If you’re an inventory manager or a business owner, having data about the way your business runs can be a game-changer. However, gathering data is only part of the equation. Collating and analysing a wealth of information can be a tedious challenge, especially in the face of insurmountable piles of data.
These issues are common for inventory managers and business owners, and a clever tool has come in to amalgamate this information for you.
What is a business intelligence dashboard?
A business intelligence (BI) dashboard is a summary of business information and analytics displayed on a single screen. It uses data visualisation tools to highlight KPIs, notable business analytic metrics and pertinent team or department data.
This technology allows businesses to have a direct insight into their performance and equips them with the tools to plan, execute and enhance their practice with data to back up decisions.
Benefits of a BI dashboard
Online inventory management
A BI dashboard can capture the real-time movements of your stock by communicating information from an online inventory management software. With the analytics at the touch of your fingertips, you can quickly collate inventory details that will assist your potential customers and sales team. If your sales team is out on the road, they can access the BI dashboard on a mobile device. They can check what stock is available from a inventory stock report. Then they relay stocks levels data to the customer and have a good idea of when it would arrive. This way you don’t overpromise and under deliver when you’re out in the field with customers.
A BI dashboard provides a powerful snapshot of what is going on in the business at any point in time. It can enhance the visibility of information throughout the organisation. There is no need to wait for weekly or monthly reports to be printed. All of the business intelligence sits on the cloud and is readily accessible whenever you want it. This visibility means that both staff and management are more informed. You can be quick to respond to changes in the market and identify problems in the business.
With this data amalgamated into one spot, it saves you time digging for information and calculating it yourself. Time is a valuable asset and the faster you can access knowledge, the faster you can make the necessary changes. You’ll save time because everything is in one centralised hub. You don’t need to remember logins to different software programmes or user names for different platforms.
Limitations of a BI dashboard
With the BI dashboard, all of the information is at a relatively high level — if everything was in great detail, it wouldn’t fit on a single screen. This can be seen as a limitation if you only use the front screen. However, the details aren’t entirely absent. Once you know the type of information you want greater detail on, you can dig deeper by selecting which area you want to know more about.
With mobile data and Wi-Fi available nearly everywhere, this limitation is rapidly decreasing. However, if you want to access this real-time information, you’ll need to be in an area with service. If you’re out driving in between locations, there’s always the possibility that you won’t have coverage throughout your journey. Be sure to refresh the page and update when you get back into service.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.