What is Dashboard?
A financial dashboard is a management tool that aids in tracking all critical finance KPIs, allows for efficient cash management, and allows for detailed monitoring of expenditures, sales, and profits to achieve and exceed a department’s or company’s financial goals. Dashboard – Business, Executive, KPI
What are the types of Dashboard?
The different types of Dashboard are as follows:
Business Dashboard
A business intelligence tool is a form of company dashboard. A dashboard is a graphical representation of the key performance indicators (KPIs) or metrics that influence whether your digital marketing plan achieves its objectives. The business dashboard also serves as an information management tool, allowing us to analyze data, identify potential problems, and take corrective action.
Executive Dashboard
An executive dashboard is a computer interface that displays the key performance indicators that executives need to manage a business efficiently. It’s a computer reporting tool that displays data about an organization’s performance in a graphical or visual format.
MIS Dashboard
A dashboard is a type of management information system (MIS) that allows executives and other stakeholders to set goals and track key performance metrics.
Project Dashboard
A data dashboard that provides critical performance indicators for specific projects is known as a project management dashboard. A project management dashboard can show data for a project’s overall performance and progress and identify specific issues that need to be addressed.
KPI Dashboard
A KPI dashboard is a concise visual representation of the most relevant data that decision-makers need to achieve their goals.
Marketing Dashboard
A marketing dashboard is a reporting tool that uses data visualizations to display marketing analytics, KPIs, and metrics. Marketing dashboards are intended to give teams a real-time view of their marketing performance.
Sales Dashboard
A sales dashboard is a technology that allows c-level executives and managers to effectively administer and monitor sales KPIs in one central location while also assisting teams in achieving sales targets by providing extensive analysis of sales performance, cycle durations, and sales funnels.
What should be included in a Dashboard?
Key information that must be included in a Dashboard are as follows:
Financials
The cash management dashboard starts by looking at your current and quick ratios. The current balance is a financial indicator of a company’s liquidity and capacity to pay short-term liabilities (debt and payables) with short-term assets (cash, inventory, receivables). This KPI is just the ratio of current liabilities to current assets, and it reflects your company’s ability to use the money for acquisitions or debt repayment right away. To ensure that you can pay your commitments at any moment, you should always aim for a ratio greater than 1:1. This financial Dashboard allows you to quickly confirm that your business has the financial flexibility it requires to survive and develop.
Key Business Drivers
The Dashboard focuses on four key elements that CFOs will find helpful and exciting: costs, sales targets, gross profit, and customer and employee happiness. Within the Dashboard, you may easily link another dashboard and implement specific areas of interest such as market indicators, customer analysis, investor interactions, cash management, and so on. Revenue, gross profit, EBIT, operational expenditures, and net income are among the critical metrics displayed at the top left of this financial analysis dashboard. As a result, every CFO will have a comprehensive picture of the financial results for the first quarter of the year.
Burn Rate
Burn rate is an example of a financial measure that can vary quickly. The earlier you can spot significant changes in your data, the better prepared you’ll react before the problem escalates. A data dashboard allows you to keep your most essential metrics visible, allowing you to track them without going through different data sources.
What is the purpose of a dashboard?
The fundamental goal of a business intelligence dashboard is to make visible the indicators that must reach a particular value in order for the company to achieve its objectives. It also allows businesses to access vital data, analyze patterns, and devise action plans. This helpful tool will also assist you in developing a digital marketing strategy for your business.
So, how might a corporate dashboard assist you in your daily tasks? Consider the following options:
Compile and disseminate information
By understanding all of your company’s data, the Dashboard will convert you into a true expert. An easy-to-use business dashboard software can make essential information for your company readily available so that you can make better decisions and share it with others.
Decide the company’s path
Your strategic decision-making will be significantly more accessible and dependable due to presenting KPIs in interactive graphs and conclusive graphics. To get the most out of your data and understand how your business is operating in real-time, you’ll be able to look at historical data, trends, comparisons, and more.
Take quick action
Having real-time access to KPI performance will allow the company to react quickly to any changes that occur.
Improve your efficiency
The person in charge of the business dashboard can combine this information into an easy-to-read Excel spreadsheet, reducing turnaround times and improving management.
FAQ’s on Dashboard – Business, Executive, KPI
What should be considered while presenting a dashboard?
- Understand the profile of the audience
- Selecting the relevant Dashboard
- Simple & visually clear
- Right Chart types
- Consistency in Data formatting
Do I need a Dashboard?
Dashboards have been utilized and implemented by various sectors in recent years, including healthcare, HR, marketing, sales, logistics, and IT, all of which have seen the value of dashboard adoption as a means to cut costs and improve productivity in their respective businesses. You always want effective outcomes and precise measures to be done when a problem is identified, regardless of whatever industry you’re in or how large your organization is. Hence, Dashboards are necessary.
What is the importance of a Dashboard?
- Informed Decisions
- Control the pulse of the business
- Focus on Key KPIs
- Instant access to critical information
- Data transparency
- Accountability
- Gamification of business metrics
How can SattvaCFO support Dashboard Designing & Reporting?
A visually structured, intelligible, and customized dashboard can help stakeholders to decipher company’s key information. Dashboard – Business, Executive, KPI
SattvaCFO can help to design, implement Dashboard Reporting with world-class finance talent. Please connect with us.
