The amount of data generated by businesses today is vast. And most of it is tracked digitally across multiple business systems within an organization. This data includes everything from customer purchases to website visitors and from shipping costs to vendor discount details. This company data is critical in planning for future marketing efforts, supply chain management, resource planning, financial reporting and more. It’s essential that business leaders have access to, and develop a deep understanding of, relevant data and the effects it can have on their business.
Let’s look at three core reasons business leaders should empower themselves by using a KPI dashboard daily.
Data Tells a Story
Visualizing all your company data at a glance does wonders for your ability to make decisions and create an agile company. The deftness it provides key decision-makers creates a surprising ROI in a very short time. Aside from significant financial benefits, many companies find indirect advantages as well.
A consolidated system and concise reporting enable you to interpret your data intelligently so that you can see the story it’s telling. It may just give you the context you need to tell a compelling story about your company externally as well.
Perhaps your company donates a percentage of sales to a local community group. As sales rise, there are many people throughout the company tracking those sales numbers closely. It’s much less likely that anyone is responsible for tracking the donation amount to that charity. If you have a record-breaking quarter, looking at all the related data in a dashboard will point out the amount given to charity as well. That information is often worth promoting at company meetings, board meetings or possibly even in a press release. That positive news could have easily gone unnoticed without the clarity of a BI dashboard. There are numerous of examples of hidden gems of information that have been uncovered accidentally by using a BI dashboard.
The amount of data available about your business is growing all the time. Even as you are looking at a report, some aspects of the underlying data are probably changing simultaneously. The ability to stay on top of your ever-changing information is critical, but the additional ability to interact with it in real-time is empowering.
Some types of data change less frequently, and there’s no need to refresh it by the minute. On the other hand, you may need to know the play-by-play as deals are being finalized during the last day of the quarter, for example. You need to be able to engage with this information from anywhere, on any device, in real-time. A BI dashboard saves time and ensures you have the data you need as a business leader.
As BI tools become easier to use, the ability for employees across an organization to take advantage of their power is increasing. When employees gain access to a BI system, they gain knowledge that can help them do their jobs better. They will be able to track their own KPIs and monitor the progress of their entire department. This type of transparency has been proven to raise the bar for all employees, company-wide.
BI access better enables managers to evaluate the progress of each team member, and their team as a whole, for accountability purposes. Performance monitoring also adds to the value executives receive. Not only can they use BI for business analysis and decision-making at the company level, but they can also monitor employee performance and individual KPIs directly when necessary.
There are many ways to incorporate a BI solution into your business. The possibilities are almost limitless and can be set up to help with high-level business decisions or for individual accountability. Talk with a BI expert at ClicData to help you determine exactly what type of implementation will give you and your business the competitive edge you’re looking for.