How Executive Dashboards Enable Data Driven Companies
What are Executive Dashboards?
In today’s business environment, businesses are collecting more data then ever before. In order to leverage all of this data. Companies need executive dashboards to filter and transform the data into actionable insights.
Executive Dashboards enable you to focus your attention on the critical metrics and Key Performance Indicators (KPIs) for your specific area of the business. Just as a automobile dashboard shows the data you need immediately such as speed and fuel level. They also enable alerting to conditions that occur during use such as low tire pressure or overheating. In an organization, well crafted dashboards provide the same level of information to management. Dashboards enable companies to increase revenue, decrease expense or improve operations.
3 Types of Dashboards
Dashboards are generally categorized into three types Strategic, Operational and Analytical. Companies should start by building Operational executive dashboards that enable management to clearly identify metrics that should be monitored.
Strategic dashboards are designed to monitor the direction and health of the organization. They can be updated daily, however, weekly or monthly trends are more important to see. For example, businesses generally track the number of active customers, customers lost and customers won over a period of time not daily.
Operational dashboards focus on the real time or near real time metrics of the business. These are often updated real-time or batched to update throughout the day to monitor progress throughout the day. Examples include manufacturing lines, sales or marketing.
Analytic dashboards enable you to drill into data to find new information about your business. These dashboards are designed to enable business analyst the ability to dig into data and compare current data to historical information. They are used to identify patterns, trends and outliers.
What should be included on Executive Dashboards?
Dashboards should be created based on the needs of the executive’s metrics and goals they wish to monitor. Metrics to be included should include clearly defined department or organizational goals. Data to produce the metrics must be readily available and should have measurable goals.
How can you access your Executive Dashboards?
We build our solutions using Microsoft Power BI. Using Power BI enables users to securely access the data using the Power BI app for their iPhone, iPad or Android devices. Dashboards are designed to be viewed on multiple device types and can be optimized allow you to see your critical metrics regardless of which device you are using.