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What is a Business Dashboard?
A business dashboard is a management tool that displays data visualization in the form of a dashboard. The information may contain business intelligence metrics, key performance indicators (KPIs), and key information about the performance of the business or organization related to the department. Through the use of data visualizations, dashboards simplify complex data sets to provide users with at a glance awareness of current performance.
What is dashboard in business?
Most companies measure their performance and growth by analyzing data. It is quite complex for humans to record and maintain all the data generated from the enterprise. There will be many sectors that we can miss. This is why most businesses turn to dashboards as a business intelligence tool to present data in a way that is easy to understand. Dashboard analytics has become an important part of the business for the process.
Dashboards are presenting an important role in business. Below mention some advantages of using business dashboard:
Data transparency: Data is a good example of a company’s assets. It can be used for the progress of the organization, when one can understand how to access them. A well-designed dashboard provides on-demand access to all your important metrics.
Access to data: Every organization generating from multiple data source. Whether it is coming from the sales department, production team, manufacturing sector, etc., it means that you can view your data directly in the dashboard at a quick glance. The best practice should be to keep the data clean and design a dashboard for the individual area.
Better Decision Making: The dashboard provides an unbiased approach not only to the company’s performance, but also to each department. If each department is able to access the dashboard, it can offer the foundation for further interaction and great decision making.
Interactive: Some dashboards in Business Intelligence provide real-time experience. Dashboards should be designed dynamically rather than static. This provides a realistic experience for filtering data, interacting with charts to see changes over time, and even allowing for an ad-hoc component for on-the-fly. This means that you can get as much or as little detail as you want on specific metrics.
What Are Executive Dashboards?
An executive dashboard is a computer reporting tool that presents data about an organization’s performance in a graphical or visual way. The main objective of this dashboard is to provide glimpse visibility into business performance across all units and projects.
The Executive Dashboard provides actionable information to business executives that can be customized to suit requirements. Officers should be able to select the KPIs that fit with the overall strategic needs and strategic objectives of the organization.
These dashboards should be built in a dynamic mode so that the executive can change the preference according to the demand. Dashboards need to be able to extract real-time data from multiple systems within the organization to achieve results.
In addition, the dashboard must have analytics capability and the ability to drill highlighted information to retrieve, review, and analyze information in greater depth and detail for the user.
Features of an effective executive dashboard include:
- An attractive graphical display that is thoughtfully placed and easy to navigate.
- Assess performance against plans to take meaningful action.
- Improve internal communications.
- Increase profitability.
- Time saving.
- Improve external communications.
- Improve employee performance.
What needs to be done to build an effective Executive Dashboard?
The Business Intelligence Executive Dashboard is becoming a permanent solution to provide in-depth analysis to the business. In an organization, data continues to be generated and multiplied. Therefore, there is a need to manipulate and analyze data using an easy to use tool.
Data visualization, data analysis, performance metrics, KPIs are important features that should be imported into the business dashboard. Executive dashboard comes in different types and different benefits. As such the profit margin analysis dashboard quickly summarized the profit achieved by the organization.
Executive dashboard is nowadays becoming a powerful tool for executive officers and company administration. They are getting complete information of a company on a single dashboard. In addition, they can customize or apply filters according to the strategic business plan. The purpose of developing an executive dashboard to achieve maximum benefits by implementing meaningful business KPIs.
What are the types of Executive Dashboard?
Dashboard Design Principles
Important Do’s and Don’ts of building Executive Dashboard
DO Make Your Dashboard as Simple as Possible
Try to make your dashboard as simple as possible. Not only in term of design but also in collecting the data and reporting. Simplicity make your dashboard to understand easily and clearly. Simply doesn’t means that you eliminate the focus points from the dashboard but it means to understand dashboard better.
DO Analyse Which Measures Are Most Predictive of Success
Analyze which KPIs or metrics are most effective for the business approach. Plan your KPI before building any dashboard and determine what measures or information on the potential dashboard will give you the best understanding of your goals and progress towards ultimate success.
Don’t try to place all the information on the same page
Always try to ignore all information to be on the same page. Think about your audience, groups and distribute information as per the need of the people. For example, the sales manager does not need to see the same data as the marketing expert. If it sometimes becomes necessary to place all information in a sample dashboard, the best practice should be to use tabs to segment information per subject, making it easier for users to find information.
Do not choose too many colors
This is the most important of all dashboard design best practices. Be precise about choosing a color for the dashboard. Think about your company identity (your theme color, logo, font) or choose a completely different color palette.
You can choose two or three-color and apply gradient. A common mistake is using highly saturated colours too frequently.
DON’T use the same old chart for your data
Avoid using the same chart repeatedly for your data set. If you are choosing the wrong chart type then all your efforts will be hurtful. It is important to understand what kind of information you want to convey and choose the data visualization that best suits the task.
For example, bar charts are good for comparison, while line charts work better for trends. Scatter plot charts are good for relationships and distributions, but pie charts should only be used for simple compositions – never for comparison or distribution.
Relevant KPIs and metrics for Executive Dashboard
Related Dashboards Examples
Insurance Executive Dashboard / Premium Analysis
Executive Performance Management / Operations
Executive Performance Management / Expense Management
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.