The Benefits of Visual Dashboards for Entrepreneurs

Becoming an entrepreneur is an exciting journey, but it’s also a challenging one. As an entrepreneur, you are responsible for the success of your business, and it’s your job to manage the many aspects of running a business. From marketing to budgeting and operations, it can be difficult to stay on top of everything.

As an entrepreneur, the most important challenge is to stay organized and keep track of the daily operations of your business. With the right tools, entrepreneurs can gain a better understanding of their operations and make better decisions.

In this article, we will explore if visual dashboards and data visualization can be one of these tools and if they can bring real benefits to aspiring entrepreneurs.

What is data visualization dashboard?

Data visualization dashboards are powerful business intelligence tools for those who use them on a regular basis. Their efficiency goes beyond a simple presentation of business metrics and identifying trends.

They will help you make informed business decisions, improve your business performance, analyze data, track your progress, etc. They serve as an answer to many questions and doubts an entrepreneur might have.

Moreover, business data dashboards can help you with different types of tasks and struggles. Below, we will cover some of the most popular ones, but you can create your own dashboard by compiling the data you need for your business.

Data visualization dashboard examples

Let's see how different data visualization dashboards help overcome challenges that normally require all work and no play.

KPI dashboard or Executive dashboar

A key performance indicator dashboard or executive dashboard is an informative, visual tool representing the key metrics for an organization or a certain process. It will provide a general overview of the key indicators so essential for the success and development of a business or project.

The primary objective of a KPI dashboard is to provide stakeholders, managers, and decision-makers with an at-a-glance view of areas of strength, areas needing improvement, and possible issues or bottlenecks in the business process.

A real-time or near-real-time KPI dashboard offers data-driven decisions that will facilitate action correctly and allow companies to respond rapidly to changing circumstances by taking relevant actions.

Usually, employees prefer to avoid hearing about KPIs, which means they will need to work more or change their usual work vector. Visualizing your performance metrics’ data points gives you more chances to deliver your message.

Executive dashboards allow you to use more than bar charts or pie charts to keep people interested in what you're discussing with them. xTiles also allows you to add different types of interactive elements – widgets related to the subject of your dashboard that will respond and change in real-time.

The primary purpose of an executive dashboard is to represent, at a glance, an organization’s health and overall performance of an organization. It pools various sophisticated data from different sources and presents them in visual and understandable formats using charts, graphs, and other visuals.

Operational dashboard

An operational dashboard is a real-time visualization tool designed to track, monitor, and give insights into key operational processes and metrics. In fact, it serves as a single point of access for users to monitor and analyze important operational measures and activities.

However, an executive dashboard brings the strategic-level indicators into view, and operational dashboards go for every single detail in the specific operational area.

Normally, these dashboards offer a wide range of key performance indicators related to production, logistics, supply chain, customer service, and many other key operational activities.

If you choose xTiles to create and conduct your operational dashboard, you will have complete freedom of action. Include any data you need for a project, delete it later if it isn't relevant anymore, and your dashboard won't lose its visuality.

Google Analytics dashboard

The Google Analytics dashboard is one of the effective data-visualizing instruments for describing and reviewing the performance of a website in an all-inclusive and visual way. The dashboards are reports compiled with relevant and valuable data from various sources, enabling users to monitor key metrics and key performance indicators tied to their online presence.

Some key features of Google Analytics dashboards include visual appeal and ease of comprehension while portraying data. Dashboards relating to any metric can be easily customized, although the most common relate to website traffic, user activity, conversion, and revenue generated.

The dashboard is usually built on interactive charts, graphs, and other visual items of identification. This makes trends, patterns, and areas calling for attention easy to note.

Additionally, Google Analytics dashboards provide a centralized view of how a website is performing, enabling someone to really drill down to the data sources at a detailed level and, as such, evaluate further granular details.

With this level of insight, businesses could then be able to make data-driven decisions regarding their online strategies, sales process, customer engagement, etc., which consequently result in the betterment of digital marketing initiatives and online success at large.

Data dashboard

A data dashboard is a data management tool for hosting data in an attractive, easily comprehensible form, which would otherwise be represented through databases, spreadsheets, or any other systems. They are the presentation area for all important data and key performance indicators an organization uses for further analytics and decision-making.

Data dashboards present data from all sources in an understandable and orderly manner. They usually consist of interactive graphs and charts, as well as other visual aids with important metrics to easily detect trends, patterns, and outliers in the data.

One of the most important benefits of using data dashboards is that they provide real-time or near-real-time information updates, which helps key stakeholders with data analytics and keeps them updated about the available information.

That is most effective in those industries in which data changes dynamically, such as finance, logistics, and manufacturing.

Analytical dashboard

Analytical dashboards are a robust data visualization tool that provides detailed insights and analysis for anyone interested in knowing what is happening. It is far beyond the visibility of the executive dashboard or the operational focus of operational dashboards; right from the top level of the detail in specific business areas, the analytical dashboard allows users to explore and analyze data from every possible angle.

