Enterprises today are under more pressure than ever before to capitalize on all that stored data — to turn insights lurking within billions of data points into tangible value for the organization. And in today’s fast-paced business world, static reports and dashboards simply aren’t going to provide decision-makers with the cutting-edge information they need to drive positive business outcomes. Businesses today need speedy, interactive insights they can trust, in a format that employees outside the IT team can easily understand.
As a result, the data analytics dashboard of today looks and functions differently than in years past. What are some useful things you can do with the modern data analytics dashboard?
Tracking & Prioritizing KPIs
The advantage of being able to collect and analyze more data is that pretty much any metric imaginable is available to track. But this is a double-edged sword, as it can also drown teams in data without careful prioritization.
Defining key performance indicators (KPIs) — or those select metrics relevant to an organization’s underlying strategy and wellness — is critical. Otherwise teams end up spending an inordinate amount of time wading through metrics that may or may not really align closely with performance. Getting sidetracked is inevitable without clearly defined and displayed KPIs.
Every organization, regardless of industry, benefits from setting targeted KPIs — and making them available to all in a convenient companywide dashboard.
Here’s just one example: A hospital wants to boost its patient outcomes, so administrators and clinicians decide to make healthcare-association infection rates a KPI. And they add it to the hospital-wide business intelligence (BI) dashboard located within a secure portal. Suddenly everyone within an organization, from nurses to custodians, surgeons, assistants and administrators can monitor this metric, actively working to do their part in reducing infection rates for the betterment of patients and the bottom line.
Organizations must first decide what’s truly important to them. Then they must make these metrics available to those who need them to guide decision-making and operations.
Embedding New Insights as They Emerge
Thanks to self-service BI, employees throughout an organization are empowered to uncover insights as they go. People can ask questions and get answers in seconds — much better than having to wait for a static report back from the IT team. But it’s what users do with those answers that determines their impact and value. Platforms like ThoughtSpot make insights embeddable into flexible analytics dashboards that serve as a hub for the latest metrics and charts. Then anyone with permission from centralized governance can interact with these dashboards, gaining access to new insights in real time.
Allowing Employees to Drill Down
Static charts and graphs convey a finite amount of information; asking further questions requires re-visiting the query, which can mean delays and extra hassle. But today’s most advanced data visualization models embedded in analytics dashboards are interactive, so employees can just keep clicking to drill down. Giving employees a more holistic view of every insight tends to help them interpret information with valuable context, ensuring they understand exactly what they’re seeing from multiple angles.
Sharing Insights with Decision-Makers Anywhere
The final function of effective analytics dashboards we’ll discuss here is the ability to create a centralized hub of information for a decentralized lineup of employees and partners. As one CEO cites for Inc., 63 percent of companies have remote workers. And yet so many organizations with workers spread out among multiple locations fail to set shared goals, develop company values, prioritize transparency and streamline communication.
Giving employees access to the freshest, most relevant and usable information via a shared dashboard will go a long way in getting everyone on the same page quickly.
As you can see, you can accomplish many useful functions with the flexible analytics dashboards of today.