A company’s future is molded by the decisions made by executives on a regular basis. These decisions include increasing compensation, putting up marketing boards, acquiring a company and much more. Since these decisions are of paramount importance, the executives should be provided with ample amount of information that contain various Key Performance Indicators (KPI) that are going to be affected by the decision.
For an executive, to be able to read this information and make a sound judgement on the basis of it, she needs to be presented with crisp and concise form of data. Nobody likes reading 10 pages of documentation if it could be summarized on a graph or a chart. Let me give you an example. Consider the below case where the sales of a company is categorized by the product.
The alternative of the aforementioned form is reading 10 tables. Difficult, Right? And this is just one set of data. An executive needs to take a look at a number of data points to be informed before making a decision. Imagine if they need to go through dozens of tables just to get the realistic picture of a single KPI.
Nowadays, companies are digitizing every aspect of their business. Marketing, Sales, HR, Finance, everything. This makes it easier for one to summarize the data and present a succinct report on each of the verticals of the company.
A lot of companies are solving this problem by aggregating data points across various divisions of the company. They offer customizable reports and dashboards that empower sales managers and executives with instant access to real-time data and analysis. Examples of such companies are Salesforce, Adaptive Insights, Microsoft, SAP etc.
Depending upon the user’s requirements and restrictions, one can find a suitable tool for their business. While Salesforce has a flexible and customizable system and is the largest player in the cloud computing, SAP is the largest maker of on-premise CRM and ERP systems processing huge chunk of data at a given instance. Microsoft has incorporated a variety of tools that are already being used worldwide by windows users making the system more familiar to the general population.
A lot of companies are looking at new ways to help their customers make a more informed decision and with much more ease. These companies have started to move to mobile platform which provides real time access anywhere and anytime. IBM Mobile First, a collaboration of Apple and IBM, provides applications, infrastructure and engages users at the mobile level. Taking it to the next level, Salesforce launched Salesforce wear to enable the users to integrate the system with their wearable tech products. The software are looking to integrate various platforms to increase the data points and give a better customer experience.
There are a ton of advantages why should a company use these products –
- Flexibility: The dashboards are flexible in nature and one can customize them as per the requirements.
- No infrastructure cost: These services are typically pay as you go, so there’s no need for capital expenditure.
- Accessibility: Since all the data is present on the cloud, one can access it from anywhere and also make changes to it.
- Security: A huge advantage is that there is always a backup of the data preserved on the server which makes it highly secure in nature and the same can be used in case of an emergency.
Inadequate information is detrimental to any company. Insufficient information leads to bad decisions which hamper the growth of the business. These aforementioned tools help prevent such mishaps and provide an insight into the real time data of the business in a brief and concise manner.