We live in a world of technological innovation and data is something many of us are immersed in, and there are times when there seems to be too much of it. Other times, we’re seeing a lot of information, but it’s not being presented in a way that is relevant and provides us a chance to make informed decisions. As the owner of firms, companies and brands, a lot of entrepreneurs spend a lot of time with Data.
- Data informs the strategic goals for companies.
- Data helps in understanding what’s working and what isn’t.
- There’s a direct link between some data, such as marketing for instance, which helps in developing strategies.
In the Past
Let’s take an example of my marketing firm in the past: Years ago, I asked two of my team members to come into my office so I can tell them about the experiences I had been having in speaking to people outside of our organizations. I also told them that I was having trouble making strategic decisions because the information I needed was not the way I needed to digest it. Even though I was not part of every decision within the company, such as the lower level ones, I still needed to have critical information rolled up to me so I can understand the broader implications. And, it needed to be presented in such a way that it made my decision-making process effective. My team developed dashboard reporting for me that day which gave me the essential information about each of the business lines and also the totality of all of it. That’s where the Dashboard reporting began.
As an example, I’ve had occasions where I’ve been asked about the number of followers on one of our social media platforms. Some people can consider it an irrelevant question that perhaps a CEO might not know, but that’s not the way it should be. As the chief executive, I should know the number of followers, clients, and issues that are outstanding for our brands, even if it seems minor. I may not need to know that the best hours for social media promotion for us, but I need to know the top-line information in all departments. For all of these questions, you have an easy solution below.
Dashboard reporting is an important tool for business, and entrepreneurs often ask their teams to create a lot of it internally. Yes, there are plenty of platforms today that give you their analytics, and that’s all well and good, but often it’s not what any CEO needs to know. If you’re the senior-most executive in your organization, don’t shy away from ad-hoc dashboard reporting that is prepared by your team members. Getting precisely the information you need–as you want to see it–is essential to making informed strategic decisions. And, the reality is that sometimes the ready-made tools out there are useful, but they’re not providing you the relevant data you want or presenting it in a way that you need to understand it.
Dashboard reporting provides clarity and insight to CEOs, so they understand information and can interpret it in a way that makes sense to them, in their role, and is not imposed due to the functionality of a software package or by others.