Today, 90% of corporate strategies will explicitly mention information as a critical enterprise asset and analytics as an essential competency, and a great business intelligence (BI) dashboard leverages that. We’re sure you know there are many uses and benefits of a BI dashboard, but did you know there are only three key components to ensuring you get the most out of it?
Understanding the Purpose for Building the Dashboard
A BI dashboard should tell a colorful story that anyone can simply look at and effortlessly digest the data without an explanation. Think of a BI dashboard as akin to the dashboard in your vehicle. You can tell as soon as you get into the car if your gas is low, if you need to add more window wiper fluid, or if it’s something more urgent like the check engine light is on. A BI dashboard offers the same high level of detail all on one screen with the ability to probe deeper into the numbers so you can uncover additional details.
When configured correctly, a BI dashboard is a useful way to display your business data, like key performance indicators (KPIs) and other important real-time metrics to everyone, even the non-data savvy people. You and your team can have a one-stop-shop that accurately measures progress towards goals through clearly displayed metrics that show if you’re meeting or lagging on objectives and goals.
BI dashboards provide a comparison between data points so you can quickly see what’s happening in your business. They also empower users to make real-time informed decisions which is a huge factor in gaining that elusive competitive advantage. Jacob Specht, VP of Executive Analytics at BT Partners says, “Some people might like charts, some might like numbers, and some might like tables. This is all possible with the DOMO BI dashboard. Keep this in mind when building your own customized BI dashboard.” Become a storyteller with the data in a cohesive way that is valuable for everyone.
Tailoring Your Visuals, KPIs, and Metrics to the Dashboard’s Audience
When configuring your BI dashboard, have the end state in mind. For example, “If I could snap my fingers and see all the information on my business in one place, what would that look like?” Most people end up actually wanting 3-5 different reports or dashboards for different categories, and that’s okay. What factors do you consider when deciding what to put on a dashboard? This depends on the audience.
Think about what the end-user wants to see when building the dashboard. For example, your executives might want high-level metrics, whereas the boots on the ground person might want the most granule piece of data they can get. This might mean you have to sit down with the people who are going to use the dashboard and figure out exactly what it is that they need so they can efficiently make accurate data-driven decisions. Having an idea laid out beforehand of what data you want to see regularly, and how exactly you want that data displayed is key to getting the right dashboard for you and everyone’s needs.
Once the dashboard is live, ensure you provide education and training on how to utilize the dashboard, along with its features and the information it provides, most effectively. In companies where all personnel has been educated about how to leverage data, 88% exceeded business goals, compared to just 61% of those with few trained employees. This includes continuously working towards building a data-driven culture within your organization. Create an environment that gets people feeling comfortable with data, so they rely on that instead of best guesses or gut instincts.
Find the Technical Resources Necessary to Build to Spec
The global business intelligence market will grow to $33.3 billion by 2025. However, choosing a partner or hiring an internal resource, is critical to getting the best ROI. This is especially true with the DOMO software. There are great experts for general BI, but DOMO is a comprehensive system that can be best leveraged with people who specialize in it.
Successful partners specializing in the DOMO software will show you just how limitless you can be with your data. They can also help implement the DOMO software in your workplace and get you comfortable and confident using its tools and features. Once you’ve been trained and you’re set up and running happily with dashboards for each area or key staff member, your team can be fully self-sufficient (if that’s what you want). Of course, your partner can also continue to offer expertise and support suited to your unique needs. Poorly designed dashboards fail to communicate actionable data, so ensure you hire a knowledgeable partner and specialize in the BI software you implement – perhaps like BT Partners, we hear they’re great.
Now that you know the purpose and some of the benefits an effective BI dashboard can provide businesses, feel free to reach out to us with any questions you may have. The right insights are essential for knowing what makes your business tick and we are here to help you with that.