Know your dashboard and the specific purpose it servesBlog by Glorious Insight
Whether you are a startup or an established enterprise, the secret behind constant competitiveness and growth in present days is an efficient business intelligence and interactive and dynamic dashboards. As businesses are embracing digital transformation in almost every process, decision-making is also going digital. Particularly in the present time of crisis, every business is struggling to survive and trying to adapt to the new normal. The new normal is digitally dominated.
Businesses are increasingly investing in the data and tools to extract valuable insight from it to make more informed decisions. Decisions that are based on information and facts rather than intuitions are more accurate and likely to drive businesses to surpass customers' expectations, meet their objectives, and improve overall performance.
While business intelligence fetches, monitor, and analyze the big data sets for an enterprise, a business dashboard is a tool that delivers all the information at a single access point with dynamic visualization. Just like a dashboard in a car quickly displays all the status readings of the vehicle and allows the driver to make decisions for a safe and efficient drive, business dashboards guide the managers and employees. These dashboards allow you to track the critical KPIs and deploy BI for data-driven decision-making.
Glorious Insight has been working and delivering impeccably customized dashboards to businesses of different sizes, industries, and sectors. Collaborating with our team of experts with your consultants and efficient dashboard builder tools, we create magnificent visualizations for rendering critical information in real-time. We allow you to use the dashboard to drill deep into the information pool and interact with the data to make faster, precise, and valuable decisions.
A closer look at the broad categories of dashboards
In the present day and age, interactive dashboards are being used in every industry and department be it HR, healthcare, IT, logistics, sales, etc. The primary purpose is to increase productivity and reduce the cost of operations in every aspect of the business. With cloud-based online data visualization, decision-makers can draw quick conclusions from real-time data analytics and initiate timely actions.
Our extensive experience with several executives from various fields and industries has helped us classify the dashboards into four basic categories. All these dashboards are meant to serve some specific purpose and deliver a certain level of analytics capabilities, interactive user interface, and summary detail. Here is the information about various dashboards to empower you to pick the right type of dashboard for your particular purpose.
√ Strategic Dashboards
A strategic dashboard process high-level metrics and KPIs to facilitate the long-term decisions of a company that directly influence the success, failure, and growth. These complex dashboards provide a big picture to the senior-level management to evaluate and anticipate the enterprise-wide impact of every process. You get the results summarized in specified time frames like monthly, quarterly, and yearly to track and keep the company aligned with the strategic goals. Few common examples of strategic dashboards are the following.
• For managerial strategies
A management dashboard is most importantly used in evaluating customer services. It concentrates on customer level revenue as well as revenue in total. It also focuses on the cost of acquiring new customers and tells a quick story regarding significant KPIs including sales target, customer lifetime value, etc.
• For marketing strategies
The CMO dashboard allows the chief marketing officer to skip the numbers such as traffic on a particular channel, or the click-through rate (CTR) of an online campaign.
It allows marketers to focus on more strategic information. Collaborative dashboards can be used to interact with different departments including sales to find the best marketing strategy that will yield the best business results and help earn profits.
With quick and straight-forward visualization of important strategic KPIs, it helps the marketer to find new opportunities and run targeted campaigns and take prompt actions to align with the changing customer requirements.
• For financial strategies
A CFO dashboard is highly complex and crucial for the profitable run of the business. It allows the chief financial officer to monitor and track the financial performance of all the people and processes to ensure that they are all kept in line with the company's objectives.
Glorious insight creates dynamic and customized CFO dashboards that fetch critical real-time data from almost all the departments and present it to you in attractive visuals. The dashboard uses several charts, graphs, and colors to depict and clear understanding of various aspects of financial analytics.
√ Operational and tactical dashboards
Operational dashboards are focused on dashboard reporting for a shorter time span. These are meant to constantly track the operations at the ground level to identify issues at the earliest and initiate effective responses to them. These are often used for specific business activity and lead to direct actions rather than more analysis.
• For marketing
A marketing performance dashboard is the most popular operational dashboard that allows analysis and monitoring of KPIs and information related to an individual or a group of campaigns, evaluate the performance of the marketing team, and cost for each acquisition. It gives immediate alerts on the number of clicks, number of conversions, time-spend on a campaign, and other operational data.
• For customer services
This dashboard brings all the customer service KPIs on a single screen to allow the CRM team to make informed decisions and actions to enhance the customer experience. You can check average response time, first call resolutions, unsolved calls, etc on a customer service dashboard. From call center KPIs to customer experience/feedback on different channels, all the information is summarized and presented graphically for quick actions.
• Analytical dashboards
The analytical dashboard is an essential companion for middle-level management. These dashboards process a vast volume of data to provide a comprehensive view to support executives. It plays a crucial role in optimizing the enforcing and monitoring business plans and policies and to keep the operations on-track to meet the objectives. Common examples of the analytical dashboard include:
• For procurement
The procurement department is responsible to bring in both material and people into the company and connects you with the freelancers, suppliers, contractors, etc. The procurement dashboard evaluates procurement KPIs to ensure that each procurement results in the highest ROI possible. It is critical and also service-oriented that provides the departments with the prerequisites to operate at a profitable rate.
• For retail KPI
Retail analytics is directly impacted by the supply chain and bridges the gap between management and customers. The retail KPI dashboard analyses data and presents vital indicators such as sales volume, customers’ retention rate, return on customers, etc.
Glorious Insight has a team of technical and domain experts that creates retail dashboards that compare the real-time and legacy data to identify the problem areas and quickly resolve them. This information helps in making rapid and real-time decisions to improve customer experience and build brand loyalty.
What successful dashboard implementation can do for you?
It is important to ensure that you are selecting the right type of dashboard so that you can benefit from its potential. It is important to develop effective dashboards for each level. Failing to achieve this can result in the quick derailing of the business and losses incurred. The two basic dashboard design principles are to avoid data puking and pick the right one. Glorious Insight makes thorough research and constantly works with your team to create an evolving dashboard design for each level. Our dashboards present information that can be accessed anytime anywhere and can be shared in real-time. The information is presented with unmatched visualization tools for a clear and quick view of the entire enterprise. A few benefits you can draw from our dashboards are:
• Time-saving for managers, analysts, IT team, etc
• Money-saving by identifying unnecessary costs
• Enhanced customers’ experiences with deep insight into customers’ behavior
• Data-driven decision making
• Goal-driven and performance-based operations and workflow