What is a Business Intelligence Dashboard?
As businesses continue to evolve and expand, the need for business intelligence becomes more and more prominent. Dashboards are a form of Business intelligence that come in handy when trying to navigate big data.
A BI Dashboard is a digital tool that pulls real-time data from various sources like sales data, clouds, website analytics, store data, social media, etc. and helps organize and present it in the form of charts, graphs and tables to make it easier for business owners to spot patterns in their organizations and businesses.
Think of it as a control panel that can provide key insights into a business.
Business analytics dashboards can take away a lot of manual labor of compiling, analyzing and displaying data which can be highly time-taking and tedious.
Accessing a BI Dashboard can quickly provide insights that can accelerate the growth of a business and be acted upon immediately.
Types of BI Dashboards
Every business has its own goals, processes and data needs. Depending on the requirements, dashboards can be customized.
Some common types of dashboards are:
Strategic Dashboards: These dashboards provide deep insights into current strategies and their overall performance. The focus on KPIs and long-term growth is highly prevalent in these dashboards.
Operational Dashboards: As the name suggest, these dashboards are meant to manage day-to-day operations such as customer management, inventory, etc.
Analytical Dashboards: These types of dashboards are generally provided by business analytics services. With Analytical Dashboards one can delve deep into complex datasets to access actionable analytical insights.
Tactical Dashboards: These dashboards are often used to manage short term goals and manage metrics such as productivity, efficiency and quality.
The Dire Need for BI Dashboards in Retail
The Retail Industry is one of the massive data-generating industries. A lot of retail data is generated daily from sales transactions, website traffic, inventory, customer interactions, footfall, employee performance, promotions, etc.
All of this data together can be extremely hard to manage and analyze manually.
This is where BI dashboards come in. They help retailers to manage their data by bringing together all the data into a centralized location, making it easier to be analyzed and draw insights from.
Without a BI dashboard, retailers may struggle to manage their data effectively, leading to missed opportunities, inefficiencies, and poor decision-making. For example, retailers may struggle to identify which products are selling well and which are not, leading to overstocking or stock outs. They may also miss opportunities to optimize pricing or promotions, leading to lost revenue.
BI Dashboards help retailers monitor real time data, provide a competitive advantage by keeping an eye on and comparing data of other players in the same industry and even help in forecasting and predicting trends and planning inventory and promotions.
The future of BI Dashboards looks highly promising as cloud-based BI, self-service BI, mobile BI and other readily available BI Services become more prevalent and popular.
ClicFlyer provides BI Dashboard and Analytics Services to retailers in KSA, UAE and SA.
Our interactive analytics dashboard contains historical data and provides businesses with the perfect set of tools for making decisions based on analytics, which can lead to increased profitability. For further details, please contact firstname.lastname@example.org.