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Dashboards: What They Are And Why Every Business Needs One

Dashboard has been a trending buzzword lately, but what does a dashboard mean in the business world? Simply put, a dashboard is:

"An easy to read, real-time user interface, showing a graphical presentation of the current status (snapshot) and historical trends of an organization’s key performance indicators to enable instantaneous and informed decisions to be made at a glance."

Dashboards often provide at-a-glance views of KPIs (key performance indicators) relevant to a particular objective or business process (e.g. sales, marketing).

We have posted in be past about how to make a winning scoreboard, and want to help you understand why your business should put in effort to get a dashboard up in running. Some benefits of using dashboards include:

  • Simple visualization of your KPIs
  • Ability to identify and correct negative trends quickly
  • Measure efficiencies/inefficiencies within sales performance or campaign strategy
  • Ability to view and generate detailed reports showing new trends
  • Ability to make more informed decisions based on collected datasets
  • Saves time compared to running multiple reports in separate programs
  • Gain total visibility of all teams and programs instantly

Here's a few problem's we've seen teams struggling with:

We're struggling to compare historical data surrounding pipeline and conversion rates at each sales stage to predict outcomes and forecast accurately.

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I want to see how many days it takes for opportunities brought in by my marketing campaigns to convert to leads.

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How can I help my sales teams achieve their goals by identifying potential early warning signals and risks in the sales pipeline?

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With a dashboard in place, these problems can now be solved quickly and efficiently when pumping the metrics you’re already tracking into a visual display. Don’t wait… go now and get your team’s dashboard established, so you can start winning big!

Are you already using a business intelligence dashboard? What other solutions have you found dashboards helpful in finding? We’d love to hear.

August 10, 2016
by
Jacey Lucus
in
Data Tips

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