Tracking key performance indicators (KPIs) is an effective way for businesses to reinforce practices that work and filter out those that don’t work. It has become more important than ever to give a business every chance to succeed, especially as the economic effects of the pandemic linger. Utilizing KPIs, dashboards, forecasting, and analytics can help businesses gain a competitive edge in the market.
The Role of Dashboards
Dashboards can be an effective tool for organizing important real-time KPI results, visualizing complex data analytics, and illustrating predictive forecasting—all in one place. This concentration of reports is easily shared which promotes collaboration and harmony across business teams. Additionally, dashboards reduce tedious reporting tasks allowing time to achieve more impactful goals, which can also be measured with benchmarks in the dashboard.
It may be daunting for small business owners who don’t identify any KPIs to get started. Using dashboard services is meant to make tracking KPIs easier by filtering out irrelevant metrics and focusing on impactful ones during the implementation process. The goal is to have the information you need to run your business whenever and wherever you need it. Here are some top-rated dashboard software applications to consider using.
The Analytics Tools All Business Builders Should Have
By now all businesses should be implementing automation whenever possible which certainly includes analytics. Automation can be more accessible than it sounds to those who might find it intimidating, but it can be as simple as getting started with using excel formulas that perform repetitive tasks. Another simple tool that can be invaluable is Cloud storage which helps to store data without imposing on processor usage or memory. Data visualization softwarehelps users focus their attention amidst a sea of complicated data by providing visual context with maps and graphs that make it easier to identify patterns or outliers.
As businesses grow and their data processing needs evolve, they will need to use more advanced technology to interpret vast amounts of data. Thanks to SaaS, it is easier to access and share that data to generate invaluable insights for analytics. Artificial intelligence should also be strategically leveraged to capitalize on the massive amounts of data available, and process it to alert ownership about potential issues, data trends, or predictions of customer behavior that can improve their experience.
Addressing Resourcing Problems with Automation: Descriptive & Predictive Analytics
Using SaaS analytics, AI, and dashboard technology all contribute to reducing costs by 11-30%; cost associated with paying high-level employees to perform menial data management tasks. The efficiency that these automation tools provide frees up your team to work on more complex company objectives that drive growth and progress. Reducing the workload placed on current staff also helps minimize the need to hire more employees during a time when it is increasingly difficult to hire.
Predictive analytics can also be used to manage staffing needs by predicting sales trends that determine future workflow demands to avoid over or under-hiring. Making more accurate predictions of future customer behavior that improves their experience adds value to the service, which leads to increased revenue. Descriptive analytics addresses the effectiveness of current procedures by looking back at what happened and tracking key metrics like utilization of billable employees or project profitability. Essentially, descriptive analytics also assists with making predictions of what could happen in the future by looking back at what has, or hasn’t, worked.
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The world is migrating to self-service IT with 95% of leaders in IT indicating that automation is a priority. Automation tools empower businesses with their own data to be more efficient and profitable. Is your business still sitting on a data gold mine? Contact us today to learn more.