Executive dashboards are the door ways to express the deeper insights of the how good the business is running or making profits. Like Dr. Kaushik said “Effective dashboards can be a powerful communication medium and greatly accretive to driving actions” (Kaushik, 2010, p.275). But often the marketing team or high end management team are always unhappy with what they try to perceive form the executive dashboards. This is not because of the lack of data but due to the lack of recognition of the important metrics and their usage for strategically made changes. Dashboards differ in a variety of ways depending on the level of complexity, business line and often with the increasing complexity of the available Key Performance Indicators (KPIs).
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It is very important for an executive dashboard to have contextual metrics rather than all of the metrics. Even though the metric seems to be very important for the organization, but without the context using it in executive dashboard is just redundant work. Also having a benchmark will help the middle management team to understand the scenarios of the numbers with respect to the benchmarks. Basically, the website goal for example the average duration spent beyond 2 minutes metric can be a potential goal to be considered for benchmarking in the executive dashboard.
Segmentation: Executive dashboard can become complex if segmentation is avoided. The reason behind this is because segmentation helps the executives to understand the causal effect of the different metrics. In sense, segmentation gives the broader overview of the effect of different metrics so that their action ability could be clearly taken into considerations. For example, in the executive dashboard of e commerce business, the segmentation of customers based on geographical aspect (Country/City) will help the marketing executives to take wise decisions about their future product
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Unimportant metrics must be avoided from the executive dashboard as they cover up the prominent insights. For example, if an ecommerce websites data is been tracked for executive dashboard, including metrics like continent wise visitors, country wise visitors and city wise visitors all the three are related and two of them are subset to other. Including all of them in the executive dashboard would create redundancy, which indeed would be a distraction from the main metrics. Hence while creating an executive dashboard one must consider it as a thoughtful practice to avoid unimportant and redundant
Overview dashboards for all report sets. For navigation consistency, it is required that a chart from each report set to be displayed on this dashboard
Metrics are very important in Operations Management within an organization because it provides functions such as control, reporting, communication, opportunities for improvement and expectations. It is a certifiable measure stated in either quantitative or qualitative terms types of measurements. In addition, metrics has different types of categories in the organizations. One of which is “Organizational Focus”, that have four different types of level within the organization or firm. 1. Organizational Metrics – this type of measure, capture and describe the performance of an organization (i.e.…market share and rate of return). 2. Product Metric – it measures cost per unit, contribution margin per unit, or growth in sales.
Vlasic, Bill. "Designing Dashboards with Fewer Distractions." New York Times: B.1. Jul 06 2013. SIRS Issues Researcher. Web. 7 Nov. 2013
Life is all about setting goals and trying to achieve them. The same theory also applies in the managerial industry. The accomplishment of desired results in a business is called performance. One of the major concerns of the top managers of a firm is the actual performance of the firm so its measurement is unavoidable.
The balanced scorecard approach takes planning. For companies this isn 't a quick fix. Companies need to take a deep dive and configure your objectives that are clear. Another disadvantage is the balanced scorecard won 't cover everything. In order to successfully implement this approach it needs to be apart of a bigger strategy for your company. Lastly, in order for your metrics to provide valuable insight you need to make the information you are looking to track applicable to your needs. (Bowen, 2011)
Tapinos, E., Dyson, R.G. & Meadows, M. (2005). The impact of performance measurement in strategic planning. International Journal of Productivity and Performance Management, 54(5/6), 370-384.
Companies have transformed technology from a supporting tool into a strategic weapon.”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions."(Davenport, 2006) Data is compiled to enhance business practices. When samples are taken, they are used to examine research and understand how to solve problems or why situations are as they are. Furthermore, in this article, Thomas Davenport discusses analytics from a business standpoint. He refers to organizations that have been successful in their usage of data and statistical analysis. In addition, he also discusses how data and statistics can be vital in the efforts to improve the operations of businesses.
The Balanced Scorecard has emerged in recent years as a performance measurement system in various organizations. This paper will discuss the origin and concept of the balanced scorecard and how it was first implemented. We will then review the criticisms on the balanced scorecard methodology as well as analyse the strengths and weaknesses of this performance measurement tool.
Performance management is a useful and powerful tool that can be used by managers to identify what areas of their organisation they need to improve to increase the organisation’s overall performance. The idea of a balanced scorecard enforces a sensible distribution of resources and effort across all aspect of performance an organisation is, or should be, concerned with.
When implementing a new performance management system in an organization there are both advantages and disadvantages that need to be taken into consideration by the design team. However, one of the best ways to know if a performance management system is effective is by implementing the system within the organization and then continuously monitor and reevaluate if the system is still relevant to the organizational
In today’s competitive marketplace, for organisations to be successful, they must attract, develop, and retain a team of talented and efficient staff. To accurately determine whether an employee has the necessary qualities to benefit an organisation, they must first develop some quantifiable measures. Ideally, the employee performance measurement, which is a performance management tool, will clearly identify the staff that need improvement and those that are already working well, allows the organisation to determine their capabilities and is also effective in evaluating the employees’ productivity over a set period of time. With employee’s being the basis the efficiency of almost all of today’s contemporary organisations, employee performance measurement has become a significant management tool that centres on improving employee output and, in turn, corporative efficiency. Employee performance measurement, however, is not a perfect practice and has been proven to disadvantageous depending on its accuracy and intention. The associated disadvantages include, but are not limited to, biased reports, and one-sidedness. Based on four scholarly journals, this paper examines the advantages and disadvantages of PM, determines how it affects the employees, workplace and organisation as a whole and explores effective alternative systems that can be adopted by managing parties of contemporary organisations.
Establishing metrics is crucial to any organization, especially in technology related company projects. Metrics can be defined as a system of parameters or ways of quantitative and periodic assess of a process that is to be measured, along with procedures to carry out such measurement and the procedures for the interpretation of the assessment in the light of previous or comparable assessments. The results of the metrics can be used to record trends, efficiency, capital, and etcetera. Metrics permit organizations to measure its performance against industry sectors to determine how well the company is doing. Metrics allow organizations to optimize its productivity.
Now days, companies are searching for new ways of gathering data so that they can get useful data in order to make well informed decisions regarding the market they are operating in. Google analytics is considered one of the best tools offers extensive amount of data to business owners for free. However, the success of business is highly depended on how well they can arrange data and customize their collected data corresponded to their business priorities. Google analytics provides beneficial information for companies regardless of their extent of operation.
Analytics means using data and performing statistical analysis on it, applying quantitative and predictive models, in order to arrive at a certain decision. Analytics can be the first step in a process or can rather be an intermediate step as well. Analysis can be done using different set of tools that are available in the market or it can done manually using different concept and formulas. Business intelligence firms like Cognos, SAS and BusinessObjects have developed different tools that are readily available in market that assist in analysis and decision making. Analytics is used in order to find solutions to the problems and the solutions provided enables us to be successful and in the business world allow us to compete with our contenders.
However, BSC is not a template that can be applied to businesses in general. In this circumstances, different market situations, product strategies, and competitive environments need different scorecards. The businesses must devise customized scorecards to fit their vision, mission, strategies, technology, as well as their culture. On the other hand, the Performance Prism is an alternative for the BSC which is worth considering for companies looking for a system to measure and manage their performance. Based on a stakeholder approach, it is more flexible and more integrative than other systems.