This post was updated to reflect current trends and information.
Small and Medium Enterprises produce a mass of business data: reports on sales, profitability, financial performance, etc. Most of those companies are not aware that management dashboard and performance indicators exist at an affordable price. To interpret that mass, they most often use a system they have developed themselves, for example from Excel spreadsheets.
However, this system creates a mass of figures rather cumbersome and requires managers a tedious work of research and analysis. In addition, it unnecessarily complicates the tracking and makes data visualization difficult, if not impossible. Not to mention the countless hours spent entering and updating data and risks of deleting or duplicating key data. Fortunately for SMEs, the market offers effective tools that greatly simplify the analysis of business results.
The Management Dashboard
This is a graphical representation of business data using data, pie or bar charts, data curves, etc. gathered on the same screen.
With the management dashboard, the manager may focus on performance indicators (KPIs) which he considers essential.
These enable him to measure the performance of the firm for a specified period and to monitor the results or deviations from his goals, in real time.
What is ‘Performance Indicator’ Management?
Performance management is a continuous process that aims to plan, monitor, control and most importantly, reviews and analyze data on a company’s performance, as much as for internal stakeholders than external clients.
As we have seen, the use of traditional dashboards raises issues of ease of use and availability of data.
However, before changing system, small and medium-size enterprises want to ensure that the cost of a hi-tech management dashboard is not too prohibitive.
The Optimal Solution
Namtek provides a management dashboard specially designed to meet the needs of companies with limited resources.
Activated by Salient’s Intelligent Suite, our management dashboard with performance indicators is one of the most affordable solutions.
It is offered in the context of a Software as a service (SaaS) model. You will not have to pay for a computer system but only an initial implementation cost and pay-per-use fees.
Our solution is particularly advantageous as it gives you the choice between a system deployed on premises or in the cloud.
Benefits of a Management Dashboard & Performance Indicators
The main qualities of a management dashboard are to be user-friendly, easy to read, interpret and use.
In addition to being much easier to decipher than thousands of aligned columns of numbers, our management dashboard allows the executive to visualize the data for its key performance indicators (KPI) in the same location.
To facilitate interpretation, the table displays an overview of the situation for each indicator. The business executive short in time can see all the results in aggregate, without having to change screens.
To access more detailed analysis, he will only have to click on one or the other graphics.
In addition to all these advantages, the management dashboard with performance indicators:
- is viewable by staff internally and externally
- can be used anywhere, at any time desired
- includes a drag and drop easy to use functionality
- offer a data customization option
- allows to add filters and data compilations
In short, it makes all data quickly available to you so you can make documented business decisions in ten times less than your usual system.