Dashboard Software - 5 Most-Cited Benefits and ROI
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Dashboard software gives CFO bragging rights (especially in terms of the ROI from this solution). As you'll see in this presentation from Visual Mining, dashboards give CFOs more time to analyze their data, since they spend less time copying, pasting and assembling information from corporate spreadsheets. Learn more about the 5 most-often-cited benefits to a finance department, and to get a virtual tour of Visual Mining's NetCharts Performance Dashboards, visit our website at www.visualmining.com.
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Dashboard Software - 5 Most-Cited Benefits and ROI
- 1. 5 Dashboard Benefits Most-Cited by CFOs Performance Management Webcast Series
- 2. 5 Dashboard Benefits Most-Cited by CFOs Sara Mazer, Systems Engineer Presenter
- 3. Visual Mining Visual Mining provides simple, interactive business performance Founded 1996 management dashboard software ◦ Consolidated view of business data and information ◦ Simple, easy-to-use, up-to-date visual format ◦ Priced and packaged for mid-sized businesses ◦ Cuts out the “information middleman” ◦ Committed to serving the finance & accounting community
- 4. Who We Serve Government – Federal, Government – Federal, State & Local State & Local Energy, Utilities Energy, Utilities & Telecom & Telecom Financial Services Financial Services & Consulting & Consulting Consumer Products, Consumer Products, Retail & Media Retail & Media Manufacturing Manufacturing &Transportation &Transportation Technology Technology Non-profit, Health & Non-profit, Health & Education Education
- 5. 5 Dashboard Benefits Most-Cited by CFOs Agenda: ◦ 5 Most-Cited Benefits ◦ Dashboards and Your ROI ◦ Real ROI Examples ◦ View Real Dashboards In Use Today ◦ Q&A
- 6. 5 Dashboard Benefits Most-Cited by CFOs “CFOs in a growing Top 5 Benefits: number of companies 1. Improved are using Business communications Intelligence to turn 2. Improved Finance from Record employee Keepers to Strategic efficiency Advisors. With BI 3. “Single version of solutions, Finance can the truth” spend 80% of its time 4. Gained insight analyzing data instead of 5. Aligned goals and collecting it.” strategy - Wayne Eckerson, The Data Warehouse Institute
- 7. Benefit 1: Improves Communications Users of dashboards: ◦ Spend less time answering questions ◦ Communicate more effectively ◦ Motivate their employees ◦ Measure and Monitor performance anywhere
- 8. Benefit 2: Improves Efficiency CFOs using dashboards: “Captain Cut ‘n Paste! ◦ Spend less time Keep telling yourself answering questions you’re glad you went to ◦ Spend less time going college for this stuff.” from one application to - Dave Den Boer another to generate reports ◦ The human brain can process visual information “at a glance” ◦ Eliminate the “CPA” (Copy-Paste-Assemble)
- 10. Benefit 2: Improves Efficiency Source: TDWI Best Practices: “Transforming Finance: How CFOs Use Business Intelligence to Turn Finance from Bookkeepers to Strategic Advisors” by Wayne Eckerson (Available from Visual Mining)
- 12. Benefit 3: Single Version of the Truth Labor Utilization Time and Attendance Resource and Applicant Tracking
- 13. Benefit 3: Single Version of the Truth Report Writer Financial Statements Excel Financial Statements Excel-Based Budget
- 14. Benefit 3: Single Version of the Truth
- 15. Benefit 4: Provides Insight
- 16. Benefit 4: Provides Insight
- 17. Benefit 4: Provides Insight
- 18. Benefit 5: Provides Alignment of Goals & Strategy Visibility Performance metrics against goals Focus on strategic objectives
- 19. Benefit 5: Provides Alignment of Goals & Strategy Visibility
- 20. Benefit 5: Provides Alignment of Goals & Strategy Performance metrics against goals Focus on strategic objectives
- 21. Dashboards and Your ROI Source: “Smart Companies in the 21st Century: The Secrets of Successful Business Intelligence Solutions” The Data Warehouse Institute, Wayne Eckerson
- 23. “This increased productivity and profit could make an enormous difference to companies that identify the importance of data-driven decision-making.” MIT Centre for Digital Business & McKinsey (2011) Value of Dashboard Solutions
- 24. Value of Dashboard Solutions Examples: International Nonprofit Organization • Used Excel to consolidate reports across multiple • Reduced report production time from 4-5 days to 1 day international offices • Reduced report preparation cost by 80% • Needed to consolidate different charts of accounts in • Reduced errors multiple currencies • Provided role based access without deploying a client Health Systems Management Company • 80 hours / month spent compiling reports and summary • $320,000 in annual savings presentation from 12 different data sources $ Multi-Billion Manufacturer • Manually gathered and consolidated reports from plants • Improved productivity by > 5% • Source and consolidated inconsistent and flawed • Saved > 500 person-hours annually
