Reasons to Start Using BI Tools like Visualization and Dashboards
A dashboard works by connecting with your business systems, including your email system, customer relationship management (CRM) system, accounting software, and website analytics program, among others.
A dashboard pulls all these data into one place so you won’t need to log into several systems. It allows all business owners to better manage their business and consequently increase sales and profits.
Using a wrong kind of dashboard approach such as making dashboards in Excel, using charting engines and wrting it from scratch or desktop only dashboard software can give you cheap results but in the long run, these are throw away techniques
Using the right BI Tools can transform both your enjoyment and success in running your own business. In more specific terms, the right dashboard will provide you these 6 key benefits:
1) Increases insights and visibility into your business
A BI tool like dashboard gives you great insight and visibility. You will know exactly what’s going on in all areas of your business, and know what works and what doesn’t. For example, when you send an email blast to your customers, your dashboard will show you how many opened the email and how much sales it brought in. These details will automatically show on the dashboard and you won’t need to log in to your email or ask someone to do it for you, as many business owners would.
2) Increases productivity:
A dashboard BI tool allows you to measure performance in numerical terms. For example, the customer service manager of your business will be able to view metrics, such as the average speed in answering phone calls, the return rate, etc. When your employees know that their performance is being evaluated in a dashboard and they can view their results, they will naturally start to work harder so as to improve their performance and resulting figures.
3) Increases profits:
As mentioned, a dashboard BI Software shows how each area of your business is going, so you know which ones are performing well and which ones need some tweaks. Thus, you will know where to focus on in order to increase results. And since your competitors are probably still unaware of this strategy, and are thus focusing their time on the wrong areas, you will gain a great advantage over them. When you know exactly what’s working and what’s not, you can easily increase your business’ sales and profits.
4) Saves a lot of time:
Many managers and staff members spend countless hours creating reports and spreadsheet programs, and logging into their business systems. With a business intelligence software , you can always see the latest results from the reports you need which can be updated every hour, saving you previous hours every month.
5) Improves results:
Anything that is closely measured and monitored improves, so you need to measure every significant aspect of your business, for which a dashboard can be of great help. When you see the key metrics in the dashboard, you will innately start working to improve your results. In this regard, a good dashboard automatically shows success indicators, such as a red arrow pointing down when you’re not doing well and a green arrow pointing up when you are. Consequently, your sales and profits will soar high.
6) Reduces stress:
When you build a dashboard, you will get an email every day which shows a summary of your business. It includes your profits, sales, email results, customer service results, advertising results, and more. For each of those key metrics, you will see your monthly results and be able to compare them to the previous month or year.
Therefore, you can quickly scan each aspect of your business to know how you’re doing. And in case there is a problem, like when the revenue from your email marketing went down, you know who to contact to fix the issue. So even if you’re not in the office, you can be at ease, knowing exactly how your business is doing and which areas require improvement.
Building Your Dashboard
When building a dashboard, consider using Free Dashboard and Business Intelligence application like InfoCaptor. Today’s dashboard and reporting software are highly capable so you should not be thinking about building or re-inventing the wheel by the use of charting engines.
The ideal dashboard securely and automatically connects to your data in real time, in order to update continuously in real time. Additionally, the dashboard should be accessible via a web browser and be available to anyone who needs it, instead of being housed on a single desktop.