Why are Performance Dashboards Critical to Success of Your Business
From strategic planning to everyday transaction work, performance dashboards have transformed the way businesses look at their data today. Performance dashboards present a holistic view of critical business KPIs and empower the stakeholders to monitor key processes, correlate data points, and get comparative insights on a single screen. They can be designed to cover an array of business objectives at the operational, or strategic level and have become integral to everyday decision making.
Why your business needs performance dashboards?
Performance dashboards enable business users to get a holistic view of KPIs that impact each other, correlate data, and identify areas that need immediate action. From tracking everyday sales and demands of a product to doing root cause analysis of fluctuations in supply, performance dashboards empower business users to get a clear insight on even the most intricate aspects of the business.
Performance dashboards enable business users to do the following:
- Keep a tab on all processes and operations as per the defined KPIs.
- Trigger alerts and notifications when KPI thresholds are met or not met.
- Provide correlations and insights on causative factors, highlighting areas that need attention.
- Enable informed decision making at all the steps of business operations.
Types of Performance Dashboards
Enterprises can create different types of performance dashboards as per their requirements. Largely, performance dashboards are divided into three categories:
- Tactical dashboards: These dashboards are mostly used by managers to monitor everyday operations. They are able to get a unified view on the performance and productivity of their teams and anticipate if any task will go off track. Managers can utilize these insights to prioritize tasks, manage allocations, and ensure timely completion of all deliverables.
- Strategic dashboards: Senior executives refer to strategic dashboards to get a full view of the company’s progress across different verticals and locations. They can identify gaps and opportunities and take actions to ensure better outcomes.
- Operational dashboards: These dashboards are mostly used by support functions within an enterprise to update and track their everyday work. Sales, marketing, finance, and HR departments use these dashboards to make everyday decisions.
Benefits of Performance Dashboards
Performance dashboard brings together insights on historic and current data. They give instant information on what a business can achieve in a day or a week. They also provide forecasts on business outcomes and provide direction towards what can be done to make those outcomes better.
Performance dashboards enable enterprises to:
- Get a consistent view of the business
- Empower users across roles with instant insights
- Bring everyone on the same page
- Deliver actionable information to all stakeholders
With customized KPIs and the visual representation of insights, performance dashboards have made data analysis much simpler, faster, and accessible for business users across different roles. Users from different departments can look at performance dashboards and see how their activities and decisions will impact other departments and their operations. Performance dashboards help in breaking the silos intelligently and enable all departments in an enterprise to work in tandem to achieve better business outcomes.