The 5 most important benefits of BI dashboards
Running a business is filled with challenges, but things can become a little easier when you leverage the benefits of BI dashboards. A business intelligence dashboard helps you make the data-driven decisions you need to succeed.
The days of reading written reports to understand the state of your company are over. A customized BI dashboard makes it possible to gain real-time insight into your enterprise. As a result, you can carry out the right analysis and make high-level decisions at the right time.
What are BI dashboards?
Business intelligence dashboards use a variety of data visualizations to help executives, managers, and strategists gather and manage information. Such data visualizations can include charts, graphs, reports, and overviews.
A BI dashboard can connect multiple sources of data and transform it all into actionable business insights. These insights are accessed and displayed from one platform, and they can be shared and easily assessed by all people within an organization.
Why do companies use BI dashboards?
1. Enhance visibility
Custom dashboards present data in a way that is clear and intelligible to your executive team. Your business performance will depend on the next few moves you make. You cannot afford to make decisions based on information that is misunderstood.
2. Save time
It takes time to write and pull together reports and spreadsheets. Given the pace at which modern business operates, you do not always have that extra time. BI dashboards display data as an easy-to-interpret visual overview, making it simpler to decide and act.
3. Help with forecasting
With better insight into business trends, it's easier to predict future demand. Using this tool will allow you to set more realistic near- and long-term goals.
4. Display key performance indicators
Your BI dashboard will provide managers with an overview of current KPIs. As a result, they can assess the performance of various areas of the business and take correct action.
5. Help with inventory control
BI dashboards users can also benefit from enhanced inventory management. With instant access to historical data, you can optimize inventory allocation across stores and reduce the risk of under-stocking or overstocking goods.
6. Provides real-time customer analytics
With real-time insight into current customer behavior, you can improve the ability of your sales teams to concentrate on the right customers at the right time.
7. Better decision-making
A BI dashboard strategy gives you a single point for connecting to, interacting with, and assessing all data relevant to your business. When everyone on your executive team is able to see the same facts at the same time, you can work better together and make sounder decisions.
What do BI dashboards have on them?
BI dashboards come in all shapes, sizes, and colors (literally). However, the majority of business intelligence dashboards usually include a few common elements. Let's break down the core features of BI dashboards.
1. Customizable interface
Make custom dashboards that prioritize and show the data that is most relevant to your department, job role, or needs.
View, change, adjust, highlight, and otherwise manipulate data and corresponding visualizations in real-time.
3. Real-time data
Access the latest data at all times and rest easy knowing that you're always working with the most accurate picture of your business.
4. Sharing capability
Share your data displays with all members of your team simultaneously. Meetings and strategy sessions will have more impact than ever before.
What are the benefits of BI dashboards?
As mentioned previously, BI dashboards can be customized according to individual users, needs, level of granularity, goals, specific integrations, and more. Each member within your organization can customize their dashboard to present the most valuable set of information for their job role.
The BI dashboard can bring large amounts of information together in one display. At a glance, you can view an overall situation and start thinking through appropriate responses.
3. Ability to drill into detail
BI dashboards have the ability to take you deeper into the details of a particular area, metric, or situation. Understand exactly where anomalies and outliers exist and why.
4. Intuitive data presentation
Business intelligence dashboards are designed to be intuitively understandable to every user. No need to waste valuable company time on lengthy training sessions.
5. Accessible through mobile devices
Most BI dashboards can be accessed through smartphones and digital tablets. Work from anywhere with any device and maintain access to your most important insights and metrics.
How to get started with business intelligence dashboards
If you want to implement a business intelligence strategy that is sound and effective, then it's time to incorporate a BI dashboard that works for and with your team.
Teamworks can help you make this transition. Our team provides world-class, fully customized BI dashboard solutions for businesses of all sizes. Give us a call or reach out to us online to learn more about our BI solutions.