Importance Of Executive Dashboards For Insurance Companies

Were there times when you became so handicapped because data were not readily available? You demanded for reports for your perusal but the teams were still scrambling for data from files.

This is not happening only to you. It is a common flaw among insurance company managers.

What is being sacrificed when this happens?

  • Companies incur revenue losses.
  • Customer trust erodes.
  • Management loses times in meetings without the availability of concrete data.
  • Tension builds up between the higher management and low-ranking teams.
  • Current problems are not resolved and allowed to pester executives as days go by.
  • Moods flare up.

This has to stop? The solution to avoid such problems from occurring again is to build a KPI executive dashboard. With a KPI dashboard incorporated to your system, you will have access to real-time performance data.

Accessibility to data is always within your fingertips. With a few clicks, important data are all flashed on the screen for your immediate and timely decision-making.

Benefits for the Insurance Industry

Performance dashboards can benefit insurance companies in several ways. Strict regulatory guidelines control many industries such as the insurance sector and the financial services sector.

In these sectors, two things are prominent:

  • Higher need for Innovative customer support and service.
  • High exposure to risk

It is therefore important for these sectors to have accurate and up-to-date information for quick detection of potential problems and to seize new market opportunities. Key Performance Indicator or KPI metrics, presented through clear graphic images, can help in determining the right steps for managers and executives to take to quickly achieve their goals.

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Dashboards for Credit Unions

Business intelligence tools will thrive wherever there is available data that is reliable and accessible. When it comes to BI tools, these work not only by recording and reporting gains, losses, or delinquencies but also aid its users in finding potential opportunities in their industry.

Performance dashboards and other BI tools are increasing in popularity especially for credit unions. This is because these tools help organizations to assess risks aligned with loan portfolios. These also aid them in making informed strategic decisions.

credit union dashboard does more than help the organization manage gains, losses, or delinquencies. It provides more data other than your standard operational reports. They also help measure potential investment opportunities, a rather popular banking KPI.

But for the banking KPI to be of use to the credit union, data should be available to all personnel from the bottom-line employees to the CEOs. And when it comes to data collection, although credit unions have working protocols in place, there are still several challenges that come with the territory.

If the BI tools that they are utilizing don’t have the ability to store long data histories then it would not be easy for these tools to provide its users with historic trends. As such, they’ll require the services of third party agencies, which may provide them with the reports that they need but not in formats that they’ll find usable.

There is also more than one banking KPI that credit unions need to focus on. With the help of a reliable credit union dashboard, they can manage all of these with ease. From updated credit scores to collateral values, credit unions will be able to leverage these pieces of information.

When working with a credit union dashboard, it is important for the organization to consider which particular key performance indicators should be included in their dashboards. This ensures that they will be able to assess relevant data whenever doing so is necessary.

In order to determine the right metrics to focus on, they should discuss their plans, strategies, and goals that they wish to achieve. If credit unions are fully aware of what they want to gain from their investments, they can customize their dashboards to help them make informed decisions from the get go.

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Building a digital dashboard for small business

You take pains to make the most out of every dollar you earn. Do you have the same attitude for data?

Data that are used optimally for small businesses are great tools to help their owners come up with better decisions.

Digital reporting and performance dashboards can improve a business’ performance dramatically, but that’s only possible in your own situation if you use the right tools and strategies.

Here we will be taking up what it takes so that you can build an effective dashboard for your small business.

It’s easy to build a dashboard and a few questions to answer

Creating a dashboard for performance tracking is not difficult. There are plenty of free resources out there, which we will mention in the next sections.

There are a few questions that you need to answer though before deciding which type of dashboard fits your business best.

  • Who is your audience – It is important that you know who your dashboard’s viewers are. Also, what metrics matter to them?
  • What are the most important metrics – Not only that you determine your audience and the important metrics for them, but you also pinpoint the most important metrics for them.

The most important metrics should appear larger and on the top left hand corner of the dashboard.  That’s the primary part of the screen of your digital dash.

  • When thinking about the metrics to include, you also want to know to which these metrics should be compared.

 

Read more at http://www.infocaptor.com/dashboard/what-it-takes-to-build-a-digital-dashboard-for-small-business

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Benefits Of Log File Analysis

Every time any page is requested from your website by a human or another program or an automated bot, the event is tracked in a log file that is stored on the web server. If you have installed Google Analytics, then google will tell you all about the visitor and page analytics. It will tell you how many users, what are the top pages etc. In the case of Log File Analyzer, you can get similar insights into your visitor statistics and page analytics.

So what is the difference between Google Analytics and Log File Analysis?

What do you do with the information that a typical Log File Analyser generates?

The main difference is Google Analytics will track only the pages that have the GA code added to them. It will miss any information on other pages that does not have the GA code simply because it just cannot see them and won't be able to report on them.

What is Technical SEO and how does it relate to Log File Analysis?

Read more at http://www.infocaptor.com/dashboard/log-file-analysis-for-technical-seo-and-other-benefits

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BI tools for Data Driven Culture

Modern day technology has brought about new business practices that have not only made industries more efficient but more competitive as well. People these days live in what is known as a data-driven environment where instinct or luck does not run the business culture, but by honest-to-goodness facts.

There was a time when business intelligence tools served the purpose of providing industry insights, information on consumer behavior, and even consumption patterns. These days, they do more than just provide tools for effective pre-operational business analysis.