- 25. More Examples Middle Market Technology Company • Used Excel to consolidate reports across multiple • Reduced report production time from 4-5 days to 1 day international offices • Reduced report preparation cost by 80% • Needed to consolidate different charts of accounts in • Reduced errors multiple currencies • Provided role based access without deploying a client Fortune 50 Business Unit • 80 hours / month spent compiling reports and summary • $320,000 in annual savings presentation from 12 different data sources $ Multi-Billion Manufacturer • Manually gathered and consolidated reports from multiple • Improved productivity by > 5% field offices • Saved > 500 person-hours annually • Source and consolidated inconsistent and flawed Companies using performance management outperform others by:
- 26. What We See for Tomorrow’s Businesses Improved communications Improved employee efficiency Gained insight and understanding Aligned goals and strategy
- 27. 5 Dashboard Benefits Most Cited by CFOs 1.Improves Communications 2.Improves Employee Efficiency 3.Provides “Single Version of the Truth” 4.Provides Insight 5.Providesan Alignment of Goals and Strategy Demonstration
- 28. 5 Dashboard Benefits Most Cited by CFOs Questions?
- 29. Thank You www.VisualMining.com For more information: Sales@VisualMining.com 301-795-2200
Notes de l'éditeur
- Welcome to today’s performance management series webcast. We are going to discuss 5 dashboard benefits that are most cited by CFOs. My name is Sara Mazer, and I am one of the systems engineers here at Visual Mining. I’ve put everyone on mute so that we don’t have any background noises, but I encourage you to ask questions by typing them in the questions pane. I will try to keep this webacast to 30 minutes and answer every question that I have time for, but if I run out of time we will contact you shortly after the webcast to follow up. Also, as part of the follow-up process, we will be happy to share the supporting documentation and an ROI calculator with you upon request, just let us know through that questions pane if you are interested.
- I’ll begin by telling you a little bit about Visual Mining. We have been around for 16 years and are headquartered just outside of Washington D.C. in Rockville MD We pioneered data visualization for Web based applications and have extended this award winning platform to provide solutions that support Performance Management initiatives for primarily small to mid-size companies. Our solution fits well with companies that have little or no IT resources and need a solution that is easy to use for non-technical users. Large organizations use our software as well, but often they already have an extensive IT infrastructure in place and may have already spent time developing complex cubes or data warehouses.
- Here’s a sample of our customer base, and we have a wide adoption across all industries, from Government, to Healthcare, Manufacturing, and nonprofits.
- The agenda for the webcast is to discuss the 5 benefits of dashboards most cited by CFOs, review a sample ROI calculator, provide some real ROI examples, show you a real life customer’s set of performance dashboards, and end with some Q&A.
- So, let’s get started with the top 5 benefits most cited by CFOs. The data comes from a recent independent survey of our customers, as well as data from numerous independent research studies from organizations such as The Data Warehouse Institute. The benefits are <click> improved communications, <click> improved employee efficiency, <click> single version of the truth, <click> gained insight, <click> and aligned goals and strategy.
- One of the top dashboard benefits that our CFO clients cited was improved communications. CFOs can take their computers into board meetings, see a number, and drill down into the underlying transactions to answer specific questions. Executives and team members can share dashboards and have one single version of the truth, will all the supporting information available when needed. Reports can be scheduled and PDFs emailed off to key stakeholders on a recurring basis. Performance of individuals or teams such as sales reps or call centers can be displayed and monitored for friendly competition. Corporate performance can be monitored from the office or on the road with web-based dashboards.
- Another benefit cited by our CFO study was employee efficiency. With self-service enablement, employees are able to answer questions themselves, from the office or on the road. If all the data resides in one place, going from one application to another is not needed, and CFOs will spend less time in Excel copy-paste-assemble mode…
- For example, here’s a traditional CFO workflow. CLICK SIX TIMES TOTAL From the General Ledger; to the Report Writer software (FRx, F9, Crystal, etc.) which is often too difficult to use on your own so you have a consultant or your VAR do this; then employees start exporting things into Excel so data analysis, formatting, ect. can be done; then management reports are created (powerpoint, word, Excel Dashboards, etc.); and after all that is done, we end up with multiple spreadsheets and multiple versions used by different people – Who has the most current?. Finally, changes in Excel often go overlooked and never make it back to the G/L as an adjusting entry.
