You don’t need a crystal ball to predict your company’s future. You simply need a clear picture of where you’ve been, where you are, and where you are going. You can’t do any of this without having financial dashboards within your business intelligence reporting solution.
Business dashboards take their name from the ever-familiar automobile dashboards. And are used in much the same way. Under the hood of your vehicle, or within the software of your electric car, there may be hundreds of parts/processes which impact the performance of your automobile. Your dashboard (or screen) summarizes the functionality of your parts/systems using visualizations so you can have peace of mind to simply focus on driving your car. Without worry that your vehicle will leave you stranded on the side of the road.
Likewise, in today’s business world, we don’t want to have to worry about being left stranded…in data overload. The tendency now is towards more data, or what we call, Big Data. Extracting and analyzing all of that data is the key challenge. Which is why dashboards have become an absolute necessity in determining overall business performance.
Simply put, dashboards are used to highlight key performance indicators (KPI’s), business metrics, and analytics in a visual and interactive way. It’s your pretty picture, or not so pretty, of your company’s overall health. The better information you have, the better decisions you can make.
While producing financial reports should be standard protocol for every organization, dashboard reporting is a vital process many companies are lacking. And if they do have it, oftentimes they are still doing it the old school way.
In order for you to receive the most benefit, your dashboard reporting software must include the following:
Jeana has been in the software industry for 13+ years specializing in ERP reporting solutions. She has decades of experience in creative content development and marketing and enjoys exercising, traveling & spending time with her husband & twin boys.
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