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The Benefits and Risk of Using a Dashboard

If you are considering trying out some business intelligence software you may be wondering what the benefits really are. You will probably more than likely wonder if there are any risks involved also, especially if you are going to be using your dashboard to deal with sensitive information. Many sites and articles will tell you that there are great benefits involved with using a dashboard solution such as Excel Dashboard, but not very many specify exactly what those benefits are.

  • Saves Money
  • Bridges gap between planning and action
  • Allows long term planning
  • Greater focus on performance and analysis

Saves Money:

This is one of the principle benefits of most forms of information technology. Whereas previously hours of manpower would have to be invested into collecting and charting the data in just one single graph, business intelligence solutions like Excel Dashboard can provide up-to-date detailed reports in seconds. When the cost of paying a team of accountants to create a single report is considered, business intelligence solutions are an undeniable bargain.

Bridges gap between planning and action:

In most large organisations there is a vast gap between the managerial staff who make decisions and those further down the ranks who are in charge of putting these decisions into action. With effectively laid out dashboards, higher up executives can get realtime data of the day-t0-day dealings of any aspect of the business and instantly see how their plans are being put into effect.

Allows Long Term Planning:

Using the analytical features of Excel Dashboard enables dashboard users to extrapolate data forward in time and gain predictions on future performance. Even without activating these analytical features, it is possible to plan ahead for possible issues and problems based on the volume of data and detail in each report.

Greater focus on performance and analysis:

With an Excel dashboard generating KPI reports and other business related reports, the managerial staff of any business will find their focus shifting towards correctly analysing the data provided. Once the benefits of a dashboard are recognised, the emphasis will be on using the data provided effectively in order to boost performance.

The benefits of dashboard solutions are clear and valuable. In the next post we will discuss any risks that should be accounted for, such as data security etc.

For more information visit The Benefits and Risk of Using a Dashboard

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