Technology Solutions: A Dashboard Discussion for Businesses
Ever since the term “big data” was introduced, businesses have been using technology solutions to analyze figures, analytics, patterns, and other forms of data to make quick and informed decisions to meet business objectives. A pile of data is useless unless you align it with a business dashboard and track the Key Performance Indicators (KPIs).
In today’s world, things happen fast. That’s why technology solutions such as dashboards are critical for the success of any business. Dashboards can be dynamic and interactive, so data that’s important to you can easily be filtered. It’s impossible to connect and analyze data from multiple sources manually, but with dashboards, it’s easy. Dashboards can combine the data into a single interface for a comprehensive overview.
The most recent information from Gartner shows that data and analytics have become primary drivers of business strategy. They predict that by 2025, 60% of B2B sales teams will transition to data-driven selling.
How to Know if You Need a Dashboard?
When making strategic decisions for your business, knowing and understanding market data, competitive data, and other data is critical. A dashboard can pull together the essential information, making it easy to evaluate. You may think that you don’t need a dashboard, and you may not. Here are a few tell-tale signs that it’s time to use a dashboard:
- You know there’s room for improvement but you’re not sure where.
Often, business owners and managers know that things aren’t working when the sales team doesn’t meet their quota, or marketing campaigns don’t return expected results. But how easy is it to pinpoint exactly where adjustments are needed? Without real-time data, it can be difficult to figure out how to close up gaps and determine areas of improvement.
- You monitor and track data on spreadsheets.
Excel spreadsheets can hold a lot of data, but they only provide part of the information you need to make decisions. It’s also complex and very time-consuming to interpret information directly from a spreadsheet. There’s a lack of context for data in a spreadsheet, and the data can be extensive. Dashboards use data to tell a story alongside proper context and colorful visuals and are much easier to understand than numbers and figures alone.
- Your competitors are making gains and your business is lagging.
Nothing is more frustrating for a business than watching competitors succeed while your business lags. Gaining an edge on your competition means being able to make quick changes based on real-time data.
- Data exists independently of other data.
Data is classified as structured, semi-structured, or unstructured data. Businesses usually capture a variety of data. The only way to get real-time data is to pull and consolidate all these different data types from multiple sources into a unified dashboard. Without a dashboard, it can be challenging to pull all the data together in order to tell a cohesive, actionable story.
Types of Dashboards
Depending on the information you need determines the type of technology solutions you’ll need. Often, different departments will use different dashboards. There are three main types of dashboards:
These dashboards provide information on day-to-day operations. This is the most common type of dashboard because they usually monitor and analyze activities within a specific business area or department. These dashboards are based on real-time data and allow junior-level managers to analyze data and react quickly.
Strategic dashboards track KPIs to monitor business performance. They compare data to long-term business strategies. Typically used by senior-level management, these dashboards often show a summary or high-level view of company performance over a specific period.
This type of dashboard contains a large amount of complex data and provides a comprehensive overview. Analytical dashboards pull together historical data to identify trends and often require having someone responsible for analyzing the data and making recommendations.
Benefits of Using Dashboards
Using the right dashboard can have a significant impact on a business with the following benefits:
Data becomes customizable & dynamic.
Dashboards make your experience of displaying data highly interactive by offering dynamic functions. For instance, you can customize the metrics by filtering specific data from the visual representations and charts. Doing this allows companies to get access and visibility into complicated details.
Easy and organized access to data.
Dashboards allow you to access and monitor data from a combined interface. You don’t have to spend hours searching through numbers and making sense of your data. Nor do you have to hire technical staff to organize and sort data into a readable format so that you can interpret and make informed decisions. Dashboards do this for you, saving your valuable time and resources.
Visibility into all areas of business.
One of the most significant advantages of dashboards is having information for your entire business. Meaning there’s no need for you to have different displays for each data type because, with a dashboard, every chunk of business data is visible in a single, accessible location.
Faster and better decisions.
Dashboards are a great way to gather unbiased and authentic reports on the performance of your business. This helps a company make better decisions in the future and pinpoint the problems in previous strategies. With the visible gaps and barriers in corporate strategy, management can react faster and more effectively.
Dashboards offer an effective solution to most of your business problems. So, whether you are a large organization or a small business, you can improve business decisions and performance with a business dashboard. Talk to your managed IT service provider for assistance with building a dashboard that works for your business goals.
Visual Edge IT, Inc. (VEIT) specializes in managed IT services and security, cloud computing, and print/copy solutions for businesses across the U.S. including remote office locations. We offer a full line of office technology and services including 24/7 remote monitoring and administration of networks, service desk, and data backup and restore to improve business processes across a variety of industries. Plus, Visual Edge IT™ represents the industry’s leading manufacturers of office technology allowing businesses to get equipment, supplies and service from a single source. Backed by more than 20-years of technology service and a national network of expert engineers, VEIT is uniquely positioned to support business technology needs. The company is headquartered in North Canton, OH, USA. Request your no-obligation assessment today and get a free dark web analysis.