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What is Business Intelligence?
Business intelligence is a step in creating a raw data into meaningful information that drives the business into profitable business action. Various BI tools used to convert the raw input file to the valuable output file generated which can be used further for business development.
These actionable data help executives, managers and corporate members make informed business decisions. BI encompasses a range of tools, applications, software that allow organizations to collect data from internal systems and external sources, prepare for analysis, run queries against data, create reports, present dashboard and visualizations for decision makers as well as operational workers.
BI tools perform data analysis and create reports, summaries, dashboards, maps, graphs, and charts to provide users with detailed information about the nature of the business.
Why Business Intelligence are important for business?
You can take benefits from BI tools to any business owners such as optimizing internal business process, increasing operational efficiency, increasing revenue sources and gaining a competitive advantage over business rivals. The BI system also matters for the company to identify market trends and business problems that need to be resolved. Historical data is taken from a data warehouse and assembled from new data source systems, which enables BI tools to support strategic and tactical decision-making processes.
- Create KPIs on the basis of historic data. This will help to generate accurate report for decision making.
- BI helps on data visualization that enhances data quality and thereby improves decision making quality.
- BI can be used for both large enterprise and small/medium enterprise.
What CEOs want and what they need to know from BI
If you have decided to use BI for the company and you are going to use the metrics and create a dashboard. But if you do not really know which metrics to choose according to business requirements then all your effort will go in vain.
Every CEO of a company gets a complete picture of progress on initiatives, goals, projects, etc. when they are needed. Be precise on choosing metrices and publishing dashboard. So, stop publishing dashboards that don’t answer the questions below and implement one that can answer the questions anytime, anywhere.
- Are we under or over budget?
- How much money is being spent in one department over another?
- Deadline to meet our business objectives
Planning and Actuals
- Are we behind or ahead schedule?
- Will be meet the published dates?
- Do we have enough resources to meet our objectives?
- Do we have the right resources in place to meet our objectives?
- Which area is doing better than another?
Why you need Business Intelligence for CEO’s
CEO needs and wants to track purchase, inventory, sales, payments information on the go. Business intelligence gives insights and trends to grow your business.
Here are the top benefits of using business intelligence to CEO’s in a long-term business strategy:
Many CEOs believe that by using business intelligence they may be able to reduce costs. It also helps to determine where and how to increase productivity and leverage to increase profits.
Improves Efficiency and Productivity:
Business Intelligence leveraging efficiency and productivity to many CEOs of a company. It helps to make a decision where need to increase efficiency for production.
Supports Decision Making:
Business intelligence and predictive analytics help support customer engagement to scoring, customer segmentation, lifetime value cross-sell recommendations and win-lose analysis. Business intelligence supports data-driven decision making with the right information at the right time.
Business intelligence helps improve sales by monitoring trends, understanding and determining allocations, buying patterns, and more. The company may be able to improve sales, distribution, and inventory management.
Every company wants to take advantage of opportunities in the market, but they have to notice it long before it’s too late. BI helps this factor to make appropriate decisions at the right time. This will help in understanding customer behavior and even give you the power to find out what your customers want in future.
What Info Does CEO Need in A Dashboard?
From the above discussion, it is clear that the CEO dashboard provides a wide variety of business facilities for executive managers. Its upon executive’s managers how to utilize KPIs and take benefits. To achieve success, it is important to understand what to include in your management report. Therefore, it is important to know what is included in the dashboard so that CEOs can use BI to perform in the organization.
Below is the few information which you should include your CEO dashboard reports:
- Selecting required KPIs & metrics
If you are thinking to get the right information from the selected dashboard then you need to work more on selecting the right KPI for the business. You must pre-plan before creating a dashboard. If necessary, seek the guidance of a senior level team who can provide you with the correct information of a company. Do not be quick to design a dashboard as all your future planning depends on this process.
So, good practice should be defining your goals towards the company. This would you able to take concreate at a time of selecting KPIs.
- The right design & visualizations
Once you are satisfied by your selected KPIs, then your next step is to set up your dashboard and make a customization according to your preference. Different KPIs give different visualization depends on the measures and dimension you have chosen.
- All in one management, marketing, finance and sales
If we think in CEOs point of view then he requires all information on a single click. Whether it is a management data, marketing data, finance or sales data. By doing this you will get a panoramic view of the organization progress.
As digital technology evolves, the scope of using BI dashboards will also increase. Company day to day using BI dashboard to make good decisions. If you are the CEO of a company then the above dashboard will help you accomplish a goal or continuously exceed your goals.
Let’s take an example of a tire store, here you can easily measure your invoice unit, able to identify the ordered or shipping units, easily monitor net sales by day by channels, track delivery status.
The dashboard above shows the visuals of the corporate industry. Here you can find complete information about a company on a single dashboard. Various filters are applied for any CEO manager to navigate easily. It depends on your category which category should be added to the regularly used filters. The above dashboard shows field of HR, Competitors, Sales, Consumers, Revenue, Margins, Expenditure etc. You can customize your area according to usage.
CEO’s Dashboard KPIs and Metrices
CEOs need to keep updated in real time so that they can take a decision to improve the business. Below are some real-time KPIs mentioned to get to know each CEO of the business.
- Revenue Growth
- Gross Profit
- Average Gross Margin
- Total Leads by Revenue
- Cumulative Sales
- Operating Income
- Stock Availability
- Inventory Turnover
- Customer Service Issues
- Performance Reviews
- Dealer Satisfaction
- Associate/Team Engagement
- Customer Complaints
CEO’s Dashboard Examples
CIO Executive Summary Dashboard
Financial Performance Dashboard
Business Management Dashboard
President & CEO
Anupama has more than 20 years of experience as business leader and as an advocate for improving the life of the business users. Anupama has been very active in bringing business perspective in the technology enabled world. Her passion is to leverage information and data insights for better business performance by empowering people within the organization. Currently, Anupama leads Winnovation to build world class Business Intelligence application platform and her aim is to provide data insights to each and every person within an organization at lowest possible cost.