A good dashboard displays critical information in a way that is crisp, clear, and concise. In business, a financial dashboard does just that. A financial dashboard displays relevant metrics for monitoring the company’s performance over time.
Typically, a company would have one or more dashboards to suit their specific needs. You may check here for more information https://bambu.co/products/intelligent-advisor. For example, a marketing manager may use a marketing dashboard to track the performance of different marketing campaigns, while the CFO may use a financial dashboard to track business KPIs.
A financial dashboard typically consists of four key components:
1) The goal of the company (e.g., increase revenue by 20% next year)
2) The performance measurement (e.g., revenue this year is $1,000,000, and next year, we hope it will be $1,200,000)
3) The percentage (%) gap (e.g., the business has achieved 90% of its target or 110% of its target; if you have achieved 100%, this is typically considered a good result)
4) The crucial actions that need to be taken (e.g., work with marketing to launch new product promotion or invest more into customer service so they can handle more customers).
These components are usually displayed in a bar chart, but an appropriate alternative would depend on the company’s business. For instance, a company may use a line graph instead if its focus is on comparing monthly results.
The financial dashboard is usually updated on a monthly or quarterly basis. However, some businesses choose to update their dashboards more frequently (e.g., daily). The decision here depends on the business’ needs and how quickly they can respond to changes in their KPIs.
Companies are increasingly looking at digital solutions that enable them to track their KPIs effectively. These tools often take the form of financial dashboards at https://bambu.co/products/intelligent-advisor that are usually housed in web-based software or mobile apps. Some digital solutions allow companies to customize their dashboards according to their needs – e.g., choosing which metrics they would like to track and how they would like them displayed (e.g., as a graph or table). This allows businesses to create an app-based financial dashboard unique to their company and meets its specific business needs. The financial dashboard provides companies with an effective way to track KPIs and gain a bird’ eye view of their business’ performance over time.
For example, the marketing manager may want access to a web-based tool that allows them to compare month-on-month revenue by product (e.g., an iPhone and an iPad) to determine which product is performing better over time and allocate more resources accordingly.
The financial dashboard at https://bambu.co/products/intelligent-advisor provides companies with an effective way to track KPIs and gain a bird’ eye view of their business’ performance over time. Typically, a digital solution allows companies to customize their new financial dashboard according to their needs. This includes choosing which metrics they would like to track and how they would like them displayed.
In conclusion, a financial dashboard is an effective way for companies of all sizes to gain a bird’s eye view of their business’ performance over time. A good dashboard displays critical information in a crisp, clear, and concise manner that allows businesses to make informed decisions promptly.