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In this article, we will discuss in detail what is business intelligence and why they are beneficial to the organization, and also examine some sample dashboard examples and their types.
What is a Business Intelligence (BI) Dashboard?
A business intelligence dashboard or BI dashboard is a combination of visual representations such as graphs, charts, tables, and another visual representational component that are able to represent a business inside story. BI Dashboard converts complex data into simple graphical visualizations so that BI users can easily identify business trends, patterns and reduce the chances of irregularities occurring in a business.
A business intelligence dashboard should be monitored by the user on a daily basis. The need to do this because the Business Intelligence Dashboard provides the overall health of a business and also provides business insight analysis of the past, present, and future which offers an opportunity to learn. Business intelligence reporting can help you maintain the past and present state of your business, so you can avoid future mistakes.
The quality of a good BI dashboard is to give users complete control to monitor and measure business performance and metrics. BI dashboard tools provide users with real-time centralized access, allowing them to interact with and evaluate information, helping them make smart, data-driven decisions.
Why do you need Business Intelligence Dashboard?
A business intelligence dashboard is a visual display of the most important business information by tracking data points that are important to your business. The capability of Business Intelligence Reporting is to present a consolidated view of all the data collected and to provide valuable business insight across the business.
Business Intelligence Dashboard helps you in many ways in your day-to-day business activities. Below are some of them.
1. Report sharing and collaboration
When teams work together, they need access to similar documents so that they can collaborate easily. Business intelligence report sharing and collaboration capabilities connect your organization and outside of the organization.
2. Set company’s direction
KPIs presented in interactive diagrams and decisive graphics, your strategic decision-making will be simpler and more reliable. You’ll be able to view historical data, trends, comparisons, and more to get the most out of your data and see how your business is performing in real-time.
3. React immediately
Having access to KPI performance at any time will allow the corporation to react to any changes that occur in the organization.
4. Be more effective
The person in charge of managing the business dashboard can integrate this data into an easy-to-read Excel that reduces turnaround time and optimizes management.
How to create a personalized BI dashboard for your business
Before creating a dashboard, the first step is to understand the business dashboard requirement. Start analyzing your data and your dashboard should include:
Always try to include valuable KPIs in your dashboard that help you to accurately answer your business queries. Before that, you need to research the KPIs that are relevant to your business. Each KPI has a lifecycle and requires users to identify them, define them, redefine them, and remove them when they are not needed.
Business managers need to continuously monitor and evaluate KPIs so that they can achieve a real-time business inside.
After defining your KPIs, the next task is to include charts or graphs for your data visualization. Build your dashboard presented with good data visualizations that will help your audience understand the business faster and more accurately. Eliminate excess text on your dashboard that makes your dashboard vague and less attractive. Bar charts, highlighted figures, and dates are standard features to achieve a visual design.
You should be able to make decisions and take action through the information on the business dashboard. Therefore, it should contain the information you need to take those steps. The dashboard should make it easy for you to make it relevant to compare and interpret business performance data. In this way, you will be able to gain useful or exciting insights to stabilize or change the direction of your business.
Data keeps on adding and changing so in this scenario your dashboard should have the ability to update in real-time. The best way to accomplish this goal is to have analytics tools and software that automatically collects information, presents it in an easy-to-use format, and presents it to you in an automated dashboard.
Business Intelligence dashboard features and benefits
The BI Dashboard is a summary of your data that provides an at-a-glance overview of many areas of the business. Below are some of the benefits of implementing BI Dashboards in your operations, including:
Get complete insights into your business:
Business Intelligence (BI) takes advantage of transforming data into actionable insights that inform an organization’s business decisions. Business intelligence serves as a quick tool that provides quick, easily digestible access to insights about the current state of an organization based on available data.
The behavior of good BI software is to read complex data and present it in a format that is easy to understand for the user. Instead of waiting for data analysts to submit monthly progress reports to the manager. Business Intelligence has the potential for automated reporting features instead of waiting for some professionals.
Timesaving efficiency and resources:
Business intelligence tools manage time and resources. Business users without having to deal with business intelligence tools can waste enough time logging into the system to run personalized reports and format them in Excel. Dashboard reporting saves valuable time and resources by displaying updated results for each report. With BI Dashboard, you are no longer wasting your valuable time generating reports from multiple systems. Instead, data is drawn from a centralized source and displayed in an easy to interpret visual observation.
