Every business today understands the significance (and criticality) of data-driven decision-making. This is why tech giants are integrating a range of advanced analytics capabilities into their solutions. However, the surging volumes of data are creating a lot of problems for organizations, with many struggling to make sense of this data overload. Read on to unravel why it’s so important for CXOs to leverage the power of data analytics and visualizations.
Why Dashboards Matter
In today’s digital era, data is the new fuel. This has led to skyrocketing investments in data and analytics. According to recent research, the global data analytics market is expected to be worth around $346.33 billion by 2030, growing at a CAGR of 30.41%. Organizations are investing heavily in data analytics tools that help them comprehend various data sets.
But all this surging data, when analyzed, leads to several insights. These insights must be presented in quick and easily consumable formats. Modern analytics tools help draw insights from surging data while also helping articulate critical points through intuitive dashboards.
From analyzing sales and revenue figures to monitoring website traffic, managing distribution fleets to estimating inventory levels, evaluating network uptime to determining system health – intelligent dashboards can aggregate data from different sources and consolidate it via stunning visuals, helping:
- Deliver real-time insight into key performance indicators (KPIs) and other important metrics within an organization.
- Make data-driven decision-making more accessible and efficient to data as well as non-data teams.
- Comprehend trends and patterns through visually appealing charts, graphs, tables, and other pictorial elements.
- Users interact with data by customizing, filtering, drilling down, or exploring complex data more deeply.
The Top Dashboards for CXOs
Modern-day CXOs have a lot on their plates. Not only do they have to craft and implement appropriate business strategies, but they also need to facilitate positive employee and customer experiences. In addition, they must have the right security and governance policies in place, as well as manage budgets and expenses.
The constantly surging list of competing priorities often restricts CXOs from making data-driven decisions. And it’s not because of a lack of awareness, data, or technology. The biggest reason why CXOs struggle with business decision-making is that they don’t have access to actionable data and insights.
Dashboards make it extremely easy for CXOs to get a detailed overview of their business. They offer comprehensive insight into the health and performance of the business, enabling CXOs to make data-driven decisions in real-time. However, there are tons of dashboards that modern analytics tools generate. Which ones should CXOs focus on? Here are five dashboards every CXO must have access to:
1. Margin Analysis
Analyzing the various facets of profitability, including how efficiently a company utilizes its resources and the income it generates from operations, doesn’t come easy.
Margin analysis dashboards empower CXOs with the insight they need into revenue and gross margins. This executive-level report presents high-level insights into factors that impact profit margins, including price, volume, or region.
By slicing and dicing these dashboards, CXOs can gain further insight into the company’s current effectiveness in generating profits and its potential for future gains.
2. Inventory Analysis
Supply chain disruptions and rising prices make it difficult for organizations to optimize their inventory levels. Inventory analysis dashboards provide CXOs with real-time visibility into items in stock and items in demand – allowing them to maintain their cash flow and profitability.
Using these dashboards, CXOs can lay the foundation for intelligent order management and filter views by products or locations. They can also get a deeper insight into physically available inventory and out-of-stock items and take steps to improve efficiency and lower costs.
3. Sales Analysis
Every CXO looks to forecast more accurately, close more deals, and surpass their revenue goals. Sales analysis dashboards are a great way for CXOs to achieve these objectives. They enable executives to set forecasts based on the data they trust, efficiently manage the sales pipeline, and identify potential issues.
Sales analysis dashboards also help break down a company’s sales figure by total sales, sales by country or region, product, or SKU, and more – allowing CXOs to get a deeper understanding of key sales drivers and holdups.
4. Cash Flow Analysis
For CXOs, having insight into the amount of cash and cash equivalents that the business generates or spends is crucial. Cash flow analysis dashboards offer just what CXOs need to maintain their cash flow.
They help drill down to cash flow generated from operating, investing, and financing activities, allowing CXOs to determine the liquidity and solvency of the business. This helps in getting a better understanding of where money is coming in and where it’s going out – allowing them to draw the right conclusions about the current state of the business.
5. Accounts Payable and Receivable
The state of accounts payable (AP) and accounts receivable (AR) impacts whether a company thrives or declines. AP and AR dashboards deliver key insights into an organization’s state of payables and receivables – helping paint an accurate picture of the company’s cash position.
Using accounts payable and receivable dashboards, CXOs can monitor turnover, track outstanding sales, current and overdue invoices, and more. These numbers can help them stay on top of expenses, efficiently manage resources, and make better budgeting decisions.
Build the Right Dashboards with Sapours
As organizations invest in analytics tools, they also need intuitive, interactive, and engaging visualizations that can provide key insights to CXOs. However, identifying the right datasets, creating dashboards with the right visualization elements, and presenting key metrics in easily consumable formats don’t come easy.
With data teams already burdened with numerous other tasks, delivering real-time insights via simple, clear, and contextual dashboards demands the skill and proficiency of experts.
At Sapours, we have a large pool of skilled visualization experts who can build highly intuitive and interactive dashboards using Power Apps. From ratio analysis to balance scorecards, performance KPIs to revenue leakages – these experts have helped several CXOs realize their dreams of data-driven decision-making with a single click!
Get in touch today and allow us to develop contextual, KPI-driven CXO dashboards so you can improve business efficiency and transparency and bring more control within your business!