If creating financial dashboards is something that is on your list of to-do’s, you’ll also want to add Anurag Barua’s session at the upcoming Financials 2012 event, June 6-8 in Milan, “Lessons for rolling out a financial dashboard that supports your most critical decisions” to that list. Check out the below snippet which outlines some of the key features and benefits of using financial dashboards.
Features of a Financial Dashboard
1. It must provide visual representation of quantitative information and/or analysis
2. It must provide aggregated information, a dashboard is not a tool for detailed transactional data
3. It should enable additional analyses and/or decision-making based on the information displayed
4. The most important information should stand out and not get buried within less important information
5. And above all: keep things simple! It is clarity and simplicity that will make your dashboard a winning proposition!
Benefits of using financial dashboards
1. Transforms data into more useful business information
2. Provides information in a timely manner to improve the quality of business decision making
3. Enables quick and easy spotting of trends and deviations/exceptions
4. Supports prioritization of work activities based upon performance, risk assessment, and related KPIs
5. Makes a good performance-management tool
6. Reduces overall effort required for reporting
7. Provides a single version of the truth so that all levels of management having access to the same information
See you in Milan!