Speaking on the importance of metrics and their depiction in businesses, Tim Cook, CEO of Apple Inc., insightfully noted, "You can't manage what you can't measure". In today's dynamic business world, Dashboard Design plays a crucial role in Management Strategy, enabling executives to visually comprehend complex data and make informed decisions.
Purpose of Dashboard Designs in Strategic Management
Picture this: Your company houses large volumes of data, yet concise insights remain elusive to Operations, Finance, Sales—across the board. This is where effective Dashboard Design comes to the rescue, serving as an integral cog in Strategic Management. Properly designed dashboards act as a compass in the high seas of complex data—guiding executives to relevant insights and promoting informed decision-making. Hence, the purpose of a dashboard is more than just an aesthetic presentation of metrics—it should be a powerful tool for Strategic Management transformation.
Key Principles to Consider
Designing a dashboard is not just about cramming data onto a screen. There are key principles worth considering while developing a high-impact dashboard.
Data Relevance: Ensure only pertinent data is showcased on the dashboard. Irrelevant data muddles the dashboard purpose and can lead to indecisive action.
User-centric Design: Align dashboard design with user needs and understanding. Make it intuitive and easy to navigate, while maintaining a degree of customization.
Data Visualization: Use clear and appropriate graphical representations that highlight data trends and outliers, catering to the maximum "at-a-glance" capability.
Data Timeliness: Feature real-time or near real-time data to allow for rapid response and action.
Best Practices for Dashboard Design
Strategic dashboard design falls under three broad categories: Operational Dashboards, Tactical Dashboards, and Strategic Dashboards. Here are some best practices related to each.
Operational Dashboards: These dashboards primarily monitor operations in real-time. They should be dynamic, reflecting changes promptly to impact immediate decision-making. Operational Dashboards are valuable for roles demanding swift action, such as Risk Management or shipping planners.
Tactical Dashboards: Often used among middle management, these explicit dashboards reflect specific goals or KPIs. They provide the line of sight to a team's performance vis-à-vis its targets. Building these dashboards require careful consideration of metrics that truly reflect the performance and outcomes of the team.
Strategic Dashboards: Intended for C-level executives, these dashboards depict a high-level overview of the organization's performance. They focus on long-term strategic goals and major KPIs. Strategic Dashboards must balance detail with brevity, allowing for a snapshot-like summary of crucial elements in the Strategy Development process.
Another important aspect of Dashboard Design is 'Dashboard Parity'. Simply put, this refers to the degree of agreement between what the dashboard portrays and the actual performance of the organization. There lies the possibility of dashboards painting an overly positive or negative picture of the state of affairs in the organization due to faulty data input or misinterpretation. 'Dashboard Parity' is, therefore, pivotal for maintaining the trustworthiness and credibility of dashboards.
The Future of Dashboard Design
In the era of Digital Transformation, dashboards are evolving. Artificial Intelligence (AI) and Machine Learning (ML) are reshaping dashboard design. Predictive Analytics and Natural Language Processing (NLP) are enabling more intuitive and interactive interfaces, in line with constant Innovation in modern businesses. In the future, we will witness dashboards that not only reflect what happened in the past but also predict outcomes, facilitating proactive decision-making.
Bottom line, the design of a useful dashboard is more than an exercise in aesthetics—it's a fundamental pillar of effective Change Management and Strategic Planning. It requires a user-centric approach combined with an understanding of the business, culture, and strategic goals to provide C-level executives with vital insights to drive business transformation.
CUSTOMER TESTIMONIALS
"I have found Flevy to be an amazing resource and library of useful presentations for lean sigma, change management and so many other topics. This has reduced the time I need to spend on preparing for my performance consultation. The library is easily accessible and updates are regularly provided. A wealth of great information."
– Cynthia Howard RN, PhD, Executive Coach at Ei Leadership
"The wide selection of frameworks is very useful to me as an independent consultant. In fact, it rivals what I had at my disposal at Big 4 Consulting firms in terms of efficacy and organization."
– Julia T., Consulting Firm Owner (Former Manager at Deloitte and Capgemini)
"I have used FlevyPro for several business applications. It is a great complement to working with expensive consultants. The quality and effectiveness of the tools are of the highest standards."
– Moritz Bernhoerster, Global Sourcing Director at Fortune 500
"I like your product. I'm frequently designing PowerPoint presentations for my company and your product has given me so many great ideas on the use of charts, layouts, tools, and frameworks. I really think the templates are a valuable asset to the job."
– Roberto Fuentes Martinez, Senior Executive Director at Technology Transformation Advisory
"Flevy is our 'go to' resource for management material, at an affordable cost. The Flevy library is comprehensive and the content deep, and typically provides a great foundation for us to further develop and tailor our own service offer."
– Chris McCann, Founder at Resilient.World
"As an Independent Management Consultant, I find Flevy to add great value as a source of best practices, templates and information on new trends. Flevy has matured and the quality and quantity of the library is excellent. Lastly the price charged is reasonable, creating a win-win value for the customer, Flevy and the various authors. This is truly a service that benefits the consulting industry and associated clients. Thanks for providing this service. "
– Jim Schoen, Principal at FRC Group
"I have used Flevy services for a number of years and have never, ever been disappointed. As a matter of fact, David and his team continue, time after time, to impress me with their willingness to assist and in the real sense of the word. I have concluded in fact that it is not at all just a repository of documents/resources but, in the way that David and his team manage the firm, it is like dealing with consultants always ready to assist, advise and direct you to what you really need, and they always get it right.
I am an international hospitality accomplished senior executive who has worked and lived during the past 35 years in 23 countries in 5 continents and I can humbly say that I know what customer service is, trust me.
Aside from the great and professional service that Flevy's team provide, their wide variety of material is of utmost great quality, professionally put together and most current.
Well done Flevy, keep up the great work and I look forward to continue working with you in the future and to recommend you to a variety of colleagues around the world."
– Roberto Pelliccia, Senior Executive in International Hospitality
"As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value."
– David Coloma, Consulting Area Manager at Cynertia Consulting
SELECT CUSTOMERS
Since 2012, we have provided best practices to over 10,000 businesses and organizations of all sizes across the world—in over 130 countries.
Below is just a very small sample of our customer base.
Did you know?
The average daily rate of a McKinsey consultant is $6,625 (not including expenses). The average price of a Flevy document is $65.
Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S Strategy Model, Balanced Scorecard, Disruptive Innovation, BCG Experience Curve, and many more.
Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S Strategy Model, Balanced Scorecard, Disruptive Innovation, BCG Experience Curve, and many more.