We're living in an age where we can access an almost infinite amount of data with the swipe of a screen or the click of a button.
Across various industries, business owners can take advantage of digital insights that will not only streamline their core business processes, but also push them ahead of the competition, one informed decision at a time.
But while we have limitless access to potentially business-boosting data, with so much to explore, knowing which insights to trust can feel like an impossible task.
If you're reading this and nodding your head in agreement, you'll be pleased to know there is a solution to your data-driven problems: dashboard software.
Working with the right dashboard solutions will empower you to manage your data effectively and work exclusively with the insights that offer value to your business.
Here, we explore the importance of solid data management, while looking at the business-boosting benefits of dashboard software.
Today, the global analytics market is worth $274 billion-an astonishing figure to say the least. With 44 zettabytes of data (and counting) currently active in the digital universe, 43% of top IT decision-makers are concerned that their current infrastructure won't be able to meet future data demands.
Without an effective data management solution, your business will drown in data. While you will have access to information linked to every conceivable business department or function, wading through the data to extract actionable insights that will push your business forward will sap your time and drain your budget.
Enter modern dashboard software. It will allow you to consolidate your business's most valuable (and relevant) data into one digestible platform, honing in on the insights that matter exactly when you need them.
Dashboard solutions provide the tools to help you not only trim the informational fat but also visualize your data in a way that empowers everyone in the organization to benefit from the power of business intelligence (BI).
Many leading brands are using dashboard software solutions to streamline their businesses while boosting productivity. American Express leverages business intelligence software to accurately predict when a consumer is likely to close their account-and initiate retention initiatives (such as personalized money management solutions or tailored incentives) to avoid losing loyal customers.
Content streaming colossus Netflix also uses data management solutions to ensure it delivers the most popular or trending content to its subscribers according to demographics or region. This initiative has greatly contributed to the platform's success and evolution.
"Data are just summaries of thousands of stories-tell a few of those stories to help make the data meaningful."-Dan Heath, BI expert
Now that you understand the importance of effective data management and the role that dashboard software plays in extracting maximum value from your most relevant business insights, we're going to dig a little deeper.
Let's take a look at the business-boosting benefits of dashboard solutions and how working with the right tools or software will push your organization ahead of the pack.
Cutting-edge dashboard software facilitates effective data management by serving up dynamic insights in real-time.
Working with static data management tools or endless spreadsheets is laborious, and more often than not, there's a lag in transforming insight into action. However, with the right dashboard solution, you will gain access to the most relevant visual insights as they unfold.
Gaining this level of real-time insight will empower you to nip any arising issues in the bud or connect with valuable information in the moment, making your business more responsive and adaptable.
Plus, when you interact with real-time information, you can avoid costly catastrophes.
Effective data management solutions make decision-making up to five times faster and more accurate. Armed with a wealth of interactive and highly relevant insights, you will have the information required to make informed decisions at a glance, while drilling down into specific pockets of data to develop business-boosting strategies across the board.
For example, if you're looking to improve your email marketing campaign engagement rates, working with a dynamic dashboard solution will allow you to examine the type of headlines that resonate best with specific segments of your audience, so you can improve your future content.
This example is merely a drop in the ocean-the point is that using the right dashboard software will significantly enhance your decision-making in every area of the business.
The best dashboard solutions are equipped with autonomous capabilities, such as machine learning (ML) applications.
Through smart machine learning functionalities, cutting-edge dashboard software uncovers and presents fresh trends, patterns, and insights with minimal user intervention. Typically, the type of trends or patterns ML applications deliver are overlooked by even the most seasoned of data scientists or business users, making them incredibly innovative.
By frequently connecting with deep-dive trends and visual data patterns, you will get to grips with a level of information that will help you identify innate strengths and weaknesses in key operational areas.
Most importantly, these previously hard-to-spot trends or patterns will help you develop strategies that offer an all-important edge on the competition while boosting your bottom line.
At this point, you will have seen variations of the term "data visualization" pop up, and for good reason. Considering that the human brain processes visual information more readily than textual information, working with a tool that transforms your best business data into digestible graphs, charts, or images is a must.
The right dashboard software will take your raw data, extract the insights that are worth analyzing, and arrange them into a visual format that will give your business actions, initiatives, and clear-cut strategic direction.
With solid dashboard solutions, you can set specific key performance indicators (KPIs) based on your most vital business objectives and visualize them. This will allow you to accurately benchmark your performance in a wealth of key areas while consistently improving and evolving your organization.
Another key attribute of BI software is the fact that you can seamlessly integrate data from existing sources or platforms. This allows you to consolidate your data into one interactive platform and manage it easily and effectively.
Last but certainly not least in our rundown of business-boosting benefits is enhanced financial efficiency and improved organizational innovation.
As dashboard software offers smart, autonomous data management solutions, you will save untold amounts of time and money on mining for quality insights. Also, because your best data will sit in one central dashboard rather than being fragmented across a host of different platforms or sources, you will be able to act upon your data-driven insights more swiftly.
Working with quality visual data will empower you to make better projections and develop streamlined business strategies that will prove economically efficient while offering you a consistently healthy return on investment (ROI) across departments.
By making your data more visually accessible and giving more people in the organization access to the insights that will improve their performance, you will make your business smarter, more collaborative, and more innovative.
If everyone moves to the beat of a data-driven drum, interdepartmental communication will flourish, and creativity will emerge. In turn, your business is likely to become a leader in its field, securing you sustainable commercial success in today's data-driven world.
"Without big data, you are blind and deaf and in the middle of a freeway."-Geoffrey Moore, author and business consultant
Data may be all around us, but in today's increasingly cutthroat digital landscape, it's the businesses that learn to manage their data with pinpoint precision that will come out on top.
Working with the right dashboard software solution will give you the tools to take charge of your data and propel your business to new heights.
At InetSoft, we've developed a complete business intelligence (BI) solution that combines dashboarding, reporting, and analytics. It's possible to deploy our innovative dashboard solution with maximum flexibility, maximizing performance and minimizing cost. Our pricing is competitive, our customer support is exemplary, and we're dedicated to ensuring every one of our clients can use our platform to their full advantage.
If you're ready to start winning with effective data management, start your free hosted trial today. Or, get in touch-we'll be happy to answer any questions about our BI solutions.
InetSoft Technology Corp.
InetSoft Technology Corp.