Improves business forecasting
By knowing customer buying patterns, businesses can gain a great insight into the customer purchase cycle. With business intelligence businesses can accurately predict customer trends, buying patterns, buying demand, etc. by making predictions using historical data. By knowing this valuable information, businesses can effectively plan for fluctuations in demand for the next business cycle, setting measurable goals and deliverables for greater success.
Key performance indicators
KPIs are measurable values for performance over time for specific purposes. KPIs provide a focus for strategic and operational improvement, create an analytical basis for decision making and help focus on what matters most.
In an organization, data is collected from various sources from this data. KPIs in business intelligence dashboards help in displaying easy-to-understand information in real-time. Business managers gain the ability to access the various departments of the organization and observe the current KPIs to be able to take actionable decisions required by the business.
The business intelligence dashboard reduces the burden of generating a report on excel and then mailing daily and monthly reports to business managers. Automated business intelligence dashboard works in a real-time environment. This will give accurate business status and enable the user to easily share the report with internal team members and outside the organization.
Real-time customer analytics
Real-time customer analysis lets users view, analyze and understand data as it enters the system. By visualizing customer insights, business users can more easily learn about a customer’s buying behavior and better target for higher retention rates and increased revenue. Real-time customer analysis is also benefiting the sales team to reach the right audience at the right time, ensuring that marketing efforts and activities are focused on the right customers.
Business Intelligence helps companies to make informed decisions on strategic issues by providing critical information on the current and historical performance of the company along with future trends, expected demands, customer behavior, etc.
Business intelligence helps businesses refine a mixed inventory and optimize supply quantities and inventory allocation in stores, by analyzing detailed historical data such as purchase patterns and customer demographics. BI analytics also helps reduce the risk of out-of-stock situations by analyzing security stock data and inventory and sales information to make accurate forecasts – business intelligence provides valuable data that act as a forecasting tool for small business needs.
Business intelligence tools or software are designed in such a way that they can perform faster, more efficiently, and accurately. Business intelligence tools have the potential to improve your company’s productivity by allowing you to handle situations quickly without any delay. Business intelligence can help you identify specific issues, so you can easily and quickly implement targeted improvements.
The Business Intelligence Dashboard displays the overall business status in the form of visualizations. By analyzing the dashboard, you can easily identify which areas need improvement. When you know this, you know exactly where to focus so that you can increase the profitability of the business.
Real World BI Dashboard Examples & Templates
Below we have discussed some useful company BI dashboard examples including important metrics that companies are always using.
FINANCIAL KPI DASHBOARD
EzInsights gives you the ability to track and monitor the financial analysis dashboard of a company or department. EzInsights Financial Analytics Dashboard allows the financial department to get an overview of company spending, profit and sales analysis, personal spending, balance sheet analysis, retail banking dashboard analysis, and more in real-time. It also suggests that you pay attention to the company or department where immediate action is to be taken.
SALES KPI DASHBOARD
EzInsights provides you with the best Productivity Analytics Dashboard which is a sales dashboard that helps you to monitor the sales goals and also helps in achieving the set target. The Sales Analysis Dashboard presents you an overview of current and historical data on a single screen that allows sales managers to easily identify year-wise sales output.
MARKETING KPI DASHBOARD
Digital marketers have to manage a lot of data like marketing data, campaign data, customer list data, website traffic data, total lead data, conversion data, etc. It would be a lot of pain to have digital markers when doing this work manually on Excel. The EzInsights Marketing KPI Dashboard helps you bring all this data available in a single dashboard. A marketing KPIs dashboard allows you to showcase your marketing efforts, build good relationships with your customers, and educate your customers about your organization’s portfolio.
Chief Operating Officer
Jagan, a Project Management Professional (PMP) and Six-Sigma Green Belt Certified Professional, has more than 20 years of experience in leading teams, and providing process improvement ideas to Business users. His business acumen and strong expertise in understanding the processes helped the Clients with significant productivity and cost savings over the years. Currently, Jagan is working on providing Business Intelligence solutions, that enables the Clients for better decision-making, and building efficiency in the overall process.