5 Ways Dashboards Improve ROI for Small Businesses
Small business owners need actionable data and analytics just like Fortune 500 companies. The difference is many SMBs do not have full time staff dedicated to reporting or analytics. They cannot afford to hire full time staff or typical contract engagements take to long and cost too much.
Humans can interpret data visualizations faster than data grids like a typical Excel spreadsheet. You can however get started with data visualization by using your existing Excel reports as the data source to create automated online dashboards and KPIs.
- Save Time
- Make Better Decisions
- Spot Trends, Patterns or Outliers in Your Operations
- Focus on What Really Matters
- Improve Decision Making at all Organization Levels
Save Time – Dashboards Improve ROI
Dashboards with clear data visualizations enable you to make faster decisions. Visualizations enhance the data and transform it into information that can be more easily understood.
In addition, dashboards improve ROI by eliminating the need of having your employees pulling data and then merging it or linking across several Excel files. Automation of the data allows for the dashboards to be updated frequently based on the source files or databases. Have your team spend more time analyzing data and less time trying to find the same data, day after day.
Make Better Decisions
Use of dashboards improve ROI by allowing you to make better decisions. Visually being able to see the entire picture of a process or relationships between data lead to better decisions and outcomes for your business. Simplify your data, visualize your information and make better decisions.
Features of Dashboards to Make Better Decisions
- Interactive Filters
- Access from Anywhere
- Single Portal for everyone to access the same data
- Easy to understand data visualizations
- Drill through analytics
Spot Trends, Patterns or Outliers in Your Operations
There is no better way to know what is happening in your business than with data visualization on a dashboard that show you what is really happening in your business.
Leverage historical data to create trend analysis to see you critical metrics over time and dynamically filter or drill into the data to find out what is driving those trends.
Often new patterns emerge from your data that are another example of how dashboards improve ROI. Being able to see relationships that are not possible from a data grid can improve your operations, increase revenue or decrease expenses.
Sometimes you may not even realize what is really going on outside your normal operations. Outlier analysis is very easy to spot when presented on a dashboard. No need filter your dataset from largest to smallest or try to combine data elements to figure out what’s happening.
Focus on What Really Matters
Every business collects more and more data than they can possible use in normal operations. Dashboards improve ROI by focusing on your critical metrics and KPIs. Get your team engaged and ensure they are looking at the data you want them to focus on. By presenting this data in an easy to use data visualization and dashboard you and your team are all looking at the same metrics.
Improve Decision Making at all Organization Levels
Employees of all levels in an organization can more easily understand data visualizations over complex spreadsheets. If you want to have more people make better and faster decisions then implementing dashboards is very valuable. Dashboards improve ROI by making data accessible to everyone.
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