9 benefits offered by dashboards for business success

A dashboard is a visual representation of data as a control panel, where a large amount of relevant information to track business metrics is exposed.

In a context where companies are always looking for improving their performance, reaching better results with a smaller amount of resources, business intelligence tools are the key to achieving success.

After all, businesses are collecting more data than ever before, and dashboards are designed to solve this issue by transforming data into accessible and understandable information.

When creating dashboards in Excel you can use resources like charts, dynamic tables, form controls as well as several functions and formulas. But, if you want to be able to use this software, you need to have basic knowledge.

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Now, check out nine benefits offered by Excel dashboards and be ready to boost your company’s results! Are you prepared?

1- Cost-Benefit Analysis

Creating a dashboard in Excel is an easy way to transform your raw information into meaningful data visualization with the use of simple and easy-to-understand graphics and charts.

This software is 100% free and many companies already use it, so the only worry lies in creating new worksheets and indicators.

It means that while the company can keep using a resource their employees are already familiar with, the costs are also reduced!

2- Flexibility

One of the advantages of building a dashboard in Excel is accurate real-time insights by adding or changing data anytime. This software is very flexible so you can easily add a new product, indicator, and even just view a part of the database.

In the same way, it is possible to customize the dashboard according to what works better for your business, creating great reports, that lead to good decision makings.

In practice, this allows any person to have access to the level of detail they need to carry out their tasks in the company and achieve their goals.

3- Risk Management

Analytical dashboards serve as quick visualization tools to identify trends, which can be very useful to prevent possible risk situations.

Excel dashboards allow companies to analyze key data quickly and meticulously, so any alarming and triggering information can be easily identified. The sooner the company puts action plans in place to solve this potential problem, the better.

4- Provides at-a-glance visibility

Dashboards are a great way to glean insights from your company. It displays up-to-date information so you can instantly track the progress and know which strategies are not delivering good results.

Besides having an integrated view from the data sources, there is also the possibility of segmenting data and understanding the relationship between them. All this at your fingertips!

5- Improves Decision-Making

The best decisions are those made based on strategic information! That's exactly why building a Dashboard in Excel is so important for business success.

For instance, your dashboard could show that a particular product had a high rate of defects. In this situation, the company must quickly investigate what is the root cause and solve the problem.

In addition, the Dashboard can also show information such as deadlines, costs, available resources, and priority tasks.

6- Improves Results

In the same way that the accurate analysis of data through a visual layout allows better decisions, the creation of a dashboard in Excel allows setting measurable goals and deliverables for greater results.

Thus, in addition to acting on possible problems or risk situations identified, the dashboard enhances good actions. It manages to understand which practices deliver satisfactory results and must be kept.

7- Saves Time and Resources

How much time do you spend creating reports in Excel or other similar programs? Keep in mind that any report you create more than once should go on a dashboard!

With all information integrated into one place, enabling the free flow of information between key players, the processes become much faster, saving valuable time and resources.

8- Increases Profits

As we saw earlier, a dashboard shows exactly which areas of your company are underperforming and which are improving the business performance.

Based on this knowledge, you can choose where to focus your time and resources to optimize the organization's results. Also, since other companies may be unaware of this kind of resource, it gives you an edge in the market.

Combining dashboards solutions and the support of an analyst team, it becomes easier to increase the company's sales and profits, which is another important advantage of using the tool.

9- Connect Data Sources

Business dashboards allow you to connect different data sources,integrating the company. As it gathers information about different areas and processes, internal communication becomes much easier.

It also enables the participation and engagement of employees, who can understand the impact of their tasks on bottom-line results and direct efforts to activities that bring the best benefits to the organization.

Have you seen how useful Excel Dashboards are?

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