Digital Dashboard for Data-driven Leaders
A Digital Dashboard can be considered as a business intelligence tool that helps business leaders to track, analyse and report on KPIs. Modern digital dashboard platforms can import data from multiple sources and allow the business leaders to analyse all of them in a single interface.
Irrespective of what business you’re in, the success of the business depends on how much value you can generate from the data it collects. Digital dashboards represent the data in multiple formats like reports, interactive data visualizations, etc that enables the business leaders to take data driven decisions.
As a leader, you know that data is key to making informed decisions. But with so much data available, it can be overwhelming to find the insights that matter. That’s where digital dashboards come in.
Key Benefits of Digital Dashboard
Total Visibility into Your Business
Digital dashboards store and operate data in a cloud-based platform. Business leaders can create a specific digital dashboard and share it across departments instantly for feedback. Since a digital dashboard can import and showcase data from various sources in a single interface the person accessing the digital dashboard can have a total visibility into the organization.
Getting real-time updates
Digital dashboards always present the most relevant data at any given point of time. Since this is a cloud-based platform, the employees in the organization can access real-time live updates using their mobile phones from any part of the globe.
If digital dashboards are put to proper use, they can help the business leaders to leverage vast amounts of data to make informed business decisions. Since it offers real-time data from across all data sources, it is easier for the business leaders to always stay updated and take fruitful business decisions.
Increases workforce efficiency
Digital dashboards can be shared to specific department personnel after being created. Since they offer intuitive data visualizations, anyone with basic knowledge about computers can access the digital dashboards. This makes it easier for employees from all the departments to access real-time live data which enhances their efficiency. There is no special training or coding skills required to read the data from a digital dashboard.
We mentioned in the beginning that the digital dashboard is a business intelligence tool. They can help a business improve their business intelligence by a long way if properly used. The c-suite leaders can use a digital dashboard to access historical data trends, real-time live data that is most relevant and also forecast the future trends using predictive analytics. They can stay ahead of the competition by predicting growth indicators upfront.
Benchmarking and milestone setting have been helping businesses for decades now to lay a growth path and achieve it in a stipulated period of time. No matter which industry you belong to, the best path to achieve or even exceed your goals is to clearly define benchmarking that is aligned with your business objectives. Digital dashboard offers a rich set of dynamic key performance metrics that will help an organization set and track results against a milestone. This gives them real-time data on what needs to be done to meet the predefined milestones.
Types of Digital Dashboards
Strategic digital dashboards enable the top level executives to track the long term strategy of their company by analysing critical metrics. It does require a certain level of skills and dedication in creating a strategic digital dashboard but the value it generates is huge for the senior executives in decision making.
Operational digital dashboards are created specifically to track and analyse individual operations in a department like marketing, sales, performance, etc. They are typically used for a shorter period of time and mainly by junior lever executives of the company.
Analytical digital dashboards are created by importing and analysing huge chunks of data by the business analysts in the organization. These analytical dashboards provide a birds-eye view of the most important organizational KPIs and metrics and thus helps them make better business decisions.
Tactical dashboards are used for gathering and tracking the most granular details about a specific process. These are typically conducted by mid-level executives to track how a specific goal is moving forward and identify problem points that need to be addressed.
Case study on Digital Dashboard for C-Level Executives
Company: It is a global automotive OEM that specializes in R&D.
This company operates various testing labs across the globe that runs a huge volume of tests on a daily basis. The labs at various locations operated with unaligned KPIs and the results were inconsistent. Since the labs were not connected or operating without a common goal, the results suffered. They lacked the true visibility into the key performance metrics.
According to various lab reports, they were operating at a 60-90% capacity although this kept varying from labs to labs.
They implemented intentional KPI tracking across all the labs and then finally arrived at a utilization level of only 20% instead of the originally assumed 90%. They put together a strong team of analysts to create an analytical project status dashboard. With the improved results from the newly created dashboard, their team developed a proof of concept
After 18 months of dashboard deployment, the utilization improved drastically across all the labs. Additionally, the following benefits were realized
- The company got a overall birds-eye view of the testing labs
- In-depth details about the click-through capability was captured
- Increased utilization KPIs Y-on-Y since deployment.
- They were able to identify process improvement opportunities
Build Your First Digital Dashboard with TAFF
By leveraging data analysis tools, you will gain access to insights that will help you develop strategies based on real-time data. With embedded business intelligence dashboards, executives can get up-to-date, relevant data at their fingertips so they can make proactive decisions. Connect with us to create your first ever digital dashboard. We’ve a strong team of highly experienced analysts who have successfully designed and deployed multiple digital dashboards for various businesses. Contact us today