Information is critical for today’s businesses and it is equally important to get the right information at the right time. The better access a business has to information the more effectively it can manage its operations. Large companies invest hundreds of millions of dollars into information technology. A substantial portion of that goes to providing in-depth, real-time reporting on operations, finances, marketing, and logistics. ERP and CRM systems are a few tools in this group.
The good thing is that for smaller businesses, you do not have to spend hundreds of millions of dollars for this data. An online dashboard can tie in with your current systems to provide this information to help better manage your organization. A company like Research Optimus has the expertise to build the dashboard and also helps you decide what important metrics to include.
A business dashboard provides the real-time information to help manage your business. It, like the large systems multi-national corporations have, can provide sales, financial, and operational data. The visibility from the dashboard lets you deal with issues before they become big problems.
Quickly See Sales Data and Plan for Changes
Sales data is critical to any organization but there are additional ways you can use it. For example, if you are tracking your sales pipelines and a glut of orders are closing over the next two weeks; management can take proactive action to manage the process. First, it can let the in-house staff know that the orders are coming. It can also alert suppliers, of the need for additional products or automatically order additional materials inorder to prevent production delays. The supply of materials from suppliers can often tighten just when you need them most. Remember at the same time your orders are accelerating, the rest of the industries are probably doing the same. Having a little foresight on this can keep your deliveries on time and allow for time to find alternate suppliers if yours can’t handle it. That is just one way real-time sales data can help.
Financial data is important to understand in real-time and a business dashboard can provide this visibility. Any potential issues with a cash crunch or shifts in financial metrics can quickly come to management’s attention. Management can then head off any issues before they become larger problems. For example, it is easier to deal with a bank before you need the cash. The cost of expanding a line of credit is likely to be lower when the balances are not yet depleted.
In addition, a dashboard can alert management of deviations from historic ranges for margins. Management can start identifying and dealing with problems while they are still small ones.
Real-time Visibility into Operations
Operational data might be the most important but also the most ignored by small business. Tracking production rates of all processes and the logistics are all important. A business can quickly identify a decrease in production rates in real-time and dig in to find out what is going on and find a solution. A well-build dashboard can set alarms if metrics fall below certain levels and make sure the management deals with them immediately. The dashboard and real-time data summary is a simple tool to keep operations humming along.
The idea behind a business dashboard is to help you create a more efficient organization. Efficiency tends to result in greater profitability and definitely leads to fewer fires. A business can all tougher avoid or at least more effectively manage issues through real-time awareness. A few weeks can make all the difference to keep the business steadily growing.
– Research optimus