If we learned anything from William Shakespeare’s Romeo and Juliet, it’s that poor communication can lead to misunderstanding and ultimately, a tragic end.
However, poor communication and misunderstandings are not only common themes in fictional tales, but in real life too. And it’s often the main problem between C-level executives and IT departments. IT systems can be incredibly complex, and even the most basic systems and terminology can be difficult to comprehend for the layman. That’s where the Business Value Dashboard (BVD) comes in – it translates IT jargon into an easily understandable visual representation for ease of consumption across the business.
In this blog, we'll take a look at five ways in which Business Value Dashboards bridge the gap between technical and non-technical staff to increase collaboration, facilitate effective communication and elevate overall business performance.
What is a Business Value Dashboard?
A Business Value Dashboard is a tool that helps you demonstrate and more easily communicate the value of IT to the business, in a language that non-technical segments of the workforce can understand. Business Value Dashboards provide visual representations of often complex and vast IT metrics to give executives a quick and easy way to view their company’s performance in real-time.
Here are five key benefits of Business Value Dashboards
- BVDs bridge the information gap
BVDs channel various data points from within the business into a centralized location – which means you can combine geographical, organizational, production, IT and other data to gain a more contextual understanding of the information at your disposal. It offers clear, colorful graphical user interfaces (GUI) that help users easily understand and evaluate complex datasets. So, instead of looking at a 20-page report, or a list of 53 metrics in alphabetical order, you’ll be given quick indicators to pertinent, actionable information in one central place - much like a car’s dashboard
- They give business meaning to your IT data
It simplifies IT data into a format that is understandable to C-level staff members. Executives gain a better understanding of IT spends through Business Value Dashboards, and they’ll be able to have meaningful conversations with IT managers about their processes. This helps IT decision-makers motivate future spends, as inter-departmental trust is gained once visibility into IT budgets is achieved.
BVD provides the organization with unparalleled visibility and insight, and puts all the information at their fingertips. According to IDC analysts, company executives overwhelmingly agree that efficient access to information is the basis for improved decision-making, saves time and frustration, and leads to less duplication of effort within the business. You’ll have a 360-degree view of all aspects of your business, which will allow you to better manage its operations, relationships, as well as both near and long term objectives.
- With BVD you can gauge performance against your plan
Many executives spend time creating a business plan for their organization to follow. However, it will only work if your company is performing to your plan’s expectations. Your Business Value Dashboard could measure exactly this by acting as a performance measuring tool that allows you to display your goals from your business plan against your actual, real-time results.
- They afford time savings for executives
Business Value Dashboards provide real-time data analytics on one screen, saving you the time and frustration of flipping between screens, digging through databases, or signing into numerous analytics programs. Having a single source for data not only saves you precious time, but it allows you to make informed decisions quickly and reduce the risk of failure.
Visualizing complex datasets gives executives the power to make the most intelligent use of the infrastructure they pay for. They can now track business performance and make confident decisions backed by real-time data – something that is crucial for the 21st century business that wishes to avoid the ultimate Shakespearean fate.
Can your company afford to not have a business value dashboard? Sign up for a live demo today.