Dashboards are now present in most of the mobile and web apps that we use on a daily basis. In fact, from business intelligence suites to apps used to share images all have dashboards.
Dashboards serve the crucial purpose of transforming opaque and dull data into valuable insights. So, let us start with the basics by taking a quick look at what a dashboard is and how it can benefit your business.
What Is A Dashboard
In simple words, dashboards can be defined as a tool that is used for business intelligence and information management. Data dashboards function a lot like the dashboard of a car. Data dashboards serve the crucial function of displaying, storing, and organizing information from multiple sources to a single place within the dashboard.
When you are using a data dashboard, you will be easily able to draw parallels between important metrics of your business. Dashboards also give you a clear and in-depth understanding of potential challenges. This will help you to address and resolve the challenges without any hassles.
What Is A Business Dashboard
Dashboards that are used by businesses come under the category of business dashboards. However, business dashboard is a term that is used to define a reporting tool, which performs the function of tracking crucial business information, monitoring the intelligence initiatives, and reporting data to the stakeholders. Most effective business dashboards put more focus on top-level business data, which affects the overall success of a company.
What Is An Executive Dashboard
Executive dashboards serve the crucial function of holding and gathering information, which is essential for stakeholders to run a business or company. The functioning of executive dashboards is pretty much similar to that of business dashboards. However, what makes them different is that the information in them caters specifically to the expectations and needs of executives.
What Is A KPI Dashboard
Key Performance Indicators or KPIs give you a detailed picture into the performance of a business with ease. These indicators are integral for businesses, as they can play a crucial role in helping businesses to attain their long-term goals. This is why it is important for KPIs to be tangible and measurable so that each and everyone in your business have a clear idea on what they are and what they convey.
What Are Project Dashboards
Project dashboards are pretty similar to KPI dashboards because they also track tangible businesses. That said, the primary goal of project dashboards is not focused on boosting marketing revenue or hitting a certain sales quota. Instead, it is about tracking certain metrics, which is related to the completion and progress of a project.
What Are Operational Dashboards
Operational dashboards can be described as a reporting tool, which can be used to monitor business processes that change frequently. In addition to that, these reporting tools also make it relatively easy for users to track the performance of KPIs.
What makes operational dashboards different from other dashboards is that the data updates happen frequently here. In fact, the data updates in operational dashboards may happen on a minute-by-basis at times. Operational dashboards are designed in such a way that they are capable of monitoring progress towards a particular goal.
What Is A Strategic Dashboard
Strategic dashboards are effective reporting tools that are commonly used by business executives to monitor the KPIs of a business. The data in strategic dashboards gets updated regularly, but it is not as frequent as that of operational dashboards. Strategic dashboards are viewed mostly once in a day and they provide key data about KPIs that will help businesses to stay on top of their business goals.
What Are Analytical Dashboards
Analytical dashboards are used by several businesses to analyse and keep track of large volumes of data. This will allow businesses to discover key insights, predict outcomes, and investigate different trends. The data in an analytic dashboard should be up-to-date and accurate if not it will negatively affect businesses. The data in these dashboards are updated not as frequently as operational or strategic dashboards.
It is important to identify the KPIs of your business and thoroughly decide your business goals. This will surely help you to decide which type of dashboard is the ideal option for your business.