Which Dashboard Suits Your Requirements? Differentiating Between Business Analytics Dashboards
Introduction
It might be a bit late to say, but data is essentially new oil. Others argue it’s considerably more valuable!
According to Gartner, 95% of data-backed decisions will be at least partially automated in the next two years.
One thing holds true for all modern enterprises, irrespective of their size and sector—operating in a data-driven environment amid cutthroat competition. In the face of this fierce rivalry, business dashboards become indispensable. They serve various purposes, from spotting trends and distilling insights to measuring metrics and performance for optimal and informed decision-making.
But business dashboards are not one-size-fits-all solutions. Various business analytics dashboards empower you with unique capabilities essential to track performance and achieve business goals faster. Let’s delve into the critical types of analytics dashboards to explore their unique characteristics, applications, and impact on business strategies.
Exploring Various Types of Analytics Dashboards
A dashboard is a tool that helps manage all crucial information through a single point of access. For example, managers and teams use interactive dashboards to track business KPIs and leverage business intelligence for data-driven decisions.
Based on their purpose and capabilities, analytics business dashboards are primarily categorized as:
Strategic Dashboards
Primarily built for senior-level managers, these dashboards help track success factors in the company’s long-term strategy. These dashboards monitor performance metrics in alignment with overarching strategic goals, providing a comprehensive overview of the progress over designated time intervals, be it the past month, quarter, or year.
Some of the unique capabilities of strategic dashboards include:
Performance Metric Tracking – Monitor key performance metrics across the organization.
Alignment with Strategic Goals – Ensure operational activities align with enterprise-wide strategic objectives.
Time-Frame Summarization – Provide a condensed summary of progress over specific time frames, such as the past month, quarter, or year.
Efficiency in KPI Achievement – Streamline the accomplishment of the Key Performance Indicators (KPIs)
Decisive Intelligence – Offer insightful online data visualizations for informed and strategic decision-making.
Why just read and swipe if you can directly see it in action? You can explore Lumenore’s powerful dashboards directly.
Analytical Dashboards
Built with mid-level management in mind, analytics business dashboards help focus on specific company areas. Analysts leverage this tool to distill vast amounts of data, spot trends, compare data points, and set objectives and benchmarks. For example, executives from the Automobile sector can utilize Lumenore’s powerful analytical business dashboards to optimize supply chains. Financial executives leverage automated insights and AI-powered analytics through the Lumenore interactive dashboard.
Some of the critical unique capabilities of analytics business dashboards include:
Advanced-Data Distillation – Ability to distill complex datasets into actionable insights, facilitating data-driven decision-making
Trend Identification – Empower analysts to identify and understand trends within the data, aiding in proactive decision-making.
Comparative Analysis – Facilitate the comparison of data points, enabling the identification of patterns and anomalies for strategic planning.
Sector-Specific Optimization – Customization for specific industry sectors, allowing executives to tailor the dashboard to optimize processes unique to their business domain.
Automated Insights – Incorporate automated insights generated through AI-powered analytics, reducing manual analysis time and increasing efficiency.
Operational Dashboards
Operations dashboards are excellent tools for junior management to monitor and manage operational processes. In most cases, these are focused on shorter time frames. Most companies use these dashboards to analyze and fine-tune operations and activities. For example, sales teams optimize and manage sales operations with our sales performance dashboard or sales analysis dashboard.
Real-Time Monitoring – Provides real-time insights into ongoing operational processes, allowing for immediate response and intervention.
Cross-Team Collaboration – Facilitates effective collaboration between operational teams and other departments, fostering seamless communication.
Online Data Visualization – Utilizes dynamic and interactive visualizations for online data representation, enhancing accessibility and understanding.
Comprehensive Analysis – Operations dashboards distill more comprehensive details than strategic dashboards, offering a detailed view of the specific data sets.
Tactical Dashboard
Tactical dashboards serve as indispensable tools in the analysis and monitoring of processes conducted by mid-level management, placing a strong emphasis on in-depth analysis.
These interactive dashboards enable capturing granular details, visualizing insights, and making data-driven decisions faster. For example, our marketing dashboard optimizes campaigns and combines tactical competitor intelligence for effective campaigns. Sales Analysis Dashboard empowers sales teams with tactical insights.
Crucial capabilities of these dashboards are:
Alignment with Strategic Initiatives – Ensure that operational activities align with and contribute to achieving the organization’s overarching strategic goals.
Analytical Emphasis – Tactical dashboards are primarily designed for detailed analysis, providing mid-level management with comprehensive insights into various operational aspects.
Interactive Exploration – The interactive nature of dashboards allows users to explore data sets, uncover trends, and better understand the factors influencing performance.
Analytic Recommendations – Provides actionable recommendations based on analytical insights, guiding mid-level managers in making informed decisions for improved performance.
Summing it up
In this blog, we delved into the intricacies of four distinct types of business dashboards crucial for the success of modern enterprises. As a quick recap, we have summarized the key differentiating factors in the following table:
| Key Aspects | Strategic Dashboards | Analytical Dashboards | Operational Dashboards | Tactical Dashboards |
| User-focus | Top-level management | Analysts | Junior management | Mid-level management |
| Time-frame | Long term | Mid-to-long term | Short term | Mid-to-long term |
| Primary purpose | Goal alignment | In-depth analysis | Real-time monitoring | Tactical analysis |
| Collaboration | Enterprise-wide | Departmental | Operational teams | Mid-level teams |
| Data volume | Aggregated | Large datasets | Real-time streams | Moderate datasets |
| Preferred use cases | Strategic planning | Research and insights | Day-to-day operations | Analysis through sales performance dashboard |
Explore the Lumenore platform further for robust dashboards! Our unified dashboard approach empowers you to harness data-driven insights for all your business requirements, spanning from top-level strategic decisions to tactical operational analyses.
Get in touch with us today for more information on business analytics dashboards!
