Understanding the Business Intelligence Dashboard

The Business Intelligence Dashboard or BI is a business tool that measures, examines, and analyzes data with the help of selected Key Performance Indicators of that business to evaluate business performance. BI dashboard comprises tables, charts, diagrams, and other tools that explain the insights of business processes to the user by using the captured data.

Data extracted from various sources might be combined, examined, and analyzed in smart business intelligence dashboards easily. 

Among the best features of the Business Intelligence Dashboard, the important ones are the data extraction abilities from different sources, custom-tailored interface, and data interactivity. 

A BI dashboard not only permits users to envision typical data and its process but also provides a summary of the business performance of various periods.

Why BI dashboards?

• For accurate data analysis using key performance indicators
• For better business decisions
• Latest and most accurate technique over manual analysis methods
• Smart and dynamic business tool
• It helps stakeholders to act, make decisions, and review

How can BI dashboards help to improve business?

• Use of BI dashboards minimizes the time of employees resulting in better business process efficiency and performance. 
• Keeping in view the various business activities and trends, BI dashboards select the best trends and avoid the outdated and non-profitable trends thus securing the business.
• BI dashboard solutions guide the user to walk ahead of his competitors by analyzing huge complex data. It also helps the management to keep an eye on the activities of the competitors. 
• By analyzing accurate and actual data, BI dashboards help you with the best returns from investments.
• It helps the user to improve relations with the customer and also increases customer satisfaction by analyzing the attitude, pattern, and behavior of the customer.

Which factors are important for BI dashboard designing?

• Accurate, precise information and data to identify business problems and business goals.
• Mark your requirements to design the right dashboard according to the nature of your business. For data analysis and trends select Analytical dashboards. For simple and real-time data, choose Operational dashboards that target KPIs. If you wish to expand and improve your business strategy then Strategic dashboards are the right choice. To deeply explore the internal business processes, middle-level management uses Tactical dashboards.  
• After deciding the properties and nature of the correct BI dashboard for your business, just make an effective and simple design. 
• Create an effective, efficient, and compact story with your data that will convey the desired messages and fulfill the requirement of the listeners. 
• The background is very important to represent data in the dashboards. Without the background, data is meaningless. Hence it is a must to furnish data with the context to make the dashboards effective and efficient. 
• Make BI dashboards interactive by adding features that improve their interactivity. 

Benefits of BI Dashboards

• It provides clear data analysis and the position of the business in the present changing scenario of the market.
• It provides effective, efficient, and flawless time-saving management. Data could be checked in no time.
• Using data and past information, the future demand and supply of business can be predicted. 
• It uses key performance indicators that guide managers to improve business processes for achieving business targets. 
• Using BI dashboards, business houses can control the inventory that minimizes the risk of stock shortage.
• It provides current and real-time customer behavior that leads to better customer understanding for business growth.
• It helps corporates and managers in taking the best decisions according to the business status and market conditions.
• Its mobility and simplicity provide the users with freedom and peace of mind.

Limitations of BI dashboards

• If not designed intelligently the complexity of data will complicate the process.
• Manual entries of supporting data
• Based on a different technology from the other existing business software that is sometimes difficult to understand. 
• Employees use metrics according to their requirements which creates a data cluster.

It is evident that the benefits of Business intelligence dashboards overpower their limitations. Hence effective and intelligent implementation of BI dashboards with proper training may take your business to new heights. 

Conclusion:

We have seen that Business Intelligence Dashboards can be designed easily and are simple and user-friendly. 

Using the BI dashboards, managers of business houses can make positive decisions that lead businesses to success. BI dashboards minimize human errors and filter negative trends that result in business growth.