Strategic Business Intelligence
It is only logical to expect that business intelligence (BI) will be available to the key decisions makers given the fact that its primary purpose is to allow them to make effective and informed decisions. One of the key tools to achieve this goal is the dashboard. At its best, it enables employees from quite varying locations to access, interpret and even share business intelligence. The dashboard also saves them from the hassle of actually going to the data sources in order to negotiate the details. This article highlights the basic features of the business intelligence dashboard and how they can be used to improve the quality and appropriateness of business intelligence.
Business Experts
Essentially the dashboard has many of the characteristics of any given executive information system in as much as it gathers data from various sources and presents them in one place for the database interrogator. Some dashboards are so effective that to the uninitiated it could appear that the data was extracted from one source. A case in point where market trends from online analytic are combined with in house product sales information to create a marketing mix that flashes up on the dashboard. This is the essence of market intelligence in as much as it involves the collation of disparate data which is converted into highly sophisticated management information.
Business Solutions
Although most companies would prefer to design their own bespoke modules, the market leaders by volume and coverage really fall into three categories: stand alone software packages, web browser systems and desktop widgets. However anyone of these can be adjusted to meet the specific requirements of the various business intelligence requirements of the company. The adjustments don’t just have to be at the design stage but rather the variants can be aligned on an adhoc basis depending on business period requirements. Other organizations will also create branded in-house versions which broadly fall within one or more of the categories mentioned above.
A key feature of dashboards is that they reap the benefits of interdepartmental working for the executive without having to access individual metrics. It is also possible to create relational patterns and scenario frameworks to enable the decision maker to take a predictive approach to business intelligence. Inevitably the stumbling block will always be data quality and relevance. This is particularly important when the dashboard system comes ready made and no significant adjustments have been allowed to enable the localization of output. Seemingly simple issues such as the difference between four weekly reporting cycles and the calendar month have been known to take months to resolve leading to the loss of vital business intelligence.
The fact that the information is collated about various departments means that the dashboard reduces the costs of multiple reports and also enables comparative analysis as well as highlighting examples of good practices which the executive can introduce to less effective sectors. In short the dashboard is a collegiate business intelligence tool that enables the core functionality of evidence-based decision making to be undertaken within the organization. For many large businesses this has been truly transformative technology.
Business Experts
Business Intelligence, Comparative Analysis, Interdepartmental, Market Intelligence, Marketing Mix, planning and strategies, Relational Patterns, Scenario Frameworks
