The volume of data available has increased over time because of the introduction of various data-driven and intelligent tools, such as AI systems and IoT devices. The velocity of data is increasing as well, with experts estimating that we generate approximately 2.5 quintillion bytes of data per day.
According to Forrester, between 60 and 73 % of all data is never used for analytical purposes because of poor quality, poor architecture, from multiple sources and lack of skillset etc. Despite the fact that more companies are talking about big data these days, many brands simply lack the technology to access the right data insights.
Organizations can use business intelligence dashboards to make complex data more understandable and approachable to non-technical users. As a starting point, IT may create content, but business users can create and view their own dashboards. Non-technical users can interact with data using self-service BI.
Dashboard-based data visualizations can assist business users in identifying trends. They are capable of detecting positive trends, isolating negative trends, and providing predictive insights
BI dashboard design best practices
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:
- Create a design for your intended audience. Customize the dashboard so that only relevant information is displayed to the target audience.
- Avoid accumulating clutter. Less really is more! Avoid cramming too many visual elements into a single dashboard.
- Give context. Ensure that data, such as sales or profit, includes critical milestone dates or year-over-year comparisons so that stakeholders can understand trends.
- Obtain actionable insights. Ascertain that the visualization displays information that will assist stakeholders in making decisions.
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:
- Adaptable user interface
- Capability to obtain near-real-time data
- Standard/Predefined Templates
- Capability to share to encourage collaboration
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
Strategic Dashboards (What We Should Do)
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,
- Go into details with a click: Infoveave has a quick drill down feature, so you can get to the details with a single click.
- Talk to your data: Use NGuage Bot, a bot that can respond to your questions via Team Chat, Slack, and other tools based on dashboards data.
- Accessibility: Billions of data points are available at your fingertips. Yes, you can access your dashboards via the Infoveave mobile app.
- Action on Data: Based on the performance of your data, you can assign actions to respective stakeholders directly from the Dashboard.
A strategic dashboard provides upper management with a bird’s-eye view of the organization and significantly improves data transparency across teams.
Operational dashboards (how we are doing)
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.
Analytics dashboards (measure)
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:
- What-if analysis to forecast the organization’s future performance based on market conditions
- Perform statistical analysis to understand factors contributing to the trend or influencing certain outcomes.
- Implement the use of Machine Learning (ML) modeling to make predictions based on historical data.
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.