Drive your business further, faster: an introduction to dashboards

Dashboards’ are certainly creating a buzz right now. But what exactly are they - and more importantly, what can they bring to your business?

In fact, most of us are familiar with dashboards already. Macs for example are packed with 'widgets' -a type of dashboard. If you've ever used Excel to 'chart' your data - well that's a dashboard too. In fact, any application that consolidates information from multiple sources, and presents it in one place, pretty much qualifies a dashboard. What we're talking about is a management information system (MIS): one that draws data from across your business (typically held within a fully integrated finance system but potentially with data being drawn from multiple sources) and translates it into visual formats such as charts, graphs, gauges and speedos. This makes information very quick and easy to understand - just like the dash in your car.

Who are they for?

Everyone! It's easy to see dashboards as an executive toy but their use goes far beyond impressing the board with pretty pictures (although they are good for that too).

For FDs, they are the perfect day-to-day complement to the monthly routine of board pack reporting and the collation of business-critical data. For staff, it enables team members to see how they fit into their organisational structure and to monitor their own personal development. For decision-makers, dashboards provide fast access to facts and information that, due to a lack of reporting proficiency or simply a lack of time, might otherwise wait in IT's to do list.

What should I look for?
Today's dashboard applications vary hugely in their levels of sophistication and it can be difficult to know what's right for you. When choosing dashboard software, we recommend you bear two key things in mind: accessibility and scope.

Accessibility
Bear in mind that a good percentage of your likely audience are unlikely to be tied to the same desk every day. Instead, they will attend many off-site meetings, are rarely seen without their laptop or smartphone and have a strong tendency to work after-hours. Choosing a web-based solution will give these people the flexibility they need to view information when they need it, 24/7.

Scope
Ultimately, an efficient business has a finance system integrated to all other relevant areas of the organisation. This creates a 'single view of the truth' and a dashboard should be no different. An MD for example, would then be able to view all areas of his business within a single tabbed screen, with one-click access to all relevant KPIs and drill down to more detailed information.

Top down vs. bottom up
Each time you receive a standard report in a board pack, you are a recipient of a 'bottom up' approach. This means that information has been collated from various sources such as other reports and spreadsheets, further aggregated and then delivered to its final destination - you. Because of the bottom-up structure, your ability to track back down from report production to the operational source is compromised.

In a top-down approach (as utilised by dashboards), data flow can follow organisational chains of responsibility.  This means that managers at all levels within the organisation can access the very bottom rung of data on a self-service basis. Using drill paths, you can explore where that attention should be directed. This leads to a much faster, more responsible approach to reporting and enables people at every level to action any issues pertinent to them.

Dashboards: Top seven purchase factors
We've looked over the history, technology, advantages and key functionality available in today's dashboard solutions. Here are our top seven business benefits;

View key data 24:7
If you work from home, are always in meetings or on the move, then dashboards could be the answer to your prayers. Choose a multi-platform web-based solution compatible across all browsers and you'll be able to view meaningful data anytime, anywhere in the world.

Get a complete view
Good dashboard software can provide a view of multiple databases from many vendors such as Oracle, Microsoft Access and Microsoft SQL Server as well as flat files like Excel. A truly cross-functional solution enables you to combine multiple sources into single charts to allow comparisons, for example, between CRM and sales data - something that might otherwise take hours to achieve. 

Make better informed decisions using real-time information
Dashboards condense huge amounts of complex information into intuitive formats, making it easy to grasp complex relationships that might otherwise remain buried. And because the information can be real-time (you view the data as it exists at the time you selected that chart), you have a live picture at your fingertips - essential for good decision-making.

Review and improve performance
Good dashboards let you track KPIs over time using an in-built scheduler. You specify when and how you want to track any measure and what comparisons you wish to draw to determine trends, and the system will show you whether performance is improving / declining, and how quickly this is changing.

Reduce burden on IT
With your personalised set of dashboard reports, you could have the information you're looking for in the time it takes to email your request to your IT department. This saves waiting, reduces internal pile-ups and increases efficiency - not to mention your reputation as a doer!

Motivate your staff
Dashboard software provides a framework for team working, enabling your staff to see how they play a part in achieving business goals. For example, teams can be allocated specific KPIs (sales of a specific product, marketing leads) and their progress monitored via a 'KPI tree'. Nodes within the tree are fully configurable to your chosen structure, representing for example, employees, teams and departments.

Support key stakeholders
Share critical data with colleagues, stakeholders, customers, even friends! Dashboard charts can be opened up to intranets, extranets and public web sites to allow anyone to view the chart without needing to log in enabling you to engage with a wider audience.