Business intelligence (BI) dashboards have been around since the 1970s, and you can find them in almost every business. Well-designed dashboards can be used by everyone, and the interpretations and insights are meant to improve decision making for all data professionals, particularly for those in management. A dashboard that is designed well not only educates and informs, but when appropriate, sparks discussions and ideas. While access to technology has improved, sadly the content hasn’t.
Over 99% of BI dashboards are designed to gather and sort historical data and provide a view of what has already occurred. While it is important to differentiate fact from opinion or anecdotal evidence, this data doesn’t make it easy to predict what will happen next. In statistics, we call these descriptive statistics. Some examples of descriptive statistics include Revenue by Product, Sales by Region, Sales Volume by Product - all very useful bits of information that tell you where to look for more insight, or raise questions to further investigate your data.
BI dashboards continue to have a significant impact in today's business.
For years, we’ve been hearing from technology research companies about how predictive and prescriptive analytics are going to fundamentally change the way we make business decisions. Yet here we are in early 2022, and while our business dashboards are giving us stunning views, the majority are still only of the rearview mirror. But there is good news. We can do better - today!
Think about what you could do with the answers to these questions, easily accessible within your business dashboard:
Minitab's latest analytics solution empowers users to take advantage of true analytics dashboards on a single platform.
The technology does exist! Minitab is the only company to leverage the advanced analytics, including statistics, to power dashboards today. Meet Live Analytics Powered by Minitab®, our latest solution built to empower all data professionals with the ability to easily create and incorporate statistical analysis into powerful visualizations.
Watch our on-demand webinar to uncover how automated, real-time analytics can help you deliver more advanced analyses on a convenient and shareable platform.