If you don’t have a set of live, interactive hosted business dashboards, here are 9 simple reasons why you should:
1. IMPROVED VISIBILITY
Business reports are history! Traditionally they are static PDFs of past financial performance. Numbers paint the picture but you are limited in what you can discover.
An interactive business dashboard provides the platform to see these numbers and then interrogate them; you don’t need to know that the trend is falling, you need to know why.
2. BOOST PRODUCTIVITY
Interactive dashboards are fantastic eye candy which makes them really engaging. They are far more compelling than a P&L and are the best method for engaging people on the performance of a business. Share them with the business and you’ll find the act of making metrics live and visible to all will have a huge positive effect.
3. INSIGHTS INTO CUSTOMER BEHAVIOUR
Customer data is a huge source of valuable insights that can unlock the untapped potential. Using BI tools to dissect and interrogate your data at a customer, store, product or service level opens up a whole new world.
Imagine having access to a visual of customer movements tied in with transactions for every second your stores are open. It’d be like Google web analytics for bricks and mortar.
4. EVERY DEPARTMENT HAS THEIR OWN SET OF REPORTS
Security is a major component of all modern BI tools. The benefit is being able to quarantine some staff from sensitive data but still sharing with them insights in parts of the business that affect them.
User based security gives you the flexibility to control who sees what and when they see it.
5. MONTH-END REPORTING IS A BATTLE
If you have an online interactive BI tool that is connected live to your data, you will never, ever have to create end of month reports.
6. YOU USE EXCEL FOR EVERYTHING
People love excel, and there is no escaping it. One reason people use it is because they want to see corporate data in the way they need to see it.
A BI tool changes that and gives them the flexibility they need. It also allows them to download the data and play in Excel, just for fun.
7. TRENDING ROI
Your financial system can produce an ROI but can it give you the trends over time?
ROI, or any KPI is not a great deal of use unless you can see the performance leading up to today.
8. FOCUS ON WHAT’S IMPORTANT
A well designed business dashboard consolidates the key metrics of a business onto a single screen. When every important metric is instantly within view, decisions can be made quickly and with confidence.
9. MAKE BETTER STRATEGIC DECISIONS
Trends over time are the most important metrics of any business. BI tools are designed with time based data in mind and are perfect for graphing and analysing trends.
Once visibility of trends has been achieved, conversations around the boardroom shift from “what happened” to “what is going to happen”.
It’s a game changer.
If you don’t have a set of live, interactive hosted business dashboards, and this article hasn’t convinced you to invest in some, please let me know. I’d love to know what you’re doing.