Data visualization has become one of the most powerful ways of interpreting business performance and many implications in business intelligence. On ground reality, dashboards have become a mechanism for in-depth analysis as well as bird’s eye view of the facts that really matter. The dashboard gives you a real-time view of your business at a glance, providing a snapshot of all necessary data. Such as:
- Quickly know what amount is outstanding and how much is paid in advance.
- The ability to drill down to see transaction details.
- A summary of all your clients account details and balances.
For most businesses availability of data is never a problem but what is more important is how effectual is the data and the insight to use it to the best effect. Studies indicate that 75% marketers find it difficult to make data driven results and measure performance based on its interpretation. The problem is not having enough data but the failure in identifying the most significant metrics that drive actions.
Dashboards are extremely useful for business of all sizes and particularly small and medium enterprises for the following reasons:
- They provide a quick visual overview to track overall business performance and the option to customize the visual representation to make it more meaningful i.e. pie charts, moving average, needle indicator gauges, bar graphs etc.
- Detailed information is usually available immediately by clicking on the summary data representation on the dashboard to reveal the underlying detailed information. The process is referred to as ‘drill down’.
- Most effective dashboards display information in the form of trend analysis. The dashboard summary information ranges from the past week, past month, 6 months etc. so that the optimum time-scale to reveal meaningful trends for your business can be chosen.
- The pictorial representation of facts makes it possible for every business to comprehend data in a more realistic way rather than acting on intuitions and reducing aberrations.
Dashboards provide veracity in understanding key performance parameters in an easy to understand manner. They are a very powerful medium of communication and assertive in driving results.