Dashboard Feasibility – Evaluating Risk and Opportunity
Are you struggling to figure out what should go on a dashboard? If so, you are not alone. Lodestar Solutions has created a methodology to help define what you should consider when choosing a dashboarding solution. The first step is to define the areas of Opportunity. Opportunities are areas of the business that would benefit from better access to information, for example: Sales, Human Resources, and/or Finance. Once you define the area you want to focus, now you need to explore the risk factors.
Risk Factors –
- Do you have the data?
- Is the business ready for change?
- Does the business embrace technology?
- How does the business and IT work together?
Impact to the Organization –
The next step is to determine what the impact will be to the organization. This boils down to three simple questions.
- • How will it save the organization money?
- • How will it make the organization more money?
- • How is it aligned to strategic goals of organization?
Once you answer these questions, evaluate where the Opportunity fits on the Impact to Risk Diagram. The opportunities and areas to focus on are those that provide a higher the impact to the organization at involve a lower the risk.
By evaluating where to focus your attention, you will maximize the Return on Investment for your Dashboarding initiative. For more information on this and how to realize the benefits of Business Analytics, call us at 813-254-2040 or email us at Coaching@LodestarSolutions.com.