Dashboards are a valuable business tool, offering an ‘at-a-glance’ view of your construction business’ performance. Not only do they ensure that you and your team have access to real-time information, but they have multiple other benefits as well.
Read on to find out the top 5 reasons why you should be using dashboards in your construction business.
1. Monitor performance in real-time
Dashboards allow you to easily measure and monitor your businesses performance in real-time.
Being able to monitor performance in real-time is useful for a number of different reasons. Firstly, this helps you to discover weak spots in your business. If your business dashboards alert you to a sudden drop in performance – like an overspend on a job for example - you have the opportunity to address the problem quickly.
By having all your data available instantly through a dashboard, this means you no longer have to export data to do your reporting, meaning no more using data that is instantly out-of-date.
Having a well-designed dashboard can be a great time-saver. Having all the information you need on one screen; you no longer need to spend time searching for data from multiple sources and generating reports every time.
3. Better decision making
By having quicker and easier access to this real-time data allows you to make key business decisions quicker.
By having all the information you need in one place, you can focus on specific metrics that are the most important to your business, allowing you to have a clearer understanding of the big picture and your business’ performance. This again, can help with making those key business decisions, quickly and efficiently.
4. Can be used company-wide
Dashboards can be a great way for any member of your team to access the real-time information that they need. By having customisable dashboard functionality, each person can have a specifically designed dashboard, whether they are on the Senior Management Team, working in accounts or even a stakeholder that just wants to see a top-level overview of the company’s performance.
This again makes it so much easier to share this information with your team and cuts out the need for report generating.
5. Drill down features
The drill down feature of dashboards allows you to effectively find more in-depth information and records relevant to a particular dashboard tile. For example, an invoicing dashboard may show you how many invoices need to be processed and by drilling-down you will then be able to see the individual invoices.
This can be really helpful for finding key information quickly and can be especially useful when it does come time to generate more in-depth reports.
There are many benefits to using dashboards for you construction business, but fundamentally they give you access to real-time information that you can use to make better business decisions, ultimately improving efficiency, competitiveness, and profitability.
Our construction-specific accounting software, Evolution Mx makes use of innovative dashboard technology, allowing you to create custom dashboards from data already stored in our fully integrated system.
If you would like to find out more about how our Dashboards work, then book your complimentary demo today.