Running reports has run rampant since the advent of the Excel spreadsheet. Companies utilize all kinds of CRMs and other data processing software to get a better idea of where their business is going. CEOs and supervisors want more insightful information regarding your business performance monthly, weekly or almost daily. If you’re like Chandler from Friends, you could be up until midnight on a Friday looking at the 100-page WENUS (Weekly Estimated Net Usage System) Report trying to analyze numbers to report to your CEO on Monday morning.
Here are some reasons why your CEO will love your dashboard this year:
1. Simplifies the data
The most difficult thing about a CEO dashboard is getting it set up with the information they want to see on a regular basis. After that, it’s smooth sailing. According to Lori Lindenburg from the University of North Dakota, she was creating a 45-page report every week with different metrics, and it was information overload. When she implemented dashboards, they able to keep all the data; but make it faster and easier to use.
Your CEO will love that he can see information from the top all the way down to the fine details. Looking for information in a dashboard is much easier than sifting through pages and pages of spreadsheets to find a viable solution.
2. Reduces waste and everyone feels good about it
Dashboards give you the ability to see in real-time what is going on in your organization. You can use dashboard display screens throughout your office or plant so everyone stays in the know, and can quickly spot if you’re exceeding your goals or find areas that need improvement. In fact, Sleep Innovations implemented dashboards and discovered over a million dollar annual loss in waste and was able to fix this problem and recoup the damage moving forward.#Dashboards give you the ability to see in real-time what is going on in your organization. Click To Tweet
Imagine if you’re running a plant and your purchasing manager is increasing his cost on widgets to create your best-selling product. You could bring in a consultant to follow each stage of development and calculate where your waste is going, but instead, you could just look at your dashboard. With one screen, you can see each line and figure out where the latency is taking place. No need for hours of research. Drilling down to the find the issue is much easier than ever before. Not only are you able to save time but you also save on the cost of the product because you found the waste sooner than later.
Read next: What Makes an Effective Executive Dashboard?
3. Stirs up competition and profits
What’s great about dashboards is that they can be seen anywhere by anyone that’s permitted. One example is putting the dashboard in the main room where your sales people work. They can see where they stand as far as numbers and stats are concerned which can lead to friendly competition. At Christian Financial Credit Union, account openings went through the roof after implementing dashboards at their branches. Employees had the instant gratification of knowing they made a sale and how it contributed to their daily goals.
If you can show results like this, your CEO will love your dashboard. If you use your dashboard to regularly encourage your staff, it’ll motivate them to want to do better. They can measure their performance at a glance and their morale will be boosted, especially if they are doing well. If everyone can see what’s going on with their performance and how it affects the team, you better believe they’ll want to push themselves harder to beat each other and even their previous records.If you can show results like this, your #CEO will love your #dashboard. Click To Tweet
4. Puts business plans into action
If you’re like us and your CEO meets with you regularly to see whether your business plan is in line and going smoothly – then this a great time to pull out your dashboard and impress. Unlike before with your tireless nights and tons of coffee, there is a solution. You can gather all the information from your sales, logistics, marketing, financial and so on, and automate that information so it’s seen at-a-glance. Having a more streamlined solution will enable your CEO to see the full business plan in action and make adjustments accordingly.
If your company is living in the past or need a better solution, now is the time to start your year off right and add executive dashboards to your data toolkit. Your dashboards will prove themselves and your CEO will love that they have access their company’s numbers at any time, day or night. Information at your fingertips has a new meaning when your company starts using a CEO dashboard.
Interested in finding an executive dashboards solution that suits you? Try iDashboards for free here.