Business Intelligence Part 5 - Dashboards & Reporting

Business Intelligence Part 5 – Dashboards & Reporting

-George Fassett

Date :- September 14, 2022

Customizable and personalized dashboards are data visualization tools that allow users to see particular variables, statistics, and key performance indicators (KPIs). Using a data dashboard, you can monitor, measure and analyze various datasets in crucial areas while providing information in an interactive, simple, and visually appealing manner to the end user. Data dashboards provide consumers with a thorough perspective of the many internal departments, objectives, programs, procedures, and portfolios that their firm is involved with or has undertaken. These are assessed by key performance indicators (KPIs), which give insights that aid in the promotion of development and progress in an organization.

Previously, dashboards were only meant for top management; however, with the development of self-service data analysis, data can now be accessed by any department within an institution. Dashboards can be broad and multifaceted, or they can be more focused on specific facets of an organization’s operations For example, human resource management may have numerous specific dashboards for bonuses, salaries, payroll, and other functions, and on the other hand a marketing department may have dashboards for website traffic, advertising, and average lead score.

To help you make sense of your company’s most critical data and identify practical approaches to your most urgent management problems, dashboards collect raw data from numerous sources every day, aggregate it, and display it in a visually appealing, configurable way. By linking certain key performance indicators (KPIs) to your company’s goals, it is able to dive deeper into individual data points, generate benchmarks, and review your progress on a regular basis.

There are chief reasons that organizations should utilize dashboards in their reporting to analyze historical data. Below are the reasons why:

Saves time

In the past, have you ever pondered how much time and effort it takes professionals to produce a single spreadsheet file? Although they require a significant amount of time, there is no guarantee that the results will be accurate or reliable.

Graphs, Tabular data, Pie charts, and statistics bars may all be generated automatically by the dashboard’s many capabilities. All of these features lessen the amount of effort, stress, and the period that employees have to devote to their jobs.

Offers a customizable approach

A Dashboard fosters a wide range of function in every business. Consequently, it is essential that data be presented in the most useful and effective ways possible. The Dashboard features are fashioned by the priorities and requirements of the companies that use them. Using drag and drop, you can see every little aspect and do a thorough examination to get the work done well.

Deliver timely information

Dashboards are increasingly being implemented throughout an organization’s whole structure. Every user has accessibility to them and may make use of the Dashboard features for a variety of purposes. One of the primary goals of having a Dashboard on every laptop, mobile, and computer devices is to deliver timely information to all of the users. Having the appropriate information at the appropriate moment aids users in the decision-making process, and enhances general productivity of an institution.

Fosters real-time analytics

Real-time analytics is very beneficial for e-commerce and inventory management organizations. Retailers are constantly interested in learning about their customers’ purchasing habits, tastes, and suggestions. It gives real-time insights on your customers’ activity and preferences via the Dashboard. Stores might use this information to modify their product ranges in order to increase sales. This is crucial to businesses as it provide basic elements in assessing the KPIs of a company.

Minimizes costs

Dashboard tools are used by businesses, industry experts and reviewers to identify and correct expenses and waste problems by accessing a substantial array of information. Business Analytics tools are able to delve further into the smallest of details in order to get insightful information and valuable visualizations. Without dashboard tools, the whole process would be prohibitively costly, as it would need an adequate setup, equipment, servers, IT specialists, and staff members in order to acquire appropriate insights into the data.

Prompt and consistent cross-functional communication

The use of dashboards allows users in the company to verify and make strategic choices, resulting in improved synergy across the firm. The data easily accessible on a dashboard means that leaders and executives no longer have to rely on a Data Analyst to provide them with the information they need. Experts may simply operate in the background while consumers have access to the records they want at any time of day or night. Everyone benefits as a result of this configuration.

Conclusively, although it seems to be straightforward, choosing the suitable kind of Dashboard is not always simple. The selection of the appropriate sort of Dashboard is not just based on the attractiveness of the user-interface or the vibrancy of the depiction. Before you can choose from the plethora of Dashboard alternatives available, you must first understand the goal of the Dashboard, which is to inspire action, raise institutional discernibly into achievement, and amplify information.

Stay tuned for the next part in this 6 part series breaking down each of our Business Intelligence Topics. Please post any feedback on the Mebuis LinkedIn page where we share daily thought leadership, business solutions, and discuss the latest in business and technology.

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