interface is simple to use, and lets you decide which data you want to view, and how you would like it displayed.
There are many benefits to working with a business dashboard, but the main advantage is that they can help you make more informed decisions that will have a positive impact on your company’s agility and competitiveness – and ultimately, your bottom line.
Using a dashboard can help you spot problem areas and negative trends quickly, so you can take steps to correct them. You will know what to do more of to increase sales and profits, and implement the best strategies to achieve your business goals
If you have not updated your business plan recently, take some time to identify your high priority objectives. Then you can take the next step and find a dashboard that offers you the business intelligence you need to meet your current and longer term goals.