With the volumes and volumes of data that many organizations have at their disposal, many executives overlook some of the best strategies to support optimal decision-making practices.
Here are three tips to mine the riches of your data with smart dashboards:
- Make your metrics actionable
No matter how many reports you generate, data isn’t going to do much for you if it’s not actionable.
Information for information’s sake is entertainment, not an asset. Choose metrics that will help you make decisions and foster movement. For example, a metric that compares the performance of two similar product lines gives you feedback about what features your customer base is responding to. Then you can make decisions about increasing production of one line or modifying design in the other. Actionable metrics move your business forward.
- Keep current
One of the great advantages of dashboards compared to traditional reporting is that they deliver real-time data instead of historically-driven information aggregates. Business has become more time-sensitive than ever, and the ability to respond quickly to events in the marketplace or feedback from market analysis and product performance has become more and more essential. You could go so far as to say that obsolete data is worse than no data at all; it can lead to poor decision-making and unwise strategies that cost the company dearly in wasted time and resources. The more current your data, the more insightful it is. Dashboards can help you stay on top of your business in real-time.
- Get your dashboard to talk to you
Once you start working with real-time, up-to-date data, let your dashboards work for you by setting alerts to notify you of any meaningful events. Instead of a passive report-based paradigm, dashboards can become your marketing scout, alerting you when production reaches a desired level, when performance dips below acceptable benchmarks, or when social media channels are exceeding expectations. Staying current means now you are more capable of striking when the iron is hot, leveraging opportunities and minimizing problems based on current and actual events. If you really want to maximize the value of your data, get notifications to work for you.