- According to TDWI’s Best Practices Report, which is available from Visual Mining, still the majority of finance professionals do most of their work in Excel and spend too much time collecting and aggregating data.
- Instead of spending time with the CPA process, view reports, expand out the categories and drill down into the transactions all within the dashboard. CLICK ONCE FOR TIMED ANIMATION (Of course, if you REALLY want to export the data and work in Excel, you can still do that, too, from your dashboard!)
- Often, when working in multiple applications, questions can arise because of some differences in the reports. This may be because there is data from multiple databases and users have to exit one program and view another. Reports can become difficult to compare. In addition…
- Each person may have their own Excel file with slightly different formulas, combined with financials out of the report writing software, and budgets often maintained in Excel by each department – all causing multiple versions of the truth. But you can get from here…
- … to here. This is a cash themed dashboard with key performance indicators that used to be from three separate reports. Right on one page, we have a complex cash flow statement, accounts payables and accounts receivables –and each one of these KPIs can come from different data sources. Plus, you can drill into the transactional level details without leaving the dashboard application and going into a report writer or Excel
- The fourth benefit most cited by CFOs is related to data discovery. People process information faster and respond better to visual communications… (mouse click through images)
- Trends are easier to spot, and preparations can be made proactively. Ease of use in dashboards, in which data can be explored many different ways, encourages even more data discovery.
- Especially combined with drill down capabilities into the transactional data, it is more than “pretty pictures”.
- The most often cited benefit, however, is the alignment of goals and strategy for the corporation. Users gain visibility into the current status of the business, enabling them to track how the business or department is performing again strategic goals, and how day-to-day execution is aligned with corporate strategy. Monitor and measure what matters most, so the focus is on meeting strategic objectives and tracking relative progress. Because the number one purpose of strategy is alignment, dashboards ensure everyone is “on the same page”.
- The most often cited benefit, however, is the alignment of goals and strategy for the corporation. Users gain visibility into the current status of the business, enabling them to track how the business or department is performing against strategic goals, and how day-to-day execution is aligned with corporate strategy. Monitor and measure what matters most, so the focus is on meeting strategic objectives and tracking relative progress. Because the number one purpose of strategy is alignment, dashboards ensure everyone is “on the same page”.
- The most often cited benefit, however, is the alignment of goals and strategy for the corporation. Users gain visibility into the current status of the business, enabling them to track how the business or department is performing against strategic goals, and how day-to-day execution is aligned with corporate strategy. Monitor and measure what matters most, so the focus is on meeting strategic objectives and tracking relative progress. Because the number one purpose of strategy is alignment, dashboards ensure everyone is “on the same page”.
- We showed you that performance management dashboards can benefit your company. However, as many of you are CFOs on the webcast today, you also want to make sure it would be an investment with good ROI. Computing ROI for most is a challenge because the dashboard solution brings both quantifiable and qualitative benefits. For some of the more tangible numbers, we have created an ROI calculator for you…
- … you can access it from our website or we can email you a copy. Included are formulas for calculating reduced need for IT resources and consulting fees, time spent in “CPA” mode, and values for improved analysis. Maybe its unorthodox talking about the price of a solution first before you have even seen it, but we surprise a lot of people when we say our initial investment can be under 20K. Do everything within your Visual Mining Performance Management dashboards and you may have 484% ROI yourself. Most of the formulas used are supported by an independent study from 1 “Strategies for Managing Spreadmarts: Migrating to a Managed BI Environment”, by The Data Warehouse Institute, Wayne Eckerson and Richard Sherman.
- And now we’re going to show you some examples of real dashboard solutions and the value they provided to each business in increased productivity and profitability as a result of better-informed decision-making.
- As promised, we have some specific customer examples of ROI and other benefits of using our dashboard solutions. The first is a well known international nonprofit organization who went from using Excel to consolidate reports across multiple international offices to dashboards, reducing the report production time from 4-5 days to 1 day. Next is a health systems management company based in California, which spent 80 hours/month compiling reports from 12 different datasources. Dashboards resulted in $320,000 in annual savings. Finally, a multi-billion dollar manufacturer went from manually gathering and consolidating reports from multiple plants which improved productivity by over 5 % and saved 500 person-hours annually.
- Companies that use performance management software outperform others both in profitability and productivity.
- Now that we’ve shown you how you can achieve a significant ROI from a small investment, let us show you a specific performance management solution from a real customer of ours…