Thought Leadership on Business Intelligence presented by 9DOTS Management Corp, LLC
For years, people have sought the crystal ball. A way to somehow sniff out disaster before it occurs. The ability to possess this knowledge gives a leveraged advantage to those that have it. Clearly, if you knew things before they happened you could make decisions to avoid disaster. Sometimes those decisions are life changing. Consider how the simple design of the smoke detector has changed lives. Before the smoke detector, the common man knew little about fire prevention. A select few could come to your home, look around, and be on their merry way after delivering you the information. Now, look at the statistics below to see how the common man’s use of the smoke detector changed your safety.
- Three out of five home fire deaths result from fires in properties without working smoke detectors
- More than one-third (37 percent) of home fire deaths result from fires in which no smoke detection are present.
- The risk of dying in a home fire is cut in half in homes with working smoke detection.
You own a house. And in that house are multiple smoke detectors, decorating the walls and ceilings of random rooms awaiting the rare instance that your house does go up in flames. These smoke detectors do just that, detect the smoke before the fire so that you and your family get out safe. It wouldn’t be beneficial if your house were on fire, burning to the ground and suddenly and alarm goes off telling you there’s a fire. I think at that point we’d already know.
The CEO of any sized company doesn’t know IT jargon, nor can he spend the time needed to look at loads of spreadsheets and discover what is going on. When a CEO of any sized organization looks at information about the progress of their company, one thought is on his or her mind “What can I do to make us more profitable?” Fixing mistakes discovering where you went wrong is the first step to answering that question. It’s not really beneficial to know all the good you’ve done. Boosting company morale is great, but when there is red in your charts on your dashboard, and metrics show your competition is surpassing you, you know you have to stop it immediately.
Enter Dashboards. The crystal ball for your corporation. Complete with graphs and charts that represent your data. The number one reason to implement data visualization in 2015 was demand from executive leadership for self-service analysis. “Data visualization becomes a critical enabler for disseminating insights to senior leaders who may not have the technical ability, or frankly the time, to customize reports or analyze data in Excel” (Gleansight Benchmark Report 2015). You can use dashboards to visualize performance, but the real value is using them to detect the smoke in your organization. We seek the crystal ball, but those without dashboards cannot see disaster coming before it strikes. Their “house” is exposed to an environment consistently described as “putting out fires.”
Consider the following facts that are directly related to dashboard ownership:
- Better decision making – Simplistic views and revenue streams provide immediate insight to pivot your corporations quickly
- Revenue Growth – By being able to visualize your stream by relevant segment (i.e. Region, department, product, sku, etc..) changes can be made to enhance further growth in faster growing areas.
- Improved Operational Efficiency – The knowledge to know where and why we are losing profitability can be known before it’s too late. (See the Smoke Detector Concept above)
- Enhanced Customer Service – Value added services through visualization for your customer base. This allows your customer to make better decisions with you as their vendor!
If you knew this detection or crystal ball existed for your corporate “house”, then why wouldn’t you own it?
Smoke detectors save lives and they save homes. Their purchase has become a no brainer in the personal residence industry. They are a proven tool for detecting issues before they occur.
In the corporate world, the same critical detection exists today with Dashboards. Everyone can use them, everyone can gain from their on-demand, visually stimulating, and easy-to-use interfaces. Therefore, the question can no longer be, why do I need it? But instead should become do I need 1 for every office?
The corporate life you save today may be your own! Remember where there is smoke there is fire!