BI Dashboards are becoming increasingly popular within the finance department, as companies shift to a data-driven approach. What is the big deal about these fancy, eye-catching data visualization tools?

The purpose of a business intelligence dashboard is to display the current status of metrics and key performance indicators for an enterprise.

“If you think BI dashboards have no role in the planning, budgeting, and forecasting process, you’re wrong. Successful companies incorporate BI into their budgeting and forecasting strategies and rely heavily on BI dashboards to monitor and analyze their information”, stated Kim Anderson of MAS Software Solutions.

In Business Performance Management (BPM), which includes budgeting, forecasting and planning activities, dashboards can be used to display, analyze and compare historical figures with budgets and forecasts.

BI dashboards transform your company’s data into rich visualizations, to help you:

  • Quickly spot trends as they happen
  • Make smarter, faster decisions from real-time data
  • Measure company performance
  • Stay competitive

Microsoft has updated Power BI for Office 365, "so customers can now see all their data through a single pane of glass", stated the company. "Live Power BI dashboards show visualizations and KPIs from data that reside both on-premises and in the cloud, providing a consolidated view across their business regardless of where their data lives."

Natural language query is built into Power BI dashboards, allowing users to type questions and receive answers from data in the form of interactive visualizations, simplifying how they interact with the data.

The Altius business performance management solution, Flex Planning allows finance users to customize their dashboard based on the KPIs specific to their role.  Below is an example of our planning dashboard.

FlexMI Screen Shot

 

Contact us to learn how you can incorporate BI dashboards into your BPM activities.