They usually include advanced analytical techniques, like data mining, statistical analysis, or predictive modeling. They usually include a lot of interactive visualizations, in which drilling down, filtering, and finding hidden patterns and trends are possible.

They also include provisions for forecasting, in which projections are made for data-driven choice, and decision support systems for strategies of the future.

Strategic dashboard

A strategic dashboard is the visualization of data in a summarized frameview regarding the performance of an organization in achieving long-term or medium-term goals and objectives of the organization. It is a central place for monitoring and analysis of the most important strategic metrics and indicators influencing business.

Whereas operational dashboards are related to day-to-day activities, strategic dashboards belong to higher management levels and align performance measures with the organization's overall strategy.

Such dashboards typically represent selected key performance indicators related to, for example, financial performance, market share, customer satisfaction, and operational efficiency.

Strategic dashboards are most impactful to the top management and decision-makers because the information is presented in a clear and easily understandable manner. This would help stakeholders distill complex data, clearly see what areas are strong, which could potentially pose a risk over time, and what opportunities may lay ahead that could propel growth.

From it, intelligent processes in decision-making and strategic planning would be allowed.

Dashboard software

Dashboard software helps individuals (even those without relevant previous experience) to collect relevant data and present it in the right way. They often offer data visualization examples to show how things have to be done.

xTiles is a great example of software for creating business dashboards. It's flexible, responsive, user-friendly, and with plenty of pre-designed solutions and elements for adding multiple metrics. Moreover, you can share it with others or work on it with your team collaboratively.

xTiles - the perfect tool for presenting your important business metrics

xTiles offers multiple dashboard tools, simplifying the traditional process of creating project dashboards.

A gallery view allows the synchronization of multiple specific metrics, preserving hierarchy. Also, you can create different dashboards for one project. For example, you're working on promoting your website and need quick access to all kinds of data for easy and efficient execution.

You can create a data dashboard where "smaller" related interactive dashboards will be placed – a Google Analytics dashboard, a strategic dashboard, a website dashboard, an operational dashboard, etc.

Visual dashboards in xTiles are steps ahead of a simple Excel spreadsheet due to its ability to present data in an easy, interactive way. A simple bar chart and columns with numbers and data probably won't be replaced any time soon, but they might not be enough to cover all the aspects of a complex project, especially a big one.

xTiles is great when you need to gather data (xTiles Web Clipper will come in handy by sending the information of all kinds directly to your account for later use) and when you need to identify trends and represent data due to sharing and collaborative features.

Finally, it enhances data-driven decision-making. Information is power, and here you have it all on your dashboard, waiting for you to examine, analyze, and decide what to do next.

Can a data visualization dashboard help an entrepreneur manage their time better?

Yes, of course. Data visualization dashboards and different data visualization tools can help you manage your time faster and more easily. Launching everything might be a bit of a challenge. That's why many people stick to their usual approaches even if they don't bring the needed results. However, worry not.

xTiles offers many pre-designed templates for all kinds of purposes, and planning (in every form) is one of them. Our daily and weekly planners will help you stay on top of your tasks.

By writing down their activities and deadlines, entrepreneurs can prioritize and concentrate on the most urgent and significant tasks. Here are some ways a visual dashboard like the one in the picture below can assist them in managing their time:

• By prioritizing activities: a visual dashboard can help entrepreneurs decide what tasks need to be done first by arranging them in order of significance and immediacy. This will enable them to focus on the most crucial activities first and make sure that deadlines are met, and progress is made.
• By steering clear of procrastination: by making a list of tasks and setting deadlines, entrepreneurs can prevent themselves from putting things off.
• By maintaining organization: visual dashboards can help entrepreneurs remain organized by keeping track of all their responsibilities, including due dates and necessary resources.

Let’s take a few examplesIf an entrepreneur fails to meet the target date for a product launch, it could result in the item not getting to consumers on time. This could lead to unanticipated lost sales and damage the standing with customers, who may then have doubts about the company's reliability in keeping its word. Additionally, the missed deadline could cause a backlog in the production process, leading to more money being spent and putting financial strain on the business. Consequently, the entrepreneur may need to dedicate effort and resources to regaining the faith of customers and partners, which could take away from expanding the business.That could easily be avoided by spending no more than a few seconds each day on a business dashboard that contains all the essential deadlines.A time management matrix, also known as an Eisenhower Matrix, is a tool used to prioritize tasks and activities based on urgency and importance. It was developed by President Dwight D. Eisenhower and is based on the principle that we should focus on activities with high importance and urgency and try to delegate or eliminate activities with low importance and urgency. The matrix consists of two axes – time and resources – and can be used to determine how much time should be allocated to a particular task or project. Entrepreneurs often utilize time management matrices to ensure that their projects are completed within a specific timeline and with the resources available. They can also be used to provide an overview of a company’s workload, helping to better allocate resources and personnel. You can add a time management matrix to a visual dashboard easily in the Xtiles app, and it will look like this:

Can a data visualization dashboard help an entrepreneur stay up to date with trends and help innovate their product?

