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How Dashboards Can Help You Predict The Future And What You Need To Know First

Posted on:  July 19, 2019
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You don’t need a crystal ball to predict your company’s future. You simply need a clear picture of where you’ve been, where you are, and where you are going. You can’t do any of this without having financial dashboards within your business intelligence reporting solution.

Business dashboards take their name from the ever-familiar automobile dashboards. And are used in much the same way. Under the hood of your vehicle, or within the software of your electric car, there may be hundreds of parts/processes which impact the performance of your automobile. Your dashboard (or screen) summarizes the functionality of your parts/systems using visualizations so you can have peace of mind to simply focus on driving your car. Without worry that your vehicle will leave you stranded on the side of the road.

Likewise, in today’s business world, we don’t want to have to worry about being left stranded…in data overload. The tendency now is towards more data, or what we call, Big Data. Extracting and analyzing all of that data is the key challenge. Which is why dashboards have become an absolute necessity in determining overall business performance.

Simply put, dashboards are used to highlight key performance indicators (KPI’s), business metrics, and analytics in a visual and interactive way. It’s your pretty picture, or not so pretty, of your company’s overall health. The better information you have, the better decisions you can make.

While producing financial reports should be standard protocol for every organization, dashboard reporting is a vital process many companies are lacking. And if they do have it, oftentimes they are still doing it the old school way.

In order for you to receive the most benefit, your dashboard reporting software must include the following:

  1. Direct connection to your database(s): so that there is real-time data from each of your data points by which you can make those all-important business decisions.
  2. Drag-and-drop interface: so that it’s easy for anyone in your business office to build their own custom dashboards. No, IT help necessary.
  3. Drill down capabilities: so you can get to the heart, or every detail, of your data. No more second-guessing what’s behind a number.
  4. Accessibility across all devices: you need instant access to your data whether you are in your office or on the road, only with your mobile phone in hand.
  5. Schedule and export distribution: your users need actionable, up-to-date information at their fingertips. Every department can thereby take accountability for their numbers and see how they align within the company’s overall strategy.

In today’s competitive environment, there isn’t room for accidents or luck. Data is the most powerful force by which to base all business decisions, and dashboard reports are the critical link of invaluable information between employees and the company’s strategy.

It’s important to be able to see and understand what is happening in your business, along with what matters most to you. And be able to see it all in a flash. Smart dashboards provide you faster metrics & more clear visibility.

If you’d like a test drive of Synoptix’ smart dashboards, just let us know and we’ll be happy to take you for a spin.

Schedule Your Customized Demo Today!

Find out how Synoptix can improve your financial reporting and provide business intelligence for your organization.