What is a Data Analytics Dashboard?
We are all surrounded by data. Per a recent study report, it is estimated that by 2020, around 40 trillion megabytes (or 40 zettabytes) of data is going to exist in the digital landscape. This represents a whopping volume of information.
Data has indeed transformed our lives in many ways. Data helps in improving the overall processes, innovations, and initiatives of organizations across multiple sectors through the power of insights gleaned from the data.
However, there is such an abundance of facts, stats, and figures available today that it becomes difficult to determine where to start. This is wherein the role of the data analytics dashboard powered by business intelligence comes into play.
Insight into the Data Analytics Dashboard
A data dashboard can be regarded as a specialized tool that provides an interactive and centralized way of measuring, monitoring, extracting, and analyzing relevant business-centric information & insights from multiple datasets in core areas. At the same time, it also helps in displaying information in an interactive and intuitive manner.
A data dashboard typically provides a comprehensive overview of the various internal goals, departments, processes, projects, or initiatives of the company. These are analyzed and determined with the help of KPIs (Key Performance Indicators), which are helpful in providing insights to aid the overall improvement and growth processes.
Online dashboards for data analytics help in providing instant access to actionable analytics for boosting the overall bottom line with through continuous commercial evolution and improvement.
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What is the Role of a Data Analytics Dashboard?
As specified, a data analytics dashboard has the capability of answering business-critical questions on the basis of specific goals, strategies, and objectives of the business. By obtaining raw data from multiple sources and consolidating the same before its presentation in the customized dashboard, the given set of dashboards can help in making sense of the most valuable data related to the company. It can also help in empowering the organization to access the most actionable answers to the most insightful business-centric questions.
With the help of linking specific KPIs that align with the respective business goals, managers can dive deep into specific information, creating specific benchmarks and measuring overall success on a continuing basis.
How do Data Analytics Dashboards Work?
Initially, it is important to note that the definition of the dashboard tends to be dependent on the role it is going to play within the given organization. Every business entity is known to make use of data dashboards, but they use these in differing ways. Not all business dashboards are utilized in the same way, as the benefits will vary between different industries. This is why it is important for users to understand what metrics are required to be tracked and why.
Data Dashboards are Empowered by Business-centric Questions
The best data analytics dashboards are known to answer relevant questions about the organization. In contrast to the advanced tools for business intelligence, dashboards have been designed for ensuring quick analysis, as well as informational awareness. The most useful approach to designing a business-specific data dashboard is to consider designing it with the help of a question-answer format.
Data Dashboards Focus on the Presentation of Analytical & Operational Data
The questions related to the business that are answered by the data dashboard depend on the given industry, position, processes, and departments. Analytical dashboards are typically designed to allow the decision-makers, senior leaders, executives, and others to set specific goals. At the same time, they also help them in understanding why a certain event occurred, and using the information for implementing changes.
A data analytics dashboard achieves the same, but on the basis of insights from data that has been collected over a specific period of time as determined by the end users.
Data Dashboards Help in Presenting Interactive Data Visualizations
Data becomes visualized in the forms of tables, bar charts, line charts, and gauges such that users are able to track the overall health of the businesses or department against specific goals or benchmarks. Data dashboards are known to provide access to specific data for understanding, monitoring, and improving the overall business with the help of visual representations. Based on how the dashboard is designed, the simplest numerical data can be highly informative through the utilization of intuitive symbols.
In short, the data analytics dashboard used to keep every member of the business on the same page. Users can look forward to sharing dashboards periodically and in real time. Dashboards can help in bringing business-centric data on the cloud into play in order to make KPIs and key metrics accessible through mobile devices, tablets, and desktops.