Business intelligence (BI) dashboards have a lot in common with our culture’s icons. Let us explain…
Successful people in any field often attribute their good fortune to being in the right place at the right time. The thing is, when they arrive at their crucial moment, they already have the talent and skills to take full advantage.
The same is true of savvy moves in the GovCon marketplace. When circumstances line up in your favor, you can best take advantage when you have the data at your fingertips to make the right move. And not just any data—the precise facts and figures that allow you to render the best decision for your company at that moment.
Part 2 of our dashboard blog series describes how a robust BI dashboard can transform your company’s own crucial moments into golden opportunities.
Mine Your Mountain of Data to Extract Just the Right Nuggets
It’s standard procedure in your firm to track metrics and key indicators across company systems. All that Big Data won’t do you much good, however, if you can’t call up what you need when it’s time to make day-to-day decisions or set long-term strategy.
Here are five ways a robust data dashboard makes for right-time decision-making:
- No matter who is making the decision, that person can reach across company systems to access the latest and most accurate data aggregated to address the particular circumstance. A BI dashboard offers customizations so staff can call up data presented in a format that makes sense to them in their particular role.
- Centralized interactive access cuts decision-making time when you’re in the clutch. Staff can arrive at meetings with the information they need, already prepared to commence with agile strategizing.
- Post-decision analysis capability allows your team to see how they used data to formulate tactics and strategies in the past, so each decision is a learning experience, even if things didn’t turn out as you hoped. After all, timely course corrections are just as important to your success as real-time right moves.
Manage Your Mind in the Clutch
- Data-driven reality can help temper heat-of-the-moment pressure. You can’t make all your decisions in a cool, calm atmosphere. Markets are unpredictable. Even the most stable government agency client can throw a curveball. Decision-makers must make tough calls on the spot. A dashboard delivers information about what has and hasn’t worked before and how things stand right now. Staff judgment can then reflect the data, not the drama.
- The data from your BI dashboard can help you sidestep cognitive bias, a psychological pitfall in which you make decisions based on something other than the reality before you. This state of mind includes validating only the facts that support your beliefs, basing a decision on past successes without analyzing current circumstances, or jumping to conclusions based on initial impressions. Urgency can magnify these biases. A dashboard can direct you back toward a data-based outlook.
CAVU’s GovCon financial experts want you to have every advantage in the government marketplace. That’s why we’re rolling out data dashboards rich with the features you need for sound finances, strong strategies, and stellar moves that win and keep clients. Feel free to contact us for more information.
