With the large amount of data that companies have access to, it is imperative that business leaders understand and use that data to help make critical business decisions. What’s more, the ability to quickly surface key data and glean insights is necessary to making accurate decisions. With a well-designed business dashboard, you have access to the most up-to-date data right at your fingertips.
Here are some of the reasons why business dashboards are critical:
- Provides Visibility A well-built business dashboard provides visibility into the work getting done to users at all levels of an organization. Whether this is high-level project status, budget overviews, or team sales goals, the idea of visibility is the primary reason people should implement dashboards.
- Adds Accountability The other half to visibility is accountability. Dashboards not only provide visibility into the work that is getting done, but also into who is doing the work. For individuals, when they know that users at all levels of the organization can see the status of their work, they are more likely to do a great job.
- Improves Risk Identification The ability to identify risk before it becomes a major issue is critical to business leaders. A real-time business dashboard provides an easy way to surface projects or work that may not be on track, enabling managers to assess and mitigate risk early on.
- Increased Time Savings A common time suck for employees in various organizations is collecting information, building presentations, and rolling up data to report insights for themselves or for key stakeholders in their organization. With a business dashboard you have a more automated, real-time way to surface key insights that will save you time gathering and reporting on data.
- Effortless KPI Tracking Whether specific to a company or individual, KPIs are key drivers of any business, at any level, and the ability to surface, check, and act upon those KPIs is critical. A business dashboard that highlights these KPIs in an organized, easy-to-digest way will help keep everyone on track.
- Increased Team Speed and Output This is the other side to increased time savings. Studies have shown that interruptions to work result in significant loss of productivity. The idea that key data is readily available in a dashboard means that executives can access the information when they need it, without interrupting someone else’s work to get it.