22 January, 2015
5 Reasons Your CEO Prefers Data On A Dashboard
The days of CEOs waiting hours for the delivery of a paper report are long gone. Now, many forward-thinking executives are making use of visual dashboards to gain insight into their company, rather than relying on CIOs or IT professionals to do it for them.
There are many benefits of CEO dashboards with a connected interface, including the ability to track performance and monitor profits, balances, revenues and forecasts in real-time. Regardless of the various uses, many CEOs prefer their data on a dashboard for these five reasons:
- Improves employee performance
When considering the implementation of an executive dashboard, employee performance might not necessarily be one of the most obvious benefits. However, CEOs who have used data dashboards have discovered that when they have easy visibility and insight into all aspects of their business, they are able to see how well their employees are performing. And when employees know their CEO is monitoring their work, they tend to step up their game and boost their efforts.
- Allows for monitoring goal progress and achievement
Just as CEOs can identify the weak links or holes within a business, they can also identify areas of progress and improvement. By following particular projects on a dashboard, CEOs can quickly judge whether or not their business plan is being followed, and easily determine if the company is on track for achieving its goals.
- Saves time and money
Using a dashboard cuts down on the time it would take for CEOs to review the numbers. The centralized, integrated nature of a dashboard allows an executive to view data from multiple sources at once without the need to generate spreadsheets or aggregate data manually. Additionally, with many of the dashboards available today, CEOs can view important data on their tablets and smartphones from any location at any time of day.
- Removes human error
The use of data dashboards also reduces the need for gut decision-making. With analytics and real-time reports, it is easy for CEOs to make important decisions by using the facts rather than a gut feeling. Furthermore, dashboards make it easy to share important data with others in the company. For example, a CEO could share access to detailed information with all relevant departments in the company. This system creates a much more efficient workflow and reduces the amount of miscommunication that often accompanies this process.
- Makes data more useful
The ability to view data analytics visually makes the information much more digestible. When a negative trend is forming, CEOs can quickly identify it and establish a course of action before there is a major impact. Like Peter Drucker said, “If you can’t measure it, you can’t improve it.” Dashboards allow for ongoing improvement by allowing executives to measure information they otherwise might have overlooked.
With the pace of business constantly increasing, it is becoming more important for CEOs to access real-time data and be able to apply it in timely and meaningful ways. As big data turns into huge data, it is clear that the best way for CEOs to go about this is to use intuitive, connected dashboards.