Dashboard software is any computerized tool designed to simplify complex data sets, reveal patterns, and provide users with a way to monitor business performance at a glance. Modern dashboards use data visualization to improve the user experience of traditional business intelligence.
In 2013, worldwide business intelligence (BI) and analytics software expenditures rose to $14.4 billion, and growth hasn’t slowed since.1 ABI Research forecasts global spending on big data to exceed $114 billion by 2018.2 TDWI research found that 89 percent of organizations see big data as a significant business opportunity.3
Business intelligence software transforms raw data into valuable information that can be used at all levels of an organization. User adoption is highly impacted by end user tools such as reports, dashboards, and data visualization capabilities. Just like the dashboard on your car monitors the performance of your vehicle, a BI dashboard summarizes important key performance indicators (KPIs), metrics, and other data points relevant to the performance of your business or a specific department.
Data visualization is one of the most popular business intelligence tools, since it allows people to effectively see and understand data, and then use it to solve business problems. Dashboards allow you to merge data from disparate sources into a single database, build visual reports and dashboards for analysis, and empower everyone with actionable information.
As the industry continues to grow, so does the push for design-focused, thoughtful, user-friendly dashboards that communicate the most important information and metrics with clarity, simplicity, and most of all, accuracy.
Best Dashboard Software Comparison
Effective business dashboards should be relevant, real-time, and accessible. Their purpose is to create digestible chunks of information so decision-makers can focus on the day-to-day operations of the business. Let’s look at a few ways you can use dashboards to run a better business:
To make the above possible, an effective dashboard usually includes the following features:
Real-time data visualization analytics and tools: The ability to build interactive analytics and reports is the most crucial aspect of a dashboard. To get fast and accurate answers to crucial questions (What is driving sales growth? Where are we spending resources?), you’ll need visualizations that make data easy to digest. These include:
Additional Features: Functionality will vary from system to system, but the following features should be present in a standard dashboard:
Dashboards are a smart investment for businesses that want to make data-driven decisions, but business users don’t all fit the same profile.The most common applications depend on the size of your business or the purpose of the dashboard. Let’s take a closer look at additional considerations for the following tiers:
Enterprise companies will need to create an an interdepartmental way to measure performance on an company-wide basis. This is a large-scale project that requires a BI vendor with a track record of success in your specific industry. Implementation costs, maintenance and enhancements, as well as multi-channel customer service, are all important when vetting providers. Integration with existing systems is vital, so large companies should consider their current technology vendors, as well providers that offer end-to-end suites, to ensure compatibility. Stand-alone dashboard visualization platforms should have the ability to integrate with current enterprise protocols and governance to ensure security.
SMBs will find many mega-vendor business intelligence solutions on the market may be overkill. Small and midsized businesses should first identify their current data sources, then select a vendor that helps consolidate that small data to leverage existing systems. A vendor that specializes in the SMB niche should be considered.
In addition to business size, consider the specific needs of your industry or department. In addition to providing an overview of the company, dashboards be used per department or team. If your company experiences major challenges in one specific business area, a tailored dashboard will more effective than a broader one. You may even need a vendor with industry-specific expertise. Below are a few common types of dashboards that serve specific purposes:
Business intelligence and dashboard software purchases must be driven by a business need rather than simple fascination with the technology. Creating executive buy-in is often one of the most challenging portions of software adoption. To overcome this obstacle, you must prove the need for a system, ensure successful adoption, and achieve long-term ROI. Executives must agree with the initial need for dashboard technology and the value it will add after implementation. Below are some talking points to get you started:
The chief financial officer is the perfect candidate for a business intelligence discussion. As the leader that monitors the big picture of the company, it’s likely they’re already accessing and using company data. They know it’s difficult to collect information from multiple sources: supply chains, production processes, or customer interactions. The CFO may already be using built-in analytics from several disparate platforms to determine where the business needs improvement or how to allocate resources more efficiently.
For them, end-to-end business intelligence is critical. They already have the wisdom to discern patterns and forecast the implications, so a visualization tool that save times and simplifies processes is important. Find out what their process looks like, and highlight how a modern dashboard can bolster and improve it. Present case studies and ROI reports that are relevant to your company and industry to get the CFO on board. The CFO is highly invested in company financials and success. The right business intelligence tools can help make data one of the company’s most valuable assets.
Modern self-service BI dashboards mean IT leaders won’t have to manipulate data and pull reports for everyone. Business intelligence and analytics are a high priority for CIOs, who understand that corporate data can be used to provide insight, analysis, and competitive advantage. The CIO is in charge of aligning technology with company goals and strategy. It’s important to involve them in a conversation about new systems early in the research process.
Discuss how cloud business intelligence and analytics solutions offer CIOs with tight budgets and over-burdened IT infrastructure access to affordable and flexible computing resources. New systems also allow the IT department to reallocate their time spent on reports to more pressing needs. Of course, this new technology requires pulling data from existing applications, so it’s important to discuss system requirements. The CIO can help you pinpoint company needs and create a short list of viable vendors.
Businesses have access to more data than ever before. The trick is to ensure this data is actually helping CEOs make more informed decisions. Leaders often have trouble handling vast amounts of company information. Oftentimes, important decisions are delayed as a result of having too much information.4 Effective dashboards can help CEOs find clarity. They cut through noise to provide clear picture of the business. You must help the leader of your company see how they can actually capitalize on their data.
To do this, focus on the tangible benefits of a system. Enlist the CFO and CIO to help you make the business case for how dashboard software can make an impact on the business and help everyone be successful at their jobs. You’ll have a much stronger argument if your pitch is backed by other leaders.
If you have trouble selling the technology to stakeholders, focus on a getting small proof of concept. Choose an issue that keeps executives up at night, and then pinpoint how BI and dashboards can be used to gain insight on these challenges to gain a competitive edge.
With the help of an executive, run a low-cost beta project in one department to demonstrate the value of dashboards to other decision-makers. Keep the scope small, and focus on metrics and surveys to communicate the results of the pilot. This will help build buy-in and generate support for a company-wide dashboard software deployment.
Company: Discovery Communications5
Discovery Communications is the world’s leading pay-TV programmer, with nearly three billion cumulative subscribers in more than 220 countries and territories. For 30 years, Discovery has been dedicated to entertaining viewers through global television content.
Discovery’s digital analytics team supports more than 20 internal groups with over 40 data sources. They provide customized reports to meet individual analytics needs, as well as executive-level reports and dashboards to evaluate the overall performance of the portfolio.
They were managing the massive demand almost entirely manually, which took time and energy away from the strategic analysis of the data. The approach wasn’t sustainable, and Param Ghangas, Director of Analytics, was tasked with implementing a solution.
Her requirements for an analytics partner included the following capabilities:
“We needed a solution that could take the heavy lifting out of reporting, freeing our data analytics team to focus on creating strategic value. GoodData was the only vendor with the scale, capabilities and expertise to transform data analysis for a company of our size in less than 90 days.” said Ghangas.
Results and Competitive Advantages:
GoodData is one of the top dashboard solutions on the market and can be customized to meet the needs of any-sized business. They were the right provider for Discovery, but you may need a different dashboard vendor that offers industry-specific reports or additional services. To find the best dashboard software for your business, conduct a comprehensive dashboard comparison by using our Product Selection Tool.
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