Performance Dashboard Software

Overview of Performance Dashboard Software:

Performance dashboard software is software that displays an image that looks similar to a car’s dashboard - though it often shows more than gauges, dials and indicators (also displaying charts, maps, score cards, etc.).

Dashboard software is a form of data visualization and allows users to quickly analyze the performance of key metrics, otherwise known as “key performance indicators” (KPIs).

A large portion of dashboard software is used by companies to gauge how well their business is performing, but there are also other organizations that use dashboards, such as those relating to education, health care, government institutions and more.

Dashboard software is also part of the presentation layer of the business intelligence stack, used by companies to make intelligent business decisions based on the performance of their particular KPIs.

Benefits of Performance Dashboard Software:

There are numerous benefits to utilizing dashboard software:

·         It allows for the rapid analysis of massive amounts of data.

·         It facilitates sound business decisions when digital dashboards are based on valid, pertinent data.

·         Important data can be displayed on one page, thereby eliminating the need to wade through mounds of documents.

·         Data can be tracked in real time (in other words, the data is constantly being updated).

·         It allows for the visual monitoring of important processes.  The maxim “a picture is worth a thousand words” is certainly relevant here!

·         It saves people and companies time, resources and money.

·         The right actions can be taken based on the analysis of the displayed data.

Types of Dashboards:

Generally speaking there are three main types of performance dashboards:

1.       Operational dashboards - used to track critical processes based on data that is frequently updated.  These performance dashboards emphasize monitoring, as opposed to analysis or collaboration.

2.       Tactical dashboards - used to track processes and specific projects.  These dashboards emphasize analysis, as opposed to monitoring or collaboration.

3.       Strategic dashboards - used to monitor strategic objectives such as a strategy map.  These dashboards emphasize collaboration as opposed to analysis.

Choosing Performance Dashboard Software:

The business intelligence market has seen rapid growth in the last decade and as a result there is a vast amount of dashboard software available.  The question arises: what dashboard software is best suited for you?

When choosing a dashboard solution, it would be wise to take into account the following issues:

·         Do you actually need dashboard software?  Does your organization or company need to monitor and/or analyze large amounts of data in a rapid and accurate manner?

·         How much does it cost?  Is it within your operating budget?

·         On what platforms does the software run?  The majority of dashboard software is web-based, but there are also dashboards that run as Software as a Service (SaaS).

·         How easy is it to implement the dashboard?  Is it straightforward or does it take a lot of time and consultation with the software company to get it up and running?  Your IT resources must also be taken into account when looking at the ease of implementation.

·         Does the dashboard have the features you require?  Make sure you go over the features list, taking into account all of the objectives your dashboard must fulfill.

·         Can the software consume the type of data that your company has?  For example, many organizations have their data stored in multiple formats, and the software you obtain must be able to work with those data formats, otherwise you are in trouble!