How Real-time Dashboards Boost Smarter Business Decisions

By Author: Bappaditta Jana
Total Articles: 87
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Running a business without a real-time dashboard in the modern scenario is like driving a car with blindfolds on. Without it, your business does not have a clear view. When you have a business intelligence dashboard, you have a clear picture of where exactly your business is heading.

What is a Real-Time Dashboard in Business?

Think of real-time dashboards like the GPS of your business. They give you live data on how your business is performing and allow you to act swiftly without losing any time. What is most interesting is that it all happens in “real-time”. The live data in these dashboards allows organizations to detect problems early, access instant reports without delay, and act fast on data-driven business decisions.

What are the Key Components of a Real-Time Dashboard?

The key components of a real-time dashboard include the following:

1. Customizable Interface: You can tailor your real-time BI dashboard according to your needs. You can add metrics relevant to your business, such as revenue per hour, number of resolved problems, new sign-ups, new sales, and so on.

2. Interactive ...
... Data Visualization: Real-time data about your business is displayed using easily understandable visual tools such as dynamic graphs, clickable charts, tables, etc. You don’t need any technical expertise to understand these representations.

3. Data Sources: A real-time dashboard includes the systems where your raw data comes from, which might comprise your CRM, ERP, website, social media, and payment systems.

4. Access Control & Permissions: Business dashboards let you control who can see your data. For example, you can manage access permissions separately for different stakeholders such as managers, executives, team members, and directors.

5. Automated Alerts: BI dashboards also generate notifications based on changes in data trends and thresholds.

Types of Real-Time Dashboards

Today, businesses cannot afford to wait for weekly or monthly reports. Real-time reporting tools provide instant insights into how the business is performing. Different types of dashboards highlight specific areas, for instance:

1. Financial Dashboards: Financial dashboards give a clear picture of profitability and revenue trends. They highlight debtors, creditors, working capital, profit centre, and cost centre reporting. You can easily track cash flow, budgets, and target-versus-actual performance.

2. Sales Dashboards: Sales dashboards analyze sales patterns across time, regions, and customer groups. They highlight top-performing customers and products, identify inactive customers, and monitor salesperson performance.

3. Debtors Dashboards: Debtors dashboards help businesses monitor ageing and outstanding amounts by salesperson, region, or other dimensions. They provide insights into credit performance, track payment behaviours, and compare sales against receipts.

4. Custom Dashboards: Custom dashboards combine ERP and non-ERP data to meet unique business needs. Users can create production, project, or other specialised dashboards, add interactive widgets, and adjust layouts.

How Real-Time Dashboards Improve Decision-Making?

1. Instant Access to Real-Time Data: Business intelligence dashboards can represent the most complex metrics and KPIs with the help of easy-to-understand visual tools. This data is accessible in real-time, which allows companies to monitor their business operations efficiently and effectively.

2. Saving Time & Resources: Dashboard automation for business means you get instant automated reports. No longer waiting for manual reports. It saves valuable time and resources for you to focus on other crucial aspects of your business.

3. Increased Operational Efficiency: Dashboards provide live updates on business activities, so that teams can act swiftly. It can avoid disruptions and optimize operational performance.

4. Improved Collaboration: A business dashboard works as a singular platform for stakeholders to work together, access valuable information, and collaborate effectively. Thus, even employees from different departments are on the same page.

5. Enhanced Data Exploration: Real-time dashboards provide in-depth insights into your data. It makes it possible to connect valuable data points by analyzing time frames, sales patterns, customer buying behaviors, demands, and forecasts.

How to Choose the Right Real-Time Dashboard Software?

As a business owner, you need to select the right software that meets your specific needs. Firstly, it should be specific to the industry you operate in. Many real-time dashboards easily integrate with existing ERP and CRM systems. When choosing a real-time reporting tool, keep in mind that it should have customizing options. It should easily integrate with your existing systems, and it should have a high data processing speed to provide real-time insights.

Reap the benefits of real-time dashboards with EasyReports and make your business run smoother and more accurately than ever.

Bappaditta Jana is a blogger who loves to spend his free time engaging in sports or gardening. Based in Kolkata, he is currently working with EasyReports an IT firm that has developed a BI reporting tool that can easily integrate with Tally ERP and many other applications.