The Chief Executive officer (CEO) of a company has several key responsibilities. As head of the organization, the CEO is tasked with the overall performance as well as the performance of each department. However, perusing over mountains of data to assess the performance of each department is a tedious and time-consuming task. In such cases, an executive dashboard or an executive summary dashboard proves useful to get a snapshot of the organization.
Executive Dashboards are a good and powerful tool designed for the modern-day data-driven CEO. This dashboard can be used to create snippets of complex data points that help CEOs and management think tanks understand the incumbent workings of an organization while attempting to develop strategy and forecast future performance.
Each dashboard is made up of several smaller dashboards or reports. Here are three dashboards that would need to be a part of the executive summary dashboard.
#1 Executive Reporting Dashboard
An executive Reporting dashboard is something that is created daily. A well-constructed executive report would help management teams get a better understanding of the activities carried out in the organization for a particular day. This gives a snapshot of the workings of all departments under one dashboard while being monitored against that department’s KPIs. A good executive report is also prepared month on month while helping CEOs and strategy managers make key decisions based on future predictions.
Among the key metrics tracked in an executive dashboard are marketing & sales metrics, product metrics, finance metrics, service metrics (if applicable), Human Resource metrics, and revenue metrics (MRR). The Monthly Recurring Revenue (MRR) metrics are among the most important of the KPIs usually tracked and an executive dashboard helps measure the performance of the company against the revenue.
#2 Sales Performance Dashboard
Sales are the backbone of the sustenance of any organization. It would come as no surprise that sales reports are among the most important metrics that need to be tracked. Sales executives and managers update their reports every month. Typically, CRM software is deployed wherein executives update their DSRs (Daily Sales Reports) which is eventually collated into a WSR (Weekly Sales Reports).
Managers are then tasked with preparing a monthly sales report which eventually constitutes the Sales Performance Dashboard. This dashboard is the cornerstone of business strategy and is generally measured against the company’s MRR. Benchmarking sales and marketing-related activities on this dashboard helps management teams and CEOs make key decisions concerning business development.
#3 Financial Reporting Dashboard
Although Robotic Process Automation (RPA) is disrupting the finance industry, the financial performance dashboard is of immense importance for Chief Executives. Financial reporting is the heartbeat of an organization and is important in helping CEOs make key decisions for each department of the organization.
Some of the metrics tracked in this dashboard are sales revenue growth, Current Ratio, Quick Ratio/Acid Test, and Working capital.