BI tools are currently at the heart of multiple organizations where they use technology to make better operating decisions. And what once was information reserved for the higher ranks is now information accessible to all members of the staff, especially those working at the front lines. It is with this small change that businesses in a data-driven culture can truly differentiate the customer experience.

Some of the most important things that business owners need to do are identify which market forces will play a role in their success and focus on which economic components will help them achieve their goals. Given that there are components of modern commerce that are unpredictable the playing field is evened out thanks to BI tools.

BI tools consist of a series of technologies that make it simpler and more efficient for companies that use them to gather data and analyze them. It can include everything from sales metrics to consumer spending habits or even provide accurate measurements about the effectiveness of an operating strategy.

Read more at http://www.infocaptor.com/dashboard/what-is-data-driven-culture-and-how-can-bi-tools-help

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KPI Dashboards for Retail Industry

The retail industry is highly competitive. It is one of the fastest growing industries worldwide.

Based on the 2015 Global Powers of Retailing Report, the US has

seventy-six of the world’s largest retailing companies. With the growing number of retailers, staying on top will be a tough job.

Retailers who want to rise above their competitors must know all the details about their company. This is where a Key Performance Indicator (KPI) comes to place.

KPIs are helpful in evaluating and monitoring a company’s performance in achieving certain targets or goals. KPIcan also help retailers come up with right business decisions.

Having a KPI dashboard which contains the right data at the right time can help improve the productivity and performance of your company.

While there are many KPIs that a retailer can keep track of, we have compiled ten of the most helpful KPIs for any retail business.

Read more at http://www.infocaptor.com/dashboard/kpi-dashboards-for-retail-industry

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Reporting Tools and Dashboard for Operations Management

As an operations manager, you play the role of an overseer. You are monitoring the day-to-day operations of your store or business, keeping track of factory efficiency, optimizing logistics and safety. You are practically keeping watch of everything that happens in the business and you find yourself just everywhere.

Being a highly functional entity in your business requires that you have a continuous feed of important information about your business. You need data to tell you everything is running smoothly, or tell you something is not going well. This is where a dashboard can help.

What can a dashboard give you?

With the use of reporting tools, such as dashboards, you can create a data reporting system that can help you have an overall view of your operations whenever you need it.

With a dashboard, you can drill down into important details and identify issues before they spin out of control. Once issues have been identified, you can quickly alert stakeholders about them and help them determine necessary measures to take.

Most dashboards systems are customizable and can be operated through a self-service platform. You can design yours in such a way that you can combine multiple data from different sources and look for correlations among data to help you come up with better decisions for your business.

Operational Dashboards

There are three types of dashboards: strategic, operational and analytic dashboards. The kind of dashboard for people running business’s daily operations is the operational type.

Whereas strategic dashboards are used to monitor key performance indicators and analytic dashboards are used for analyzing huge volumes of data to identify trends and predict outcomes, operational dashboards are used to monitor day-to-day processes.

These processes obviously change minute by minute and the dashboard is designed to capture KPIs and metrics associated with these processes. You expect this type of dashboard to be able to give you very frequent updates. Used to monitor short-time progress towards identified goals, dashboards like this are engineered in such a way that they can be viewed several times during the day giving users different data for each view.

 

Read more at http://www.infocaptor.com/dashboard/reporting-tools-and-dashboard-for-operations-management

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Benefits of Dashboards for IT

 
The process of examining sets of data using specialized computer systems is called data analytics or data analysis. These computer systems make data easier to interpret by transforming, arranging, and modeling it to form patterns.

Data analytics tools guide businesspeople in coming up with better business decisions. Researchers and scientists also use these tools to evaluate scientific hypotheses, theories, and models.

Real-time report of data about the performance of a company, a specific department, a project, or group of employees can be accessed through a so-called data analytics dashboard. This is an information management tool, which monitors a group or a company’s metrics, key data points, and key performance indicators (KPI).

A dashboard can be customized according to a department or a company’s needs. It connects to your attachments, services, files, and Application Program Interface (API).

IT Management Dashboards

Some of the available dashboards for IT include the following:

 

Read more at http://www.infocaptor.com/dashboard/data-analytics-and-benefits-of-dashboards-for-it

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Important Metrics for Food and Beverage Industry

Categories: Dashboard

The food beverage industry can be extremely demanding if not highly competitive. Hence, it is important for managers and staff to remove guesswork from their vocabularies and instead utilize a dashboard app or two that will be able to assist them in running the business effectively, efficiently, and profitably.

Aside from standard excel dashboards, there are other reporting tools that focus on various metrics and KPIs that ensure that restaurants know what their strong and weak points are, where they are doing great service and earnings wise, and where they need to take more action and implement better controls.

Especially now that we live in a data-driven environment where access to real-time information is easier than ever, there is no reason for restaurants not to use excel dashboards to monitor their daily operations. There are distinct areas that need to be focused on and here they are:

  1. Kitchen
  • Food Cost

By comparing weekly food sales with purchases, your dashboard app will tell you whether you’re profiting from daily kitchen operations or not. Even spoiled food and other wastage are computed to determine the overall cost.

In the food beverage industry, there are certain percentages for food costs that are acceptable and those which are simply unjustifiable.

  • Kitchen Labor

It is also important for managers to know whether they have too many staff working in the kitchen at said hours of the day or not.

Read more at http://www.infocaptor.com/dashboard/important-metrics-and-kpis-for-food-beverage

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