A business dashboard is a data visualization platform that is used in displaying the current performance of the company in its various departments such as marketing, human resource, and production department. It shows essential performance indicators to either the executive members of the organization or the employees so that they can see what the company has been doing and why it has been doing so. Dashboards are important in displaying the business scorecard on a single screen. There is a buzz surrounding why organizations should make their own business dashboards.
Types of Business Dashboards:
Analytical Business Dashboard
As it sounds, an analytical business dashboard contains analyzed data that is ready for decision making. The user interface is tailor-made for executives and senior business leaders for them to make critical decisions with the data collected. A significant amount of the data in this dashboard is used in helping them to understand what happened, why it happened, and how to make an appropriate decision for better results.
Operational Business Dashboard
This is an operator interface that is designed to be used by the employees of the company. It is designed to help track the performance of multiple strategies formulated and implemented at operation levels which may include production lines and marketing sections among others. This platform allows employees to understand how they can improve organizational operations such as marketing campaigns among others.
There are various organizations providing business dashboard templates so that organizations are only required to key-in specific details about the company. This means that most of the business dashboards that you will find around are similar. However, there are various benefits that a company can accrue when a business makes its dashboard.
A good dashboard should be interactive enough to the users. However, dashboards made from various templates are not interactive because they contain some additional details that might not be important to the user. Businesses should make their dashboards so that they can input only the vital information and eliminate other details that are not important to the company. This will make the business dashboard interactive and provide a dynamic experience to the user.
Despite the two types of business dashboards, analytical and operational, there other small but specific types of business dashboards that a business can make. For example, an organization can focus on ensuring that each department has its interactive dashboard that is tailor-made to meet only the needs of a particular department. Having a dashboard that only contains information and specific metrics of the marketing department, human resource department, or production department will help users to see only the data which is vital to them.
3. Enhance Business Performance
One of the primary benefits of a business dashboard is that it helps in understanding the performance of the business. Additionally, specific dashboards that are made for particular departments also help in informing on the performance of each department. Each department can focus on evaluating its performance which will help it to improve on its weaknesses. For example, a marketing department can assess its performance and align itself for customer acquisition strategies which will increase business sales.
4. Quick and Better Decision Making
A business dashboard will help in evaluating the performance of a business by explaining the strategies implemented and their impacts on the overall business performance. Executive members will, therefore, be in a position to see which policies are working and the one is failing the entity. This will give the executives an opportunity to make a quick and a right decision for the overall performance of the business. Employees at the operational level will also have a chance to make a smart choice if they detect something wrong in functional areas.
All businesses can benefit from a business dashboard. Larger and multinational organizations should consider even having multiple dashboards for each department. However, having a customized business dashboard will be essential in meeting the particular needs of an organization.