A corporate dashboard is a powerful data reporting tool. It provides executives with a rich, easy-to-understand portrait of how the company is performing.
When designing a dashboard, remember that every element should serve a purpose. Choose the right color palette and ensure that each visualization is clearly labeled. Also, avoid visual overload.
Real-time data
Business dashboards host data that is updated in real-time. They allow businesses to monitor their performance over time and quickly identify issues that may arise https://cobit-solutions.com/en/. This gives companies an advantage over their competitors, who may be more reliant on manual methods of data collection and analysis.
For example, an operational manufacturing dashboard can track a company’s first pass yield (FPY) and scrap rate in order to understand the quality of each production run. This data can then be used to make adjustments that improve production efficiency.
This information is available to all stakeholders at any point in the day. It is more useful than bringing up historical data during weekly or monthly meetings because it allows for faster reaction to changes in the business. For example, if a project is running behind schedule, the team can use real-time metrics to make adjustments. This will improve productivity and reduce the likelihood of missed deadlines. The information is also more intuitive to process than static reports and can be easily shared with other teams.
Visualizations
Many digital tools allow you to customize visuals, so you can present data in a way that enhances understanding. This is especially important for business users who need to make decisions quickly based on their information. You should also make sure your dashboard is easy to understand at a glance by organizing data and using a consistent color scheme, while clearly labeling each piece of information.
You can also add interactive elements to your dashboards, such as drill-down capabilities and data filters. This will help people get a more detailed view of the data by clicking on data visualizations or data tables. These features enable business users to see more detail about the analytics results and find trends that they may not have noticed.
Moreover, dashboards can be used by non-subject matter experts to track and analyze data. They are highly effective for presenting complex data to executives and other key stakeholders. They can also be a powerful tool for presenting business information to boards of directors and investors.
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Flexibility
Like the dashboard in a car, a strategy-centric dashboard is an instantaneous and easy-to-understand portrait of a company’s key business numbers. In this way, it helps companies identify potential issues or opportunities to improve performance and drive growth.
In addition, a strategic dashboard can reduce manual reporting by making data available to more people. This can help you cut error-prone manual work and make time to analyze your results in real-time. Additionally, users can duplicate charts and dashboards to share the same visualization without needing to adjust it.
This flexibility can also be used to create on-brand or on-platform experiences for your users. Yellowfin, for example, allows you to use sub-branding to provide a dashboard analytics experience that matches your business. For instance, you could create a dashboard for sales teams that includes their logo and brand colors to create an on-brand experience. This is especially important when you’re dealing with multiple audiences and goals.
Easy access
A dashboard that is easy to use and understand can improve the overall effectiveness of a business. It can reduce the time spent searching for information and reporting to management. It can also improve the communication and connectivity of departments and outside stakeholders. It can also speed up decision-making.
It’s important to think about the target audience when designing a dashboard. The metrics that you include and how you label them may make sense to you, the designer, but they will not necessarily make sense to your audience.
If your company uses multiple databases, it’s important to select a dashboard solution that can easily connect to and work with those systems. This will save time and eliminate the need to manually update data. It will also help you create reports more effectively. For example, a sales leader will be able to see a high-level dashboard that includes metrics like sales numbers and regions, which can help them make decisions about where to put their resources.
