Posted by: Infoveave Team
Date: 01 March 2022
There are numerous training courses available for designing effective BI dashboards that adhere to industry best practices. When creating your own BI dashboards, keep the following in mind:
Modern BI approaches will favor tools that can make data analysis more approachable and interactive for users of all skill-levels. Combining business goals with data can transform your business into a data culture.
Modern BI platforms provide many of the same key features, with many real-world dashboard examples demonstrating some or all the following:
All of these features contribute to the goal of BI dashboards and result in overall benefits for users and organizations. However, despite many dashboards one can produce, here are three of the most used dashboards that help give a snapshot of the interior workings of an organization
A significant amount of time is spent discussing corporate strategy. Defining a strategy is critical and serves as the foundation for organizational success. KPIs are an important part of developing a strategy (Key Performance Indicators). Once defined, these KPIs become an important component of the Strategic Dashboard.
A strategic dashboard’s data sources typically include monthly or quarterly sales numbers/services, quality, business retentions, regional performance, and many more. The performance can be easily compared to pre-defined KPIs.
Below is how Infoveave makes Strategic dashboard more interesting,
A strategic dashboard provides upper management with a bird’s-eye view of the organization and significantly improves data transparency across teams.
An operational dashboard is the most commonly used dashboard in an organization. The metrics displayed on this dashboard are generally updated on an hourly or bi-hourly basis and are updated almost daily.
An operation dashboard provides a snapshot of daily performance and metrics related to daily tasks. These dashboards typically lack drill-down capabilities and are best suited for shopfloor activities in manufacturing plants.
Stanley Black & Decker uses an operational (OEE) dashboard for its line information display to showcase the productivity of a particular line of products.
This type of dashboard is monitored by stakeholders to keep optimizing the approach and catch the issue early.
Organizations are always looking ahead. Lack of progress and innovation may result in a shrinking market size and subsequent loss of revenue, services, reputation, and so on. Several upper management or C-suite executives make future decisions based on trends and forecasts. At this point, an analytical dashboard can be useful.
A 10% increase in data visibility could result in $65 million additional income. According to a Forrester analysis on the benefits of big data for Fortune 1000 firms, even a minor increase in data visibility can result in amazing results.
Creating an analytical dashboard by comparing data as a function of time, markets, and a variety of other factors. A skilled data analyst as well as a management consultant would be required to create such a dashboard. What Infoveave can bring to the table is as follows:
Such kind of analysis are typically use case driven and will require a deeper understanding of the problem at hand, business data and domain knowledge.