Telltale Signs Your Company Needs a BI Dashboard

Vinayak Joshi, Co-Founder & CMO at HAPPIATWORK  vinayak@happiatwork.com

Photo Credit: Photo by Alexas Fotos from Pexels

In the fast-paced digital world, a lot is riding on IT leaders and their teams to fulfil the data/reporting needs of their Organizations. Data stored by companies is growing exponentially, Corporate leaders understand that buried in all their data is the secret ingredient for strategic differentiation and market leadership. And they turn to IT for the solution.

Over the years we found a set of trends that kept coming up every time a client asked us to introduce a BI dashboard.

Here are the most common signs that we observed which indicate your company needs a BI Dashboard solution –

You have invested in multiple systems

Companies have now gone beyond ERP & CRM and have implemented HRMS, POS, SFA (Sales force automation), E-comm etc. Multiple systems mean multiple data sources for reporting purposes. This is not a problem in itself but becomes one when there isn’t a centralized way to report numbers from these systems. It is very time consuming and requires big effort when employees need to collate data from multiple data sources and compile reports. They are putting efforts in something that most likely, will not give you the same results you would if you used a BI dashboard tool instead. Besides being a huge waste of time and resources, it has a demoralizing effect on employees.

Your company is using Excel for everything

If you read any of our case studies, you’ll notice that prior to the implementation of BI dashboards Excel was the go-to reporting tool for pretty much every company that contacted us. It’s understandable though: Excel is an excellent reporting tool and has been around for decades & so most people have worked in it all their lives But in a growing business, the data size will quickly reach a point where Excel can’t handle it effortlessly and becomes too slow to run simple calculations/queries. Also, there are situations where multiple people make manual edits to the same file and share it with colleagues. They completely lose track of changes and accuracy. A central BI Dashboard solution updates data for everyone at the same time enabling everyone to be on the same page.

Report preparation is cumbersome and complicated

Studies show that up to 35% of information within a spreadsheet worked on by one or more employees can contain errors. Reports created by drawing data from spreadsheets can be flawed, inaccurate, and less than desirable when making strategic decisions. Also, reports that are created by partially or fully manual methods are not only time consuming, but the data usually needs to be organized and manipulated. Modern BI dashboard solutions automatically refresh and deliver real-time figures accurately and efficiently, allowing decision makers to initiate a well-informed course of action.

You have tons of data, but not much insight

Since pretty much everything leaves a digital footprint, collecting data is quite easy. However, what good does a lot of data do when you can’t extract any insight from it? Data is but a raw material that must be treated and applied to a context, resulting in insight.

If your company is sitting on a pile of data that keeps growing at a pace you can’t possibly keep up with, you need to adopt a BI dashboard tool. A ton of raw data isn’t any good if you can’t use it to identify problems and trends and extract business insights.

Leaders have difficulty in finding important information at one single place

Generally, all day to day data demands needed by employees are met sufficiently. However, when it comes to strategic information required by the business leaders, it is nowhere to be found. Insights on important KPi’s of Sales, Production, Costs, Expenses, Debtors etc. have to be hunted down or pulled together from different reports sent to them. This jeopardizes effective execution of mission critical or time-sensitive decisions. BI dashboard solutions are designed to have the answers at your fingertips exactly when needed.

So, what can you do?

Any company, regardless of size, can adopt a BI dashboard solution and scale it according to their budget. If you wish to learn how our team can help you, send us an email to engage@happiatwork.com or you can write to me personally at vinayak@happiatwork.com

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