Imagine that you’re test-driving a new vehicle. As you accelerate, you glance at the dash – everything you need to know about the performance of the vehicle, even where you’re going, is right there in front of you. Now let’s apply that scenario to your business. From your office chair, you glance at your computer where you can see everything you need to know about your company’s performance, and even run a forecast to determine the best route.
Just like car companies are steadily adding intelligence to dashboards (think 360-degree sensors and phone syncing), software companies are developing lightning-fast management dashboards with powerful reporting and forecasting tools. For most business managers and owners, the most appealing feature of the dashboard is that everything is available in one spot. It’s instant, accurate, and the data is there when you need it.
Using business intelligence to drive a midsize company
Business owners like Ray, who runs a midsize manufacturing company, rely on dashboards to assess key performance indicators (KPIs). He alternates semi-monthly meetings with his sales and operations teams to discuss KPIs and required actions. “Before we had dashboards, we spent far too much time managing huge spreadsheets, and no one really paid any attention to them until it was time to meet,” says Ray. “Now, we have one real-time view into the business so I don’t have to wait weeks to find out if something’s coming off the rails.” Ray also uses the dashboard analytic features to run cash flow projections and what-if scenarios.
Top 5 dashboard advantages
- Improved business performance through KPI management
- More efficient and empowered employees
- Faster, fact-based decision making
- Greater accountability
- More proactive, strategic business focus
The last bullet is perhaps the most poignant of the dashboard advantages. Ray found that giving everyone role-based access to real-time business intelligence made them better managers. “This was an unexpected benefit,” he says. “As a team, we’re thinking ahead rather than focusing on what happened in the past. It’s like the blinders are off and we can see where we’re going.” When asked how the change impacts him, Ray simply replied, “It makes my job a whole lot easier.”
Takeaway – Stop looking in the rear-view mirror
Most small and midsize businesses reach a point where, to manage continual growth, they need to empower managers with current, accurate information to drive the business. Talk to an IT provider about how you can get KPIs visually displayed and automatically updated so that you’re focusing on the road ahead.
Relevant links:
> Case study: A growing high-tech company streamlines decision making
> SAP Solution Brief: Real-time analytics and reporting for small businesses
> Ask an expert: Submit your question