How Interactive Dashboards can boost your business?
You can enhance and advance your business using Interactive Dashboards (ID). To gain meaningful and actionable insights into your business, ID can summarise complex transactional data using a simple, user-friendly dashboard software that can be utilised by non-technical personnel, in a process known as ‘self-service’ analytics. You know that your databases overflow with millions of records, ID can optimize this information and allow automatic refreshing of the data at set time intervals to achieve high performance and enable you to obtain and visualise real-time data. These dashboards also act as an interface between you, the consumer of the report, and the data in your databases. Also, you can enjoy slicing and dicing the data by numerous subgroups that your business is interested in regularly. The ‘interactivity’ offered by the dashboard experience has innumerable advantages:
Performance tracking over time of KPI’s vs. targets
For the upper echelon to make real-time management decisions about the business, it is better to track key business metrics over time compared to understanding benchmarks or goals after a certain period. Based on the report generated by ID, the resources of your businesses can be re-directed from the areas of the company that work like well-oiled machines towards regions that are consistently under performing.
One of the unique facets of utilising ID is that the software can traffic light the actual vs. target variance whenever requested, as the new data is refreshed according to specific KPI rules. It requires two crucial factors: the real value of KPI measure and its target. For example, your company wants to track its staff turnover, and the goal set by your business for the actual turnover value is less than 14% (business rule for a ‘green’ traffic light). The dashboard analyses the data according to the parameters set by you and creates a ‘green’ visual if the staff turnover is lower than 14%. Anything in the range of 14% to 25% shows up in ‘amber’ (business rule for an ‘amber’ traffic light) when the systems proceed to warn that your staff turnover rate is something that might require your attention in the future. Similarly, any value higher than 25% would be in ‘red,’ and now it is time to actively plan and immediately reduce your staff turnover. This system of traffic signals and KPIs can also be applied to turnover values for a range of business units. That is, any ‘red’ results for the business units need a prompt response to get to ‘green’ performance.
ID also provides your business with additional layers of analysis for your data. You can highlight performance tracking over time using filters or subgroups that you can apply to drill down into individual subsets of interest. With software such as Power BI, you can setup hierarchies or levels of precedence. Imagine a visual which tracks your enterprise’s profit and cost over the financial year according to the products sold. Every product can have a category at the top, then a subcategory that will ultimately be filtered down to the product’s lowest line level at its unit price. Now, with Power BI, all these different dimensions are considered for the data model with fields for product, category, subcategory, and so on.
You can add these dimensions as the legend on your business profit or cost visual, and one-click will reveal the best performing product lines in terms of ‘most sold’ or ‘lowest cost.’ In addition to a scrolling legend system, you can choose to represent this data in a ‘table’ visual,which can be activated while the‘financial year’ filter is selected. This allows you to view a separate report on an individual page that shows a complete breakdown of all the essential information about the products, a crucial evaluation required by the product managers of your business for decision making.
Connect to a broader audience
It is effortless and straight forward to share dashboards and reports with modern BI tools like Power BI. Power BI allows you to create work spaces, and furthermore,these reports or dashboards can be shared with a wider set of selective audiences using apps. Setting up these apps or utilising the shared work spaces in a dashboard, an individual business unit from your organisation can access the data that are only relevant to them.
You understand that the collection and cleaning of data can be a tedious and exhausting process. Within the interactive dashboards, your business can set up automated datasets and data models that can eliminate these labour-intensive processes. The lack of standardisation in the complex distribution methods and,more importantly, the prevalence of errors when reports are compiled employing Excel can be expelled when these dashboards are engaged.
One of the crucial aspects of owning a business is the accessibility to data that is accurate and precise. Interactive dashboards analyse your data and provide a single ‘true’ version of the information that you and your organisation can inherently trust. Primarily, businesses employing a large number of personnel mostly have issues with staff performing their calculations in excel spreadsheets, a human-error driven process that lead to a multitude of variations of what the actual data reflects.
Highlight business exceptions
The products or services that are offered by your enterprise are not trafficked at a constant momentum. Your business might experience a spike or a lack of performance over certain days or months. The power of interactive dashboards can be harnessed to highlight business results that are out of the ordinary including ‘outliers’ or a ‘spike’ in the performance, not in line with standard practices. The advantage of this highlighting system is that it allows the key stakeholders of your business to pay attention to immediately solving the crisis or make a note for future consideration.
It is usually quite frustrating to mine the data for useful insights or to have one specific question answered from your data. Power BI offers a feature called the ‘Q and A’ box that allows users to pose queries, then the dashboard automatically displays a visual with answers by taking into account the exact words the user has specified in the box. For example, using the ‘natural queries,’ you could determine‘total profit for 2019’, the BI mines the data and returns a visual with an accurate figure. This powerful and exciting feature empowers you to interact and extract information from the dashboards or reports in a jiffy.
You can also identify the outliers or exceptions in your business with the interactive dashboards,which could turn into potential business opportunities that you can build on, allowing for a more significant future growth for your organisation. For instance, through a recent analysis on customer sales behaviour your business data has unearthed that over time the highest paying loyal customers includes approximately 20% of all your customers. Further investigation reveals the area or location of this 20% of customers, and thus by creating a customised marketing campaign targeted towards these individuals,your business could fill a gap in the market that has gone unnoticed or has not yet been monopolised by your competitors.
Drilling ‘up’ and ‘down’
Interactive dashboards used in conjunction with Power BI software enables you to develop categories and subcategories that are beneficial for drilling down into the data to have a detailed observation of the sales from a specific group. Having these higher levels of interactivity with your report allows you to click on a visual and further drill down into all stages of the product line from the broadest category down to the finest levels of sub-categories. This analysis of ‘hierarchy’ or ‘order of product precedence’ highlights the products or services that are under-performing.This insight, in addition to your data from other sources, can reveal the reason why your revenue or sales has declined in a particular period. This can be followed up by investigations into the cause of decline, which will ultimately assist you in coming up with solutions that help boost your sales.
Stay on top of your organisation’s success and setbacks by wielding the energy of these carefully built interactive dashboards that extract invaluable insights to tell a visually compelling story for your business.
Have a go on our interactive dashboard example and let us know what you feel in the below comments.
Transforming your data to help you make better decisions.
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STATSLAB was very easy to work with. They were able to explain Business Intelligence concepts to lay-people, and how Business Intelligence could assist the Auckland Table Tennis Association in improving its everyday business.