They can, for sure. Let’s take this example of a template from the Xtiles app, called “Brainstorm Ideas”, visible in the screenshot below:

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This template not only helps you stay up to date with trends related to your business, with demands customers have, and with unusual requests that they may have, but it also provides a framework that can bring forward easy solutions through brainstorming.

You can easily collect your key insights and work on them later, whether alone or with your team. Also, if it's going to be a collective work, with this template, you can display data more easily. A pre-designed structure helps you arrange information in respective sections.

To begin, you must identify the issue or change what you want to handle. For instance, "How can we make a lasting fashion line for city commuters?" Encourage imaginative and crazy ideas. Don't reject anything, regardless of how unconventional or improbable it may be.

If you're a few steps from launching a brainstorming session, you can start with a visual board. Document all the thoughts in the Visual dashboard template while keeping the discussion focused on the theme at hand.

After the session, analyze the ideas and look for similarities or common themes. Spot the most encouraging ideas and investigate them further.

Creating a visual dashboard for your ideas is only the first step that opens many doors in the future. It will help with data analysis, gathering data sources for later use, deciding on the visual elements style for your projects, distilling complex data, establishing a marketing strategy, etc.

However, above all, it is how easily you, your employee, and stakeholders will be able to access data.

If you have no previous experience with arranging data visually, you can check our blog post on how to create a vision board that will work.

Can data visualization dashboards help entrepreneurs relieve stress?

Yes, of course. They can be a great tool for entrepreneurs to help relieve stress caused by deadlines, tight schedules, and information overload. By creating data visualization dashboards for different purposes, entrepreneurs can focus on the big picture and think about their future goals and aspirations.

That can be helpful in allowing them to take a step back from the day-to-day hustle and bustle and refocus their attention on the bigger picture.

A data visualization dashboard is also a great way to stay motivated and remind oneself of what they are striving for. It serves as a visual reminder of one’s goals and ambitions and can be used to track progress and stay motivated when things get tough.

Additionally, it can be used to set daily intentions and provide a reference point for decision-making. All of these things can help entrepreneurs keep up morale and stay focused on the bigger picture, even when dealing with the stresses that come with running a business.

In the Xtiles app, there is a vision board template entrepreneurs can use to speed up the process of creation. Here is an example:

You just have to click on titles or images to change them. And you can re-arrange them based on how important they are using simple drag-and-drop.

Can a data visualization dashboard help entrepreneurs manage their businesses?

Data visualizations may sound too insignificant for business since there is a lot of technical and serious stuff to manage anyway. Who would "play" with data visualization when there are taxes to pay?

Well, what if we tell you that data visualization can be an answer to many questions, whether big and significant or small?

Interactive visualizations will help you work with complex data and give your brain a bit of rest by providing something other than mundane numbers and charts.

Summing up

For an entrepreneur, keeping all these plates spinning and having an overview of business operations is key to success. Visual dashboards and data visualization tools come in handy when you need to monitor everything.

These tools help to prioritize tasks, keep the clock visible, control KPIs, refer to trends, and make data-driven decisions by scanning them. They serve as a centralized source of information for the CEO, employees, and other key stakeholders.

Spreadsheets and reports are a traditional way to execute projects, yet they entirely lose the visual appeal and interactivity that come along with dashboards. Designed to be very intuitive, customizable, and flexible, dashboards in xTiles help view complex data in an understandable format quickly.

This means that you easily determine where you must pay more attention and make strategic decisions, even when you don't have much time for long meetings and work on a go.

xTiles is an excellent platform with predesigned templates and interactive elements that you can implement to make your dashboards look insightful and interesting for the business. Be it a KPI dashboard, operational dashboard, Google Analytics, or strategic ones, xTiles will have you covered.

Be ready for anything that business management throws at you with xTiles by your side!

FAQ

What is a visual dashboard, and how can it benefit entrepreneurs?

A visual dashboard is a data visualization tool that presents important metrics and performance indicators in a visually appealing and easy-to-understand format. It can help entrepreneurs gain better insights into their operations, prioritize tasks, track progress, and make data-driven decisions.

How can a visual dashboard help entrepreneurs manage their time effectively?

Visual dashboards can help entrepreneurs prioritize activities based on urgency and importance, avoid procrastination by setting deadlines and tasks, and maintain organization by keeping track of all responsibilities and due dates in one place.

Can visual dashboards assist entrepreneurs in staying up-to-date with trends and fostering innovation?

Yes, visual dashboards can help entrepreneurs stay informed about industry trends, customer demands, and unusual requests. Tools like brainstorming templates can encourage creative thinking and idea generation, leading to innovative solutions.

How can visual dashboards help entrepreneurs relieve stress?

Visual dashboards can provide a visual reminder of goals and ambitions, allowing entrepreneurs to step back from daily operations and refocus on the bigger picture. This can help relieve stress and maintain motivation during challenging times.

Can visual dashboards support entrepreneurs in managing their businesses more effectively?

Yes, various types of visual dashboards, such as KPI dashboards, executive dashboards, operational dashboards, Google Analytics dashboards, and data dashboards, can help entrepreneurs monitor key metrics, identify areas for improvement, and make informed decisions to manage their businesses more efficiently.