Building Real-Time Dashboards to Better Communicate, Respond, and Decide
So you have heard the buzz that is surrounding real-time dashboards these days? A lot of business owners are asking their IT team to build or redesign their dashboards to see more information on various aspects of their business, share real-time data, and display important messages and data for team members to see.
The fact of the matter is that the big data revolution is here, and it will stay here for the foreseeable future. Having a real-time dashboard will help you have real-time information at your disposal that will help make better decisions. Real-time data and analytics mean that you have the ability to make more informed decisions.
So what are some of the things that you can do or what are some of the industries where you can use real-time dashboards to your advantage?
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There are two primary types of real-time dashboards:
The purpose of an analytical dashboard is to help top-level brass executives make better and more informed decisions. It helps them establish targets, set goals for themselves as well as their team and all this is based on the insights that they receive from analyzing all the data that is made available to them in real-time through the dashboard.
Operational dashboards are for managers, frontline workers, and department supervisors to help them deal with their daily and weekly tasks and goals. It helps them in monitoring key performance metrics and some key indicators which allow them to understand how well things are performing.
Here are few ways real-time dashboard help your organization:
Same Data is more Valuable
Thanks to real-time dashboards with the data being presented in real time as it happens, your employees will be able to better leverage it, thereby reducing the overall cost and time involved in the process. Data is considered to be one of the most important assets of a company and real-time presentation of this data in a systematic format enables us to achieve it. For this purpose, it is vital that the dashboard is well designed and that all the necessary information is being presented so that it is easily accessible and viewable.
This procedure helps in presenting and displaying real-time data and analytics on a single screen via widgets. You can rearrange them as you see fit building your own customized dashboards choosing the metrics that you feel are most significant to your decision-making process.
This will save you a lot of time that is otherwise wasted going from screen to screen, webpage to webpage, and board to board. Real-time dashboards help you consolidate data. It will pull data from various sources and display them in a user-friendly format in a single screen saving you precious time, helping you make decisions.
The Big Picture
In any given business, it is important to see the big picture. The ability to foresee the future or predict future trends is paramount to stay ahead in the game. But to do that, you will need to have some idea of past performance. This is made possible with real-time dashboards. It provides a much needed complete picture or snapshot of all the critical data and metric that is necessary to be able to see the big picture.
Analyze Problem Areas
This will not only help you see historical data, identify trends and patterns, but also identify areas that are causing troubles or problems. This insight into areas that are creating problems, or more importantly identify these areas even before they become a problem is what going to make all the difference.
This will make your employees feel empowered. This will not only help managers but also stakeholders and directors to think on a proactive level. Ad-hoc reporting, scheduling, and so on can go a long way in this area.
So how do you know that your company needs this technology at its disposal? There are some signs that can help you identify and answer this question.
You will get this idea, or feeling, that your company can improve but you are not sure how to improve it or what steps can be taken to achieve it. This is because you lack the proper information that is needed for the job. You are wasting a lot of time jumping and hopping around from software to software, site to site looking for that one key metric that will help you decide a course of action. It can help to look at the success stories of other companies, like these past clients from Hoopla.
When you face these problems, you should know that you are in need of this new way of doing business. Whether you use something basic, like WordPress, or something more robust, these dashboards can enhance any website.