Drowning in Data: How to Get Out of the Depths of Data Analysis
Does it often feel like your business is swimming in data? Big data, data visualization, data analysis — it can quickly become overwhelming, especially if you’re measuring a lot. But having the right business process management in place can help you stay afloat.
One of our favourite ways to stay on top of data analysis is by building an executive dashboard.
A dashboard gives you fast and timely access to all key performance indicators (KPIs) that your organization measures in a way you can actually use. A good executive dashboard will put the raw data into a visual format — whether that be a chart, graph, or even an interactive feature, like a map, for example.
Here’s how to make the most of a dashboard and your data analysis:
- Identify the KPIs you want to measure.
A dashboard is only as effective as what it’s measuring. Having too many key performance indicators (KPIs) can be just as overwhelming as trying to analyze raw data. Choose the KPIs that will most help your business advance. A good rule of thumb can be to pick one or two KPIs that will make the biggest impact for every area of your business.
- Consider speed and ease of use.
Reuters “Dying for Business” report stated that “One-third of managers are victims of ‘Information Fatigue Syndrome.’ 49% said they are unable to handle the vast amounts of information received. 43% think that important decisions are delayed and their abilities to make decisions are affected as a result of having too much information.” What does this mean? The executive dashboard needs to be quick to access and easy to use. It needs to show you the data in an easily digestible way.
- Choose your dashboard software with care.
Depending on the data you want to measure, an executive dashboard can be as straightforward or as complex as you need it to be, but some of the best ones are customizable. Every business is different with unique priorities and needs. Your executive dashboard should reflect that and help you cut through the data in the way that makes the most sense for your business.
True Sky’s software can meet all of your business budgeting, forecasting, and data analysis needs. Our dashboards use Microsoft Excel’s charting capabilities to produce actionable data that will get you better results. True Sky’s software allows you to customize your own dashboards so only the data important to you is shown in an easy-to-digest view.
Want to learn more about True Sky’s executive dashboard capabilities? Visit http://www.truesky.com/dashboards/ or call 1-855-878-3759.
