Using financial dashboards to present data visually
Most businesses use financial dashboards to monitor their company’s performance and track key performance indicators. A financial dashboard can be an extremely powerful tool for CEOs, finance leaders, other executives and employees across the wider business.
It allows finance leaders to track your company’s financial performance at a glance and helps other people to make better decisions by providing them with a single view of data trends from each department’s perspective.
In this lesson, we will discuss how to create a financial dashboard that is tailored to your company’s specific needs.
When it comes to creating a financial dashboard that will provide insights and help drive business decisions, there are a few key things to keep in mind.
- First, select the software product that will work best for your specific business needs. There are many great options on the market, so do some research and select the one that will work best for you.
- Once you have the software selected, it’s time to customize the dashboard. Add in all the relevant components that you need to track your finances effectively. Make sure to include real-time updates so that you can always see where your money is going.
- When creating a financial dashboard, you want to make sure that it is powerful and informative. To do this, you should include features such as drill-downs, trend comparison, multiple users, data export, and auditing. These features will help you to get the most out of your dashboard and make informed decisions about your finances.
- It’s important to keep in mind that not all users have the same requirements. Some users will want to see high-level information while others will want to be able to drill down into the details. As such, your dashboard should provide flexibility for both types of users.
- Another important consideration is trend comparison. Your dashboard should allow users to compare current data with past data to spot trends. This is especially important for financial dashboards since trends can have a significant impact on decision-making.
- Don’t forget to include graphics or charts on your dashboard. Financial data can be complex, so visuals can help simplify everything to make it easier to understand.
- Another tip is to create a dashboard that can be used by multiple users. This means creating user accounts and giving each user access to only the information they need. This ensures that your dashboard is secure and that only authorized users can access sensitive information.
- You should also consider exporting your data. This allows users to download the data and use it in other applications. It also allows for easier sharing of information between users.
- Auditing is an important consideration when creating a financial dashboard. Auditing ensures that the data on your dashboard is accurate and up-to-date. This is especially important if your dashboard is being used for decision-making purposes.
- And finally, create flexible reports that can be analyzed from different dimensions. This allows you to provide each department with the flexibility to cut the data in multiple ways to provide them with the most valuable insights that are relevant to their part of the business. Data cubes are a popular way to achieve this.
By following these tips, you can create a financial dashboard that is tailored specifically for your business needs and provides valuable insights in real-time. Having this information at your fingertips will allow you make smart decisions about where to allocate your resources.
If you want to improve your financial decision-making, a powerful financial dashboard is essential. Modern-day technology allows you to create a dashboard that is customized to your business, provides relevant information, and offers flexibility for analysis. Once implemented, you will be able to monitor your company’s finances closely and help your business to make informed decisions that drive success.