When a pilot is flying an aircraft the most important ‘dashboard’ is that which displays the airspeed. Should the Airspeed fall below a certain threshold the aircraft risks stalling and over speeding will place additional unwanted stress on the airframe.
“There are three speeds pilots use during takeoff and when making any decision. V1, Rotate (Vr) and V2”
A small but very important point is that the pilot not flying announces to the pilot flying these three critical speeds. As a CEO who is your co-pilot relaying these critical readings? your CFO/CTO/CIO, Dashboard or a hybrid?
With this in mind, as a decision maker within your organization what is your Air Speed indicator? what is that one most important figure which must be kept within strict boundaries and used to facilitate decision making?
A sales-oriented CEO would focus on the closure rate, a CFO potentially focusing on the Debt percentage to revenue and a shareholder on profitability.
Each position and industry comes with different challenges, hence a different ‘airspeed’ indicator is required. The exciting part of any business is how to extract this one dashboard amidst the array of data present in modern day organizations and how to design the dashboard in a way so that its useful and future proof.
They say “With the right dashboard you’ll be confident in every decision & have a real time birds eye view of your business!” but the key here is the right dashboard.
Once you have defined what critical information the dashboard should contain, it’s time to implement it. For a dashboard to be useful, it needs to offer information that helps drive business decisions in real-time, usually by combining different sources of data and monitoring key performance metrics. Business Intelligence Dashboards can also be augmented through the deployment of Machine Learning models.
In a dashboard, you can usually track your revenue over time based on past data. However, by applying a Regression Machine Learning model to predict revenues, you can also project revenues into the future, and see the predictions update in real-time, as changes that affect revenue occur in your business.
You might want to apply Machine Learning to several other problems, depending on your business and industry, and then monitor them consistently through a central dashboard.
Design plays a vital role when Dash-boarding, going in without the necessary preparation will result in a dashboard that’s useless, hence the necessary time must be spent designing the dashboard which best suits you are the decision maker.
The dashboard must become part of your every day life, it must have what we call the feel good factor which is only achieved via an iterative design process: Discovery, Wire framing, Styling, Implementation, Testing.
The right dashboard coupled with Machine learning techniques will then support the marketing team to run highly targeted campaigns which drive sales and profitability. The campaigns will be tracked down to the last cent, allowing a clear back track from spend to return on investment.
Would this dashboard facilitate your business discussions ?
Best of luck with your dashboard design adventures the effort spent is a great investment.
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