Dashboards are a real buzzword we all know that.
It is actually a term borrowed from the Car industry. That makes sense- all of the important information right in front of you. In the case of driving a car it would be speed and fuels levels wouldn’t it?- to enable you to make decisions, slow down speed, top up your fuel tank, distance driven?.
There are numerous types of dashboards around, you will no doubt have heard of –
Metrics Dashboard
Business Intelligence Dashboard
Operational Dashboard
Performance Dashboard
The list can go on……..
In the world of data overload, the generation of a well-designed dashboard can be a breath of fresh air that has both Business and Technical benefits to organisations.
I can allow the presentation of critical data (or metrics) to enable quick and effective decisions In essence all of the above mentioned dashboards are the same type of document -a communication of critical data and transforming it into relevant information that the reader can make sense of and makes decisions on. So, why do I need to know how to build them.
Well, the skill in is great demand because the dashboard report can deliver huge benefits, both Business and Technical to an organisation. Let’s take a close look at why you need t how to build them.
1. Improved Decision Making With the right information in front of them a faster decision can be made. Instead of columns and rows of Excel data to wade through, end users can easily spot trends, dips in sales, sales growth in certain sectors, underperformance. They will see the top level analysis of this data, and depending on the metrics used can have birds eye view of the key metrics in the organisation.
2.Faster Time To Market. It makes sense if you can see trends in your data, like a demand for a flavour of ice cream you can respond with confidence, making the decision and implementing a route to market as fast as possible.
3. Improved Competitive Advantage If you know your metrics, you can be ahead of the competition. Swift decisions can be make with a quicker route to market giving you competitive advantage over you competitors.
4. Improved Productivity and Profitability These two should then result from all three points above. Working on the most accurate important information without being distracted by any data noise that is always associated with data overload.
5. Problem Detection As well as looking at opportunities to make business decisions to gain competitive advantage, dashboards are a really good way of identifying problems areas in the business. Falling sales in a certain area, reduced profit and even underperformance of staff can all be easily identified with a good dashboard.
These can be addressed swiftly saving the organisation time, money and resources. In conclusion, a good visual dashboard will identify trends both positive and negative for the organisation. It is the ultimate tool for decision makers. Take a lot of data and turn into a very visual format so you can focus immediately on what is important.
Dashboards are a hot excel topic at the moment and a skill you definitely want in you Excel toolbox.
Employers are now asking specifically for these Excel skills when recruiting.
Get ahead and get Excel dashboard trained!!
