Having issues gaining insights into how your business is performing? Or are you trying to leverage data information to grow your profit margin significantly? If you haven’t yet implemented a business intelligence dashboard then this is a good place to start to know why you should! Simply put, a dashboard is a visual consolidation of all your business data. Here are three specific ways dashboards can help you make informed decisions that can transform your business into more growth in all aspects of your company.
- Timing is Critical: The right kind of metric gives the appropriate level of detail and answers important questions. That’s why having a dashboard that is up-to-date and accurate is so important. For example, if your marketing department can see what time of day an ad is reaching the most people in your target demographic, they will be able to take action based on the data.
- Visuals that Make Sense: Let’s face it, just having data is only one side of the coin. If you aren’t able to see your metrics in a way that makes sense to you, it’s worthless. Having a customizable dashboard can drastically improve the way you interpret data. If you have a trajectory of growth over the past year, you may want to see how that growth compares to previous years in a line graph. Or if one product sold much more than your other products in a certain demographic, seeing that visually is very helpful. In this way, you take control of your data and can more easily make good business decisions in the future.
- Uncover Unseen Patterns: Having all of your metrics at your fingertips provides you with the ability to see things from a new perspective. Perhaps you have a general idea of where you are generating traffic, but no specifics about the source of your most valuable customers. When you are armed with accurate information that is relevant to the growth of your business, you can see results like Digital Marketer Labs did when they implemented a strategic dashboard. Not only were they able to see where their most valuable traffic was coming from, they had a 57% increase in new users!
In order to deliver the most relevant information, it’s crucial that a dashboard presents you with data that is up-to-date, customizable, and accurate. When you see the how and why behind your business performance, you are able to stay ahead of the curve and empower your employees to make better decisions. In doing so, you transform the way your business operates and increase performance across the board. However, be careful when implementing a dashboard. We see many companies make mistakes and we want you to avoid them! You can read more about the 5 mistakes we see even great companies make here. Good luck as you begin your journey on understanding data better and how it will greatly affect your business. Feel free to reach out to our team here at Praxis Metrics with any questions you may have.