To run your business effectively, you need information. The people in charge need to be able to see what is happening in every department, market and location. Without that, you can’t expect to be able to make the right decisions for your company.
An executive dashboard is an easy way to bring all this information together in an easy to read and understand format. It allows you to quickly get a sense of what is happening in every area of your business. You can see how each area is doing and which needs help with up-to-date information.
How It Works
It works by integrating and collecting data from different systems. So for example, your Qlik analytics platform, connected with your NetSuite CRM and your email. All of this is then pulled into one simple dashboard so allow executives to see the data in the one place.
The one big challenge to creating an effective executive dashboard is choosing the right metrics. I’ve discussed the importance of KPIs before and that hasn’t changed. If you want to get real benefits and insight into your company, identifying the right measures is critical. Find the most important metric to track and start with that. You can then look at what other factors influence that. For example if you are focused on sales then you should also measure leads and marketing spend, as they tie into sales performance. Once you do this for each department you will have a great collection of all the most important metrics to start tracking.
Why Use Executive Dashboards
There are a lot of benefits you get from using executive dashboards to help manage your business.
- Increased Visibility
Having an executive dashboard gives you insight into all aspects of your business. You don’t have to go ask for reports from different managers, you have all the information you need at your fingertips.
- Continuous Improvements
The dashboard allows you to see where improvements are possible and where changes need to be made. You can see where things are going wrong before it spirals. You can keep raising standards when you can see immediate results.
- Save Time
With a single executive dashboard, you don’t have to waste time logging in and out of different systems. If you want to see sales data next to marketing, you can do it from one place. This saves you time and makes it easier to see how everything connects.
- Analyse Performance
After your set goals, it is important to compare the results to them. This is a lot easier on an executive dashboard, where you can have your business plan and expectations side-by-side. This way you can see how you are doing much easier and pinpoint areas that you are falling below aims.
- Employee Performance
Everyone works better when they know they are being monitored. It automatically makes you more work harder and more efficiently. Employees can also find out the areas they need to work on. This will lead to them being able to work on the areas that need it or devote more of their time to tasks they are better at.