One of the scarcest commodities for all C-level executives such as the chief operating officer (COO) is time. In an astute observation attributed to Michael Altshuler, time management can be viewed as both a problem and an opportunity — “The bad news is time flies. The good news is you’re the pilot.” In another piece of good news for chief operating officers and business enterprises ranging from small businesses to Fortune 1000 companies, the business intelligence (BI) dashboard has emerged as an impactful time management tool and solution.
This is not to say that using a BI dashboard is a flawless strategy. In fact, recent results published by Gartner and other research organizations suggest that only about 20 per cent to 30 per cent of BI projects “succeed.” The good news takeaway from what might appear to be a low success rate for companies using business intelligence dashboards should not be overlooked — chief operating officers and chief executive officers (CEO) have at their disposal a data management tool (the BI dashboard) that can help them leapfrog ahead of the competition.
The purpose of a business intelligence dashboard is often thought of as similar to the function of a car’s dashboard — quickly scanning to get critical information. But it should be noted that effective business dashboards need to be individually produced for each company rather than relying on a mass-production approach that would create all BI dashboards equally. Avoiding the generic high failure rate of BI projects and replacing it with the success of your own business intelligence dashboard strategy is likely to depend in large part on how much your dashboard successfully reflects the unique business DNA of your enterprise.
Research Optimus provides business intelligence dashboard expertise for organizations of all sizes throughout the world. In the following paragraphs, we highlight five of the benefits available to forward-looking C-level executives when using BI dashboards.
1) Business Intelligence Dashboards Enhance Visual Communication
Communicating visually via BI dashboards is not only more effective in many cases but also faster — this method of business communication is a key component in achieving better time management for chief operating officers and other business executives and managers. Well-constructed dashboards often look and feel like an infographic that uses multiple visual formats to deliver information in a quick and concise manner. Common dashboard visuals include pie charts, gauges, column displays, bar charts, maps and numbers/text used sparingly for maximum impact.
2) BI Dashboards Facilitate Self-Service Business Analytics
C-level executives — and all time-sensitive business managers — no longer find it acceptable to wait for a technical expert when data is needed. Today’s business intelligence dashboards provide the freedom for a COO to access data for analysis and reporting on a “self-service” basis. This allows users to seamlessly personalize reports in an intuitive fashion. The self-service capability of BI dashboards has proven to be especially helpful in organizations with a lean management structure and in businesses that have operations scattered throughout the world and different time zones.
3) An Effective Dashboard Helps C-level Executives Overcome a Mountain of Big Data
While Big Data has contributed to many business successes with data mining and other data management strategies, it is increasingly common for many busy executives and managers to periodically be overwhelmed by the immense amount of data circulating within the organization. With proper planning, business intelligence dashboards can eliminate Big Data stress and zero in on the information that is really important for the decision at hand.
4) Your BI Dashboard: Out With the Old and In With the New
The use of traditional spreadsheets might have been a revolutionary development in the 20th century — but today’s frantic business pace combined with ever-changing technology demands new business solutions like business intelligence dashboards that are smarter and faster. In addition to being time consuming, the old-fashioned way of generating reports via an Excel spreadsheet often provides inaccuracies that can produce erroneous conclusions and decisions. In an ultra-competitive business environment, it is also prudent for companies to stay ahead of the competition by constantly innovating — out with old and inefficient ways of doing business and in with the new and more effective business tools like BI dashboards.
5) Business Intelligence Dashboards Can Help Save Both Time and Money
For demanding CEOs and COOs that cannot be easily impressed, perhaps the most striking achievement of BI dashboards is the consistent ability to produce multi-dimensional benefits — the classic example is enabling organizations to save both time and money while also improving quality and increasing sales. What’s not to like about that? But the time management benefits of using business intelligence dashboards (first noted in the opening paragraph) deserve to be emphasized in any debate about using (or not using) the BI dashboard as an ongoing and long-term management tool. According to management guru Peter Drucker, no resource is as scarce or ill-used as time — and business intelligence dashboards provide a sound solution to this perpetual dilemma.
Research Optimus — BI Dashboard Experts
When C-level executives like the chief operating officer of a business enterprise are looking for business intelligence dashboard help, outsourcing is often the most prudent and timely strategy. Research Optimus is a world-renowned research services and data analysis company with a client database ranging from startup entrepreneurs to Fortune 500 executives — our BI dashboard team is always at your disposal when you need expert help.
– Research Optimus
