Dashboard

A dashboard is a way of displaying various types of visual data in one place

● A dashboard is intended to convey different, but related information in an easy-to-digest form. And
oftentimes, this includes things like key performance indicators (KPI)s or other important business metrics
that stakeholders need to see and understand at a glance.
● Dashboards are useful across different industries and verticals because they’re highly customizable.
● They can include data of all sorts with varying date ranges to help you understand: what happened, why it
happened, what may happen, and what action you should take.
● And since dashboards use visualizations like tables, graphs, and charts, others who aren’t as close to the
data can quickly and easily understand the story it tells or the insights it reveals.
● Dashboards take data from different sources and aggregate it so non-technical people can more easily read
and interpret it. With interactive elements, it helps anyone using the dashboard better understand certain
points, explore areas of increased interest, and support more questioning to arrive at key insights or make
key decisions.
Difference between Scorecard & Dashoard
Dashboard / scoreboard
1. Definition and Purpose

A dashboard is a business tool that provides a visual overview of the most important KPIs and metrics in a
company and updates them in real-time.
A scorecard is a framework that analyzes the current strategies and compares them with the company’s overall
objectives.
to track performance, while a scorecard is focused on managing it.

2 Features
if you were in a meeting, presenting the latest findings to your team, the dashboard will automatically inform you of
any anomalies that occurred in real-time.
Scorecards will show you the exact same updates, but a week or a month later.

3.Measurement
In dashboards, the main measurement tool is the included metrics.
On the other hand, scorecards combine both metrics and target values as the main measurement tool.
3. Goal Period
Scorecards focus on long-term goals, while dashboards are revolved around short-term goals.
4. Performance Indication
While a business dashboard offers users a clear overview of company performances, scorecards display the most
important business activity trends in a certain time frame.
5. Audience
Dashboards are most frequently used by low and middle-level management to make everyday decisions, while
scorecards are typically used by top management during strategic planning.
6. Decision Nature and Influences
Dashboards are one of the best ways to obtain an operational view of success and most important business
activities, while scorecards are centered on company policies.
The data you find in dashboards is mostly used for describing team performance, expenses, and resources, and
managing it.
On the other hand, scorecards compare the performance to the company’s target values.
Even though there are dashboards that can be used in a combination with scorecards, the best practice is to
include both tools.
Measures of business operations and business performance

● Measuring performance is a vital part of monitoring the growth and progress of any business.

● It entails measuring the actual performance of a business against intended goals.

● Regularly checking your business performance protects your business against any financial or

organizational problems.

● It helps businesses in lowering process cost and improving productivity and mission effectiveness.

● To measure business performance, you need to track relevant business metrics, also known as key

performance indicators, that display a measurable value and shows the progress of the business

goals.
How Is Performance Measured?
The constant changes in the market conditions mean that it’s essential to constantly track and review your
business goals and performance to remain competitive.

Set Goals

What are your trying to achieve? goals might be acquiring new customers, improving customer satisfaction and
generating high volumes

Here are examples of business goals:

● Lead generation
● Increasing sales
● Better customer service
● Increasing profit margin
● Increasing production efficiency
● Capturing bigger market share

From the goals, establish critical success factors. The CSFs refer to specific conditions the key activities that a
business should focus on to be successful.
Develop Key Performance Indicators

The KPIs are standard ratios that provide insight about your business performance. Examples include revenue generated
per employee or financial statements. These performance indicators help you measure performance against the goals
you’ve identified.

Setting the KPIs will vary between businesses. It is important to choose KPIs that mean something to your business, that
can be measured and provide outcomes to achieve your goals.

Define Suitable Metrics

Business metrics are quantifiable measures that track and assess the status of a specific business process. Depending
on your business and your goals, you may want to focus on certain metrics. These include marketing metrics, sales
metrics, accounting and financial metrics and online metrics.

These metrics keep business owners, employees, investors and customers informed and aware of how a company is
performing.

Track and Measure

Measuring Financial Performance

Reviewing your financial performance can help you check your business goals and plan effectively for improving the
business.

When conducting a financial review of your business, you might want to consider assessing your business cash flow,
working capital, cost base and growth. Other key financial ratios are efficiency ratios, sales growth, liquidity ratios and
financial leverage.

Measuring Profitability

The target for most businesses is an increase in profits. The key metrics to assess profitability are:

● Operating margin
● Gross profit margin
● Net profit margin
● Return on capital

Measuring Customer Loyalty and Retention

The more you know about what your customers need, the easier it’ll be to handle increased numbers of customers. To
capture customer feedback, you can use sales data, complaint forms, questionnaires and social media.

Collecting feedback from customers helps to identify where improvements can be made to your products or services.
Employee Performance Measurement

Evaluating the performance of employees from a financial perspective can be a very valuable management tool. The most
commonly-used metrics to assess employee performance are sales per employee, contribution per employee and profit per
employee.

Benchmarking

Benchmarking is a useful way of comparing yourself to businesses in the same sector. It’s important to note that your end
goals and market position will affect the specific comparisons you want to make.

Competitor Analysis

The competitor information that is useful to your business depends on the type of business and the market you’re operating
in. The key questions to ask are who your competitors are, what they offer, how they price their products and services, what
are their competitive advantages.

It is useful to do a SWOT (strengths, weaknesses, opportunities and threats) to find out more about what your competitors
are saying about themselves and what others are saying about them.

Having a process in place to regularly monitor and measure business performance can help business owners identify best
practices and create strategies to foster business growth.
What is an Information System in Manufacturing?

An information system that is specially designed to automate manufacturing activities in an organization is

known as manufacturing MIS.

To track the movement of materials and goods in the enterprise, a standard manufacturing MIS is used.
Raw materials or parts are converted into finished goods in a manufacturing process and a manufacturing
MIS is used at every point.

In a manufacturing MIS, some of the typical subsystems include design and engineering, planning of
production, inventory management, process control, and quality control.