Dashboard offers range of business metrics for decision makers and helps organizations to have insights in to the data to take appropriate measures to achieve goals.
Outcome of data analysis can be viewed through Dashboard. Dashboard offers range of business metrics for decision makers and helps organizations to have insights in to the data to take appropriate measures to achieve goals. Dashboard helps managers by providing rich, interactive, and real-time insights and facilitates to track and drill down to any level through data for meaningful insights. Organizations can build effective dashboards to match their requirements and strategy.
Storyboarding involves defining user requirement and corresponding response. A good dashboard is rich with user interactions and responses to actions. Storyboarding puts together all key aspects of the dash board – data identification, user definition and presentation.
What is Dashboard?
It is always good to understand how a dashboard functions in general before we actually get in to how dashboards add value to any data driven organization. Dashboard indicates the status/condition of the vehicle – Speedometer suggests the speed of vehicle, fuel gauge indicates fuel level, whether servicing is required etc. Similarly with the help of dashboard organizations can view their performance, trend performance and understand the performance against KPIs as per organization goals and identifies issues.
It is very important to choose the right dashboard based on the business case and the type of the solution organization wants to visualize. Hence one must have clear idea about the purpose of the dashboard.
Importance of Dashboard
Let us look at sales performance dashboard of an organization. Key metrics like target vs. achievement, executive wise performance, product wise, product group wise performance, area wise performance and area wise customer behavior pattern can be monitored from a dashboard with drill down facility. Organizations can view dashboards regularly to get insight in to key metric performance. Sales dashboard gives us idea about which executive/product/territory are performing better, which territories are more potential, which area require special focus. Bases on these results, organizations can take appropriate measures. Also dashboards saves lot of time and money, facilitates to understand customer behavior and plan for marketing strategies.
Based on the time one can spare, area and context, dashboards can be classified in to three types.
- Strategic – Strategic dashboards are used when organizations want to look at the organizational strategic goals. These dashboards are used by people who are busy and cannot spare much time for analyzing data, usually frontline executives in the field.
- Analytical – Analytical dashboards are used to monitor and measure the progress of important areas of the organization.
- Operational – Operational dashboards are used to monitor, analyze and evaluate the key activities in a given scenario.
Mid level and senior managers usually use Analytical and strategic dashboards to analyze key metrics to arrive at appropriate strategy and decision making to achieve organizational goals.
One must be very careful in selecting the right type of dashboard as it may convey a totally wrong interpretation of data and meaning and may impact the performance of an organization.
Strategic Dashboards: Strategic dashboards are used to understand organizational vision, Goals and Targets. Used by the top level executives of the organizations and facilitates them to design key goals and strategies to correct or improve the scenario. Strategic dashboards are used to monitor and evaluate the progress of the organization in terms of predefined targets and goals. This can be achieved by monitoring the key performance indicators.
Analytical dashboards are used to know the trend pattern to compare with the goals and target of the organizations. From Analytical dashboards one can easily measure the achieved value against the target. One can have deeper insight of data by slice and dice to understand and analyze data and to understand why there is deviation from the goal. Managers can design appropriate strategies to improve the situation. Executives and decision makers use this type of dashboards. Analytical dashboards provide a better analysis when multiple data sources are used in a single dashboard
Analytical dashboards are useful in manufacturing industry to improve quality and sales department to take certain tactical decisions to improve sales
Operational dashboards are used mainly at operational level in the field by the executives and field managers to understand the result of their performance and to take measures for improvement. These are used to measure KPIs and time lines. Used to measure day to day performance.
Organizations can choose dashboards (Strategic/Analytical/Operational) based on their requirements. Many organizations require both analytical and operational dashboards to initiate suitable measures and to improve their performance
Dashboards in different domains:
The call center managers needed the ability to gauge the flow of calls on a daily, weekly and monthly basis, in real time, so that workforce optimization is done properly, and to ensure enough resources are available to handle customers. With real-time metrics, the resource projection teams can compare forecast vs actuals and make necessary adjustments if needed.
Money is hidden in data. Dashboard helps you in explore hidden treasures in your data. Banks/Leasing/Financial institutions use dashboards to gain insights that help them improve service, capture new opportunities, and stay ahead of the competition.
RETAIL SALES PERFORMANCE
When we analyze retail sales data, we deal with margins, market data, customer demands, retailers, inventory and customer satisfaction to drive our sales. Data typically comes from discrete data sources and unless we fuse or combine that data to analyze in a holistic way, it does not make any sense. Dashboard helps in analyzing and taking appropriate measures to improve performance.
Healthcare generates lot of data that provides lot of information and insights, if we can analyze through right tools. The challenge is to put the insights into action to measure the effectiveness, whether it is related to patient experience improvement, hospital management / operations. Dashboard provides comprehensive reports to measure the key metrics and check on how effective the metrics are on daily / weekly / monthly basis. It lets decision makers visualize across costs, needs, and outcomes at once to make the most of resources. It helps hospitals identify drug discovery process, manage clinical trials, wellness programs, and patient engagement.
In Insurance industry, data points like Policies. Premiums. Claims. Payouts etc. play a key role in understanding the insurance package in detail. Every insurance transaction is a data point ripe for analysis and action. Dashboard seamlessly provides the power to every stakeholder in your organization, like the sales leader seeking to fill the pipeline; the product manager trying to beat the competition with initiative.
Gaming is a big industry, and success depends increasingly on data; player statistics, analyzing logs etc. Dashboard provides winning strategies with drill-down to identify key metrics, player performance (top and bottom) and revenue metrics by game.
A dashboard represents the current status of the business data and shows the status of metrics and the performance of the organization based on which crucial management decisions are taken. Hence it is very important for organizations to select the right dashboard.