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- How Business Dashboards Can Help Grow Your Business
Posted by : Amanda Stein Monday, January 27, 2014
How did businesses like Google & Facebook grow from small projects to multi billion dollar businesses? How do they know what their users want? They measure everything, identify growth areas and chase those opportunities continuously. Just like the dashboard on your car tells you how fast you are going and highlights any problem areas, a business dashboard tells you how your business is doing. You are prone to accidents if you don’t know where and how fast your car is going. Similarly, your business will be prone to problems if you don’t monitor it using a business dashboard.
Business Dashboards are reports that provide at-a-glance view of critical numbers & trends about your overall business and business areas like customers, sales, marketing, etc. If you don’t monitor them regularly, you will never know if there is a sudden drop in customers or sales. By the time you realize, it will be too late to do anything about it.
Business dashboards provide a single point of view for all the key information about your business. E.g, you can have a dashboard which shows total no. of users, total sales, monthly growth, monthly profits, etc. Business dashboards tell you where to look for growth, what is working and what isn’t. They also give a clear view of the critical areas of your business. E.g, you can have a customer dashboard for to see different types of customers for your business, the products they buy, etc. You can use this information to spot opportunities & risks early on and do something about it.
One of the most important benefits is that business dashboards provide a visual representation of information. You get better insights quickly. It is easier to remember trends than numbers.
Would you remember the numbers in the table on the left or that there was a dip in March sales in the chart on the right?
You can use business dashboards to set goals for your business and measure performance against them. E.g, you can set to achieve a certain number of users or sales over a given time. You can track the progress every week on a business dashboard and change your course accordingly. After all, anything that is measured, can be improved.
Business dashboards help you check your decisions. E.g, if you want to launch a new product or feature for teenage girls, you can look at the past sales trends for that group to understand their preferences. This helps you identify your customers correctly and create better offers & campaigns to target them. There is so much valuable information hidden in your data. Business dashboards help you unlock them.
One of the key problems businesses face while building dashboards is that they need to allocate developers & resources to program them. It takes months to build one from scratch. This makes it difficult to focus on their business. Also, it is a recurring effort. As your business grows, you need to start monitoring new areas of your business. You may also feel the need to modify the existing dashboards to see different things. This causes a lot of back and forth, and keeps your developers engaged all the time in building & maintaining dashboards. One solution is to use an out of the box dashboarding tool which eliminates the hassle of building & maintaining business dashboards.
As it is cloud based, there is no need to have an IT team to maintain it. Users can focus on looking at how their business is doing and taking actions instead of spending time building reports. It automates the task of getting insights from your data and presenting it in an easy-to-understand visual manner. You can check in everyday or once in a while to directly see the latest results. No need to process your data every time.
Also, it does not require programming. You can easily create or modify dashboards using a drag & drop interface. Also, the data is secure as you don’t need to upload your data to the cloud.
This makes it a convenient tool to monitor user signups, sales activity, customer trends, product usage, etc on a regular basis. As it is web based, you can easily share reports as PDFs or Images across your team.
So what are you waiting for? Grow your business faster by tracking the right information, getting answers to key questions.
Author Bio: Sreeram is the founder of Ubiq. He is passionate about data analytics & web development.