Business intelligence has been around since business itself. Even a caveman kept track of how many freshly-picked berries he traded for a deerskin and whether it was worth doing again. (Think of it as Stone Age cost-benefit analysis.)
When the traditional executive dashboard was introduced in the 1980s, it was a revolutionary way to compile and visualize “rear view” business data. See how you performed last quarter and whether or not you met your KPIs, all on one screen. Brilliant!
The executive dashboard is evolving.
Just as any new technology, it has to adapt as quickly as the reason it’s there, to begin with. Today’s business has thousands of data points from hundreds of different sources – it’s no longer enough to see how we’ve already done. We need our business data to tell us where we’re going and how to get there.
We’re so invested in making the most out of our data that according to IDC, worldwide business analytics spending will increase by more than 50% between 2015 and 2019.
So where exactly is it going?
It’s one thing to log into your dashboard and see the cut-and-dry numbers of your performance. But it’s a whole other realm to be able to truly interact with your data. Integrating all the information you have (and we mean all of it), analyzing it against the “bigger picture,” and using the results to make realistic predictions to guide your daily decisions.
Gone are the days of trial-and-error business management! Today’s smart dashboard does the heavy lifting for you.
Does your dashboard stack up?
If you find yourself wishing you had more at your fingertips, ask yourself if your current dashboard has these features
1. Saying no to disconnected data: QuickBooks, Facebook, Google AdWords, MailChimp, Salesforce… from cloud-based apps to on-premises software to data warehouses, you might have dozens of different data sources. How could you possibly make sound business decisions without integrating them all beforehand?
2. Advanced filters, analysis tools, and organization: The bounty of data at your fingertips can be equal parts blessing and curse. You should be able to drill-down by product, region, timeframe, or whatever data subset your heart desires. You should also be able to extract forward-thinking conclusions from it, and tie it all together in a package that’s neatly organized by pages/subpages, collections, slideshows, and the like. Don’t wade aimlessly through a murky ocean of information.
3. Keeping everyone on the same page: Unfortunately, you can’t-do it all yourself, and a game of telephone can really gum up the works. Use a platform that lets you collaborate in real-time with every single person who matters – whether it’s via project and task management, private or enterprise-wide chat channels and direct messaging, or file and business data sharing. For sensitive data that’s only fit for certain eyes, personalized permissions can help keep things safe and orderly.
4. Mobile and email alerts: We know you’re attached to your smartphone. We feel the same way. Just know that there are options to stay connected with your business much like you stay connected with your Twitter account – customized alerts to know what’s happening in your business when they’re happening, so you can make relevant decisions.
Domo can help with that.
If at any point in this article you thought to yourself, “Man, that would be great!” you’ll be glad to know that Domo offers all of these functionalities and more. Learn more about Domo and how it can bring your business into the 21st century.