Why does your business needs a dashboard?
As a business owner or someone who manages the development and growth of a business, have you ever found yourself in one or more of these situations?
- You feel like your business can improve, but you have no idea how to or where to start.
- You’re monitoring and tracking your business data but you’re not 100% sure what to do with the information or even, how to make sense of it.
- Your business is not keeping up with competitors.
- You are overwhelmed with so much data from multiple sources and you don’t know how to see them in one place.
Research has shown that businesses can spend up to 80% of their time just collecting, monitoring, analysis and reporting on data.
The heart breaking aspect of this (and trust us, we’ve been there, done that), is that this big chunk of valuable time spent on data collection and analysis might not yield the information we need for business improvements.
So, how can we fix this problem?
Say hello to business dashboards
Business Dashboards are platforms that offer a visual representation of your business organisation’s real time performance.
We call them “dashboards” because they work similarly to car dashboards. Think of your business as the engine under the hood and your business dashboard as a car dashboard that shows you all the important information about your engine’s performance.
Here at Neorise, we believe that every business can benefit from having a powerful and easy to use business dashboards.
Well, because a dashboard simplifies all the information that you collect – such as sales figures, resourcing hours, trends and more – into one place and in manageable “chunks” so that you can see what your business is doing right and where you can improve!
There are many benefits of a powerful dashboard, but in our experience, the thing that businesses love most is the ability to make informed decisions that can really impact business performance.
Types of dashboards
There are three categories of dashboards:
- Operational Dashboard – the most used dashboard type, this gives you real time data on what’s happening daily in your business, without too much drilldowns. An example is a project management dashboard that gives you a bird’s eye view of projects, tasks, to-do lists, events coming up.
- Analytical Dashboard – this one is for the analysts in you, who love looking at trends and pinpoint patterns to inform future decision making. An example is a marketing dashboard which tracks your communications channels for the last year or so might show which is the better platform to use, when you should communicate and what type of content engages better.
- Strategic Dashboard – if you have key performance indicators (KPIs) and want to track how you are meeting them, this one is important for your business. This is typically the dashboard you share with everyone in the business so that everyone is aware of how the business is doing. For example a sales dashboard can help motivate your team to be more competitive.
The right dashboard for your business
The table below from Technology Advice provides options to look at based on pricing, and accessibility.
But before you lock yourself into one of these, in our experience, it is best to first think through and have answers for these initial questions:
- What aspect of your business do you want to improve or what questions do you have about your business performance?
- What data is required to give you the information you need?
- Do you have someone who will be in charge of implementing, reviewing and interpreting your dashboard?
- What is your budget to develop your dashboard?
If you need assistance with choosing a business dashboard, one of our analysts would be more than happy to have a chat and help you through the process of choosing the right one.
Finally, the benefits of dashboards
We can write on and on about the benefits of having a business dashboard. But we thought, why not show you in real life, from a local business perspective.
We worked with Wembley Autocare to create a custom workshop management software system with a dashboard of information such which services brings in the most value and how satisfied customers are.
The result: higher profit margins, more time to work on the business and higher productivity.