The Ultimate Guide to Executive Dashboards
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The world is online daily, generating data in volumes that are impossible to imagine. With 4.66 billion active internet users worldwide, the numbers are beyond staggering. Studies show that approximately 402.74 million terabytes are created daily on the internet.
Businesses have been using data to solve business problems and make better decisions. However,as these numbers grow, it becomes critical for them to have a tool that helps them filter through the internet noise and access vital information that supports their operations. This is where executive dashboards step in.
What Are Executive Dashboards?
An executive dashboard, also called a strategic dashboard, is a tool that converts data into a graphical representation to find answers to business questions. This customized computer interface helps make sense of the huge volumes of data, making it easy to access and understand in a single space. All the raw data that is gathered is converted into useful, easy-to-grasp visualizations, distilling this information into insights that make company-wide data-driven strategies possible.
The business world has noticed significant growth and development in dashboard technology, presenting companies with more options than ever. Let’s take a virtual tour of the dashboard technology to understand how an executive dashboard can leverage data for better strategies.
Why Should You Care About Executive Dashboards?
For starters, executive dashboards provide instant access to key performance metrics. This provides leaders with a bird’s eye perspective of the company and helps them make quick decisions regarding which strategies are working and which are not.
Since the final output is in a graphical format, executive dashboards present performance metrics in an easy-to-understand format. It is easier to identify problems and opportunities, and decisions are based on real insights and not gut instinct. A powerful tool, executive dashboards are great for keeping tabs on progress. With real-time information, you can make adjustments on the go and communicate with all stakeholders.
Here’s a quick look at all the reasons why executive dashboards are such a great tool to have:
- You can make more effective decisions, faster.
- It is easier for you to identify trends in your data.
- You will see significant leadership improvement thanks to access to relevant information.
- Simplified visuals make them engaging and easy to understand.
- All the relevant data can be accessed in a single location.
What are Executive Dashboard Best Practices?
Not all executive dashboards are the same. Some tools are better than others. Much depends on the actual need of the organization that’s investing in the tool. Choosing an executive dashboard isn’t difficult, but businesses must do their homework before finalizing on the tool that’s right for them.
There are some distinct features and criteria that determine whether the dashboard is suitable for business needs, and you cannot afford to compromise on it. Here are a few things to keep in mind as you build your business strategy around executive dashboards. The best executive dashboards should be:
- Intuitive: It isn’t uncommon for a company to have a dedicated team to manage the executive dashboard all the time. However, that is not always the case. You need a tool that is easy to use for both, expert data analysts and data novices, like executives. Look for tools that are promoted as ‘self-service’. The more intuitive the interface is, the easier it is for everyone to use it.
- Customizable: Many dashboards come with limited reporting features. This leaves very little opportunity for businesses to adapt the dashboard to their needs, and even less to customize it. Select the tool based on its ability to allow users to easily customize it according to the metrics and data most critical in your business environment.
- Flexible: Along with being customizable, look for a tool that also offers flexibility. Businesses that desire dashboard success need to select a tool that enables greater user-led engagement. Select a tool that advertises ‘ad-hoc’ dashboarding features.
- Cloud-based: Rather than storing the dashboard solution on the company’s server, the ideal one should be cloud-based and stored remotely. This way, all users can access them from any location instead of using just one computer or one network. Today, many businesses operate on a remote or hybrid work model, which means a team spread across geographies. Some may work from an office, others on-site with a client, and some from different locations. With a cloud-based solution, communication is seamless and teamwork improves.
- Easy to Integrate: An effective dashboard should be able to connect to all departments and operations of an organization for the company to truly leverage its power. In the absence of this integration, they won’t be able to get high-level insight. Pooling all data together empowers executives to get insights at a glance to leverage modern business intelligence.
- Collaborative: A business should be able to collaborate better using the dashboard. It must allow various operations units to share dashboards with other teams, giving them an understanding of the findings and using those insights on their projects. This also helps team members to get feedback on what they’re doing and find ways to improve.
What Are Some Executive Dashboard Examples?
Irrespective of the industry, most businesses today benefit immensely from deploying executive dashboards. Here are a few examples of executive dashboards making operations easier and more seamless.
- Finance Dashboards offer a high-level view of a company’s financial health, such as profit-loss, cash management, revenue, etc. Armed with this knowledge, executives can make decisions about resource allocation for greater profitability.
- Marketing Dashboards can indicate which marketing efforts are bearing fruit and generating more sales or new customers. The metrics covered here include website visits, converted contacts, qualified leads, and more.
- HR Dashboards cover a host of metrics, ranging from employee satisfaction to recruiting success rates. Larger companies can especially benefit from an HR dashboard to track employee turnover and retention, highlighting problem areas.
Also Read: Change the Way you Approach Workforce Analytics
Conclusion
The modern executive dashboard is versatile and a good executive dashboard can empower leaders by providing them with the information to make better decisions, faster. Businesses that have embraced a dashboard-driven culture can implement future-looking, data-driven strategies in their operations.
Frequently Asked Question
Q1. How To Build an Executive Dashboard?
There was a time when companies needed to hire trained professionals to design and build executive dashboards. That’s not the case anymore. Technology has made it much simpler to conceptualize, design, and create a dashboard that’s unique to their needs, without calling the professionals.
Q2. What Are The Benefits Of An Executive Dashboard?
Executive dashboards are customizable and can be relevant irrespective of the department of the management position of the person accessing it. Here are the top benefits.
- Get new insights and see the bigger picture.
- Save your team time with all relevant information in one place.
- Track project success metrics in real time for better performance.
- Improve team performance through regular progress updates.
- Identify opportunities for improvement and make changes, if necessary.
