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What is Dashboards? And How Reporting Dashboard Plays Important Role for Your Business

December 2, 2020

Do you have any digital marketing strategy to grow your business? Fantastic. Have you properly outline your goals? Is your next step is to build a business dashboard and make your data into relevant info for your business. But do you know what dashboards are and what the important role it plays in business.

Data will play a major role in your business to compare where we are and how we are in the marketplace, In order to get all data to one place i.e. PC or mobile access. So we come up with one solution called dashboard In order to make our client’s analysis easy in just one fingertip.

What is a Dashboard?

The dashboard is a business intelligence tool. The dashboard provides a graphical representation of KPIs or metrics. This shows whether you achieve your goals or not. This helps in data visualization, dashboards simplify the complicated data sets to provide users with at a glance awareness of current performance.

Or we can say dashboard is a summary that gathers the business essential data and represents it in the most visual format possible.

Few things you should know about the reporting dashboard:

The data-driven environment is trending these days by generating a lot of buzz.

Have you got any of the below questions popped into your mind anytime..!!??

  • What are the types of Dashboard?
  • What is the importance of a dashboard?
  • Benefits of using a reporting dashboard?
  • Is a dashboard needed for a business…..if so…Why?

We are here to answer all your questions and help you understand why you should adopt Dashboards for your business environment.

Reporting is generally a kind of a difficult thing to do and people don’t inherently understand that out of the gate. Most people use third-party systems like Google Analytics, Facebook analytics, etc…

Dashboards track the raw data and display it in a variety of ways, including charts, graphs, maps, and more. Users can view and interact with these dashboards, using filtering and drill-down functionality to create the exact view into the data they need to make critical decisions.

What are the types of dashboards?

There are Three Types of Dashboards:

  • Strategic Dashboard.
  • Operational Dashboard.
  • Analytical Dashboard.

Strategic Dashboard: Strategic dashboards used by management professionals like the Owner, CEO, and Vice Presidents. It looks simple and this provides a rapid overview of the organization’s overall health.

Here key metrics (KPIs) will be highlighted to track and provide the required information to compare the trends over time. These dashboards are generally looked at once a week, monthly or quarterly, but not daily.

Operational Dashboard: Operational Dashboards are used to monitor business processes which often change and it helps to track the current performance of key metrics and KPIs. Operational Dashboards are used to monitor progress towards a goal. Compared to other types of the dashboard here the data get updated very frequently and even on a minute-by-minute basis.

Analytical Dashboard: Analytical dashboard used to examine large volumes of data to permit users to investigate trends, forecast outcomes, and discover insights. Analytical dashboards are very common in business intelligence tools because they’re developed and designed by data analysts.

What is the Importance of a reporting dashboard?

Dashboards are important because they align your entire sales and marketing organization around the metrics you most need to track business transactions.

It enables the organization to keep track of all end-to-end activities and it will enable the company to access their, sales, spend, Geographical user data, weekly/daily/monthly/ quarterly/ yearly data to get easily accessed with which in turn helps the organization to work on boosting up sales of their products and improvise their service based on the data which in turn helps organizations to grow drastically into a better place with grate ROI’s and they can utilize the data to provide the best service compared to their business competitors.

Benefits & Uses of the dashboard:

A dashboard has many functions, and there are several benefits of reporting dashboards. Here are the top features and benefits of a dashboard:

Business Visibility: Dashboard helps you to know how your business is going on and it will help organizations to easily analyze their business behavior i.e. if your business model is working successfully or not. It shows exactly how users are interacting with your products or services.

Eg: How many people have received your service-oriented emails, how many customers have read them, how many sales those emails have bought for your organization.

Big Time Savings: Dashboard gathers multiple data sources into a single interface. That means you can immediately see a detailed overview of your business or reports and the report can be programmed to update every hour. Better yet, it reduces the quantity of your time it takes to compile reports, saving you time.

Better Decision Making: Dashboard deliver a view of what you’re doing right and wrong to increase your performance. It shows you exactly where your trouble areas are and arm you with the information you need to improve. This helps to make great decision making.

Increased Productivity: Dashboards allow you to measure performance statistically. You can see the metrics for example return rate, the average speed of answering customer queries, etc. when you see the performance, particularly if you use the green and red arrows (green arrows facing up when I’m doing better than the last periods and red arrows facing down when I’m not), they’ll naturally work harder to improve their performance and results.

Increase in Profit: Dashboard helps organization to access their sales data, this will enable organizations to monitor their loopholes by analyzing the data. Conversely, competitors will not be aware of this and they try to modify their services/products based on other organization loopholes. By the time they better modify their product/service, you will be having a better understanding of how to outstand in the business by analyzing and improving your service as you get to know what is working for you or whatnot. On the whole, Dashboard will not only help you to monitor data it will also help you to boost up your sales and achieve better ROI.

Is really dashboard needed for a business…..if so…why?

 

You might be wondering if you need a dashboard for your business. Every business benefits from having a dashboard that aligns with their objectives. Large organizations/business sectors use multiple dashboards for different departments to keep the track of results generated by different departments.

 

Here some reasons that help you to determine the importance of a dashboard for your company.

If you encounter any one or all of the below signs, it may be time to try at least one out:

  • Feeling like your company can improve….!!? You have no idea of how & where to start….??
  • You have sufficient information/tracking data but you don’t know how to make use or sense of it…..!!??
  • Are you getting the expected ROI……!!??
  • Are you lagging behind your competitors…..!!??
  • Is your data been mapped and aligned across one location…..!!??

Conclusion: Dashboards have become a prime factor to take the right decisions for every business. Now you have understood how to utilize a reporting dashboard, what is the importance & benefits of this, and importantly why you should use them. We are here to fulfill your dashboard requirements.

Are you interested in implementing an advanced dashboard system into your business?

Build your dashboard as per your requirements. Please contact us at sales@dollarbirdinc.com.

You can also visit our website at https://www.dollarbirdinc.com/

 

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