How do dashboards help make important data-driven decisions?
First of all, they identify the KPI’s (Key Performance Indicators) that drive a company’s success. Beyond just “sales” and “expenses”, they can identify which products or services are most in demand, profitable and aligned with the company’s vision at different periods of time, and as a result of various marketing initiatives. In short, they highlight what works, and what does not.
Second, dashboards provide a trend so anything that is slipping can be corrected before it becomes a large issue. A stitch in time saves nine, as the old saying goes. Prevention is worth a pound of cure, and the trend relationships that are revealed on dashboards identify what needs attention to always stay on the right track.
Third, dashboards can be set up to compare with industry standards. Is your business better or worse than competitors? Why? Find out by drilling into the details on your dashboard.
If you would like any help to set up and/or maintain your company dashboards, contact us!
