The main objective of this paper is to highlight the practical steps of implementation that is necessary for creating dashboards for top management in an organization with two samples of a dashboard for both finance and human resource divisions. The dashboard will show how to identify KPI (key performance indicators) that meet organizational goals on finance and human resource.
Executive dashboards are useful management tools that consist of tables and charts. The dashboards act as a tool that guides managerial decisions due to its ability to provide critical information. Access, availability, and dissemination of information are fundamental in making business decisions. Company leaders rely on the data and information on dashboards as a source of alert in case there are problems that require an immediate attention.
Statement of the problem
Company leaders and owners thrive to increase organization growth levels, production, and profitability. This is in relation to the mounting competition pressures as well as changing trends of consumers’ needs. As a result, it is essential for the company executives to know how to create an executive dashboard.
The paper has two main objectives:
i) To show the practical steps of creating dashboards for executives in a firm with two examples of a dashboards for (human resources and finance) divisions,
ii) To show how to identify key performance indicators that meet the established goals of human resource and finance.
Today’s business world is at a faster pace, and as such the success and efficiency of an organization depends on how fast the top management can make decisions. This can be assisted by creating an effective dashboard. There are important steps that are necessary when creating an executive dashboard.
First, it is essential to remember the functions of a dashboard. A dashboard gives fundamental answers concerning the business such as sales figures, business operations, among others. In addition, it provides the executive with the performance of each employee, as well as allowing a track of business operations. Second, the executive dashboard should have the ability to automatically alert the executive whenever a problem arises. In this case, company leaders should be able to define a problem, for instance, when production drop below a considerable level.
Second, it is a definition of key performance indicators (KPI), and involves understanding of the fundamental indicators that individuals are responsible for, as well as the KPIs that individuals wish to monitor in their dashboard solution. A KPI is a metric that is used to measure the relationship between performance and a target goal. In this case, human resource and finance indicator will be measured. This step is significant since it lays the contexts and foundation for proper visualization of information in the dashboard.
The third step is defining the supporting analytics. This will be in addition to KPIs definition, and it is necessary since the user have to identify the requisite information that will aid in solving the problem. Supporting analytics provide diagnostic information that will allow for a clear understanding of the reasons why the key performance indicators are behaving in a certain way or are at a certain level. Supporting analytics are visual representations that include tables, graphs, and charts. The use of data visualization representations aid in the analysis of the data, and as such, a problem can be spotted easily.
The forth step involves choosing the perfect key for performance indicator of the visualization components. This is necessary because it assists the user to select the visualization that ideally meets the objective in relation to the data being analyzed or monitored.
The other step is putting all the key performance indicators together. This will ensure a layout that necessitate important business information to visualized first and attract the end users’ attention. At this step, it is paramount to come up with a layout design based on the identified supporting analytics and key performance indicators. In determining the visual elements that will grab the end users’ attention, position, contrast, as well as size will play a significant role. Large elements will be visualized easily, and as such, those with equal importance should have proportionally larger sizes. The end users’ eye will gravitate on elements with a high contrast, and as such, they will pay attention to the information. Similarly, elements positioned strategically will be the users’ focal point; hence, position plays a critical role in attracting attention.
The final step is validating the dashboard design. Dashboard design is the only way of ensuring that the above-mentioned steps are perfectly incorporated and of achievement the desired goal of attracting the end users’ attention. Creating a dashboard that is effective is attained in this ultimate step since the design technique will ensure that it validates the elements that grab the visual attention as well as correspond with the previously identified supporting analytics, as well as KPIs.
The success of the digitization program can be evaluated by gauging its ability to meet the intended goal. Evaluation is aimed at measuring how successful the change process has been, and to determine the degree to which it complies with all the aspects of the change process. In this context, a six-month pilot study will be conducted and thereafter, a questionnaire will be used to establish the views of different stakeholders. The responses from the respondents will then be assessed and based on a particular criteria, the program will be enhanced, strengthened or scrapped altogether.
It is imperative to note that the result of generating an executive dashboard is to facilitate quick decision making in an organization. As a result, creating a dashboard will yield a prosperous and successful business that is intertwined with the increasingly paced business environment. When these steps are implemented with its unique requirements, it will accomplish the desired goals and objectives.
Executive dashboard is becoming a “must have” phenomenon in the corporate world. This has been witnessed in the recent past because of its growing popularity and advancement in technology. There is an enormous challenge in designing a dashboard since the design seeks to compress a chunk of information into small visual elements. As a result, the layout of the dashboard should be visible, and attractive. Company leaders should develop the necessary skills and acquire the prerequisite knowledge that will assist in designing a dashboard.
Recent times have witnessed an increase in the utilization of modern technology in the provision of services in various sectors. From the above discussion, it is clear that dashboards are technology-based and work well as a tool that guide business operations as well as facilitate quick decision-making. Corporations either small or large should embrace these technological developments in order to streamline their operations to suit the practices and patterns of the 21st century. Executive dashboards enable integration technologies as well as business intelligence. This will see that the performance of an organization is linked to key indicators that are company-specific and unique.
Authorization for the project will be sought from various stakeholders who will then be relied upon to provide funding. These include the government and the state, service providers and donor agencies. The impact of such a project on the various stakeholders has to be evaluated to be sure that it provides value for the money put in.