Most decisions made in the agency management arena are time-critical and must be accurate. This places an emphasis on having processes and systems in place that collect information efficiently, often across multiple geographies, business units and with different agency types.
Having appropriate technology in place that can automate data collection and store it in a central repository provides a clear competitive advantage that allows procurement professionals to make faster, more robust decisions.
Through data visualization, procurement professionals can create dashboards that take key business questions and make it easier to answer and act on the insights gleaned from highly complex data.
Benefits of Dashboards
Dashboards have been designed specifically for analytics, often for a narrower audience that has a need for answers to deep and advanced questions. Some key advantages of dashboards are that they:
- Are highly visual in nature and can be optimized for the specific medium.
- Can dynamically filter data and support natural hierarchies to drill into and across datasets.
- Deliver a quick response time to allow interactive exploration.
- Depict different views of the same data on a single dashboard, allowing users to synthesize and track critical dependencies in the data.
- Enable smart sorting and benchmarking to allow easy identification of outliers.
- Group sets of related data points that can be used in other dashboards to look deeper into the information, in order to uncover relationships that might not be apparent at a top level.
Business Intelligence dashboards allow for an efficient means to capture, track, measure and visualize data in a meaningful way help decision makers improve their existing programs. However, procurement professionals need to ensure that the information derived from the dashboards is disseminated, understood and incorporated into their program to ensure that refinement and improvements occur. Ultimately, a successful marketing business intelligence program results.
To learn more about Business Intelligence read Decideware article “Seeing the Light” on page 6 in the ANA Magazine - 2015ANA-ThoughtLeadership
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