What is a real-time dashboard?
According to research conducted by DOMO, we create an estimated 1.7MB of data every second for every person on earth! But data is only useful if you can derive meaning from it. A real-time dashboard simplifies this task for you. It is a pictorial representation of data that is automatically updated with current information to derive meaningful insights.
It is an at-a-glance view of what is going right with your business and what can be the improvement areas. It focuses on your KPI (Key performance indicators) and helps you in better decision making.
What kind of information can a dashboard provide?
The main purpose of a dashboard is to tell you a story, the health of a business, or a specific process based on the Key Performance Indicators (KPI) of your business. Dashboards are versatile and can be used for different markets like Retail, E-tail, Travel, Telecom, Healthcare, Sales, and Marketing. Real-time dashboards help you to break down data like your past transaction data and point of sale data to better understand your customer base.
You can have KPIs like customer retention rate, attrition rate, Net promoter rate, and market growth rate. If you are a call center business you will need the response time of your employees, customer satisfaction, resolution rate, and live tracking of your ticket volume trends. Having a real-time sales dashboard can help you keep track of your sales by monitoring high sales regions, customer acquisition costs, and even forecast future sales. It can also keep track of your social reach and website traffic by monitoring your online presence.
The use of a dashboard will also vary from employee to employee. If you are a project management head you can keep a check of the cost of work done and estimate completion of projects. But as a CEO you will focus on ROI, Operating margins, and predicting the company revenues.
Dashboards are versatile and can simplify any information to benefit your business model.
6 Reasons your business needs a real-time dashboard
1. Time is money
A company can save over 40 hours per week by shifting to a dashboard reporting software. The time saved in getting the information translated into meaningful insights can be utilized to work on actions. Reports are usually generated at the end of the month because they are time-consuming. By using a real-time dashboard the only time consumed will be in setting up the dashboard, which is minimal to the overall time saved. With the rise in Conversational AI-based dashboards, the value for time and convenience has increased
2. All your data at your fingertips
Data never sleeps. Why should your dashboard? With the amount of data generated daily maintaining it becomes tedious to maintain data. Real-time dashboards ensure that all your data is accounted for. You can monitor KPIs and metrics from different platforms under one location. Your data is clean and the focus shifts to outcome-based decisions that can be monitored on the fly.
3. Accessible to all
Gone are the times when the understanding of business was confined to the sharing of details at business meetings. According to research by BARC, the use of cloud planning has jumped from just 8% of survey respondents in 2016 to 36% in 2020. Dashboards use cloud computing to ensure that the data is accessible and transferable to everyone through your desktop or mobile. Dashboards are simple to access and can be understood easily by any employee. They improve internal communications and transparency in the business. They ensure that every member of the team is on the same page.
4. Reduced risk
With real-time reporting failures are highlighted at their initial stages. This reduces the time of diagnosis and helps divert attention to solutions rather than damage control. With an increase in uncertainty in business, it is important to be on your toes at all times and ensure your business grows.
5. Leveraging artificial Intelligence
Dashboards need to adapt to your business requirements and prioritize your business targets. For readily available insights, dashboards do the task of report development, management, testing/validation, and deployment in no time. Using advanced machine learning and artificial intelligence algorithms, smart dashboards help support dynamic business queries.
According to Gartner “Continuous intelligence is a design pattern in which real-time analytics are integrated within a business operation, processing current and historical data to prescribe actions in response to events. Continuous intelligence leverages multiple technologies such as augmented analytics, event stream processing, optimization, business rule management, and ML.” You can use augmented BI based dashboards for decision automation and for providing decision support to improve your business.
No one size fits all. Dashboards understand the need to design visual representation based on your needs. They understand the highly volatile nature of business and adapt to your requirements. They are highly customizable and user-centric.
Dashboards can help simplify the tedious task of reporting and help you focus on growing your business. Real-time monitoring can help your business to stay ahead in the race and transform your weaknesses into your strengths.
Realizing the promise of an AI-driven world, geniSIGHTS has created ‘FLASH’. ‘FLASH’ is a first-of-its-kind artificial intelligence-powered dashboard with voice support to enable businesses in processing big data in real-time. It is highly customizable and scalable according to your business needs and can be easily integrated with existing systems. Dashboards need to cater to your changing business needs by continuous machine learning and by adding conversational AI to advanced systems FLASH has made reporting easy and convenient for everyone.
Rajesh Kumar, the Founder of geniSIGHTS who strongly believes in AI-driven technology says “ Today’s business insights provide good reports but do not go beyond the basics. Flash is an AI-driven product that empowers the business users to quickly experience advanced analytical insights thereby significantly bringing down the development time.
Check out the FLASH dashboard on https://flash.genisights.com/
Also check out Ordo Ab Chao, A sentiment analysis dashboard that uses Social media on https://genisights.com/ordoabchao/#!/home
Dashboards like FLASH are transforming advanced real-time reporting to a whole new level. According to a report by Deloitte “Early benefits from the adoption of Conversational AI mean the global AI-derived business value is expected to grow by an average of 30% annually”. Businesses are undergoing a digital transformation and the advancements in Self-Service BI have made employees and key decision-makers independent and confident even with a lack of knowledge in data management. The rise in Conversational AI-based dashboards has made reporting simpler and faster than ever before. It is time for you to shift your business to a smarter, cleaner, and faster data-driven real-time business analytics dashboard.