It is probably not a surprise to you that dashboards are at the top of the list of Business Intelligence (BI) priorities for today’s financial executives. Gartner conducted a study at the end of 2013 on technology for Chief Financial Officers internationally, resulting in dashboards, data visualizations, performance management solutions, and scorecards taking the number one spot on wish lists. The retail business realm is moving more rapidly than ever, and data visualizations provide quick and easy, digestible data analysis. Moreover, data visualizations are charts, graphs, and scorecards that organize metrics and key performance indicators (KPIs) in an easily readable dashboard, when analyzing a project, a division, or checking on the health of the entire corporation.
Similar to dashboards we regularly rely on in vehicles, corporate decision-makers can evaluate transactional and operational data trends by viewing a chart or graphical scorecard that visualizes the information for you. The dashboard in your car and a data visualization differ primarily in that BI dashboards are interactive, so you can make adjustments for better interpretation. This means that you will be able to drill down and drill to, so you can make richer, data-driven decisions for a more successful future. Hopefully, it is now apparent why they’re so important to executives these days. This article will explore dashboards for the retail sector, particularly for Microsoft Dynamics AX customers.
First things first: you can pull data for your dashboards from multiple sources. You can generate up-to-the-minute data visualizations by integrating live from Microsoft Dynamics AX, a Point of Sale (POS) system, or other data sources, giving you real-time analytics, which is essential for executives who rely on up-to-date information and/or smaller companies that only need simpler accounting system dashboards, without the resources to manage BI data stores, like online analytical processing (OLAP) cubes or data warehouses. On the flip side, bigger corporations might need more stability, which will provide them with higher performance data visualizations, which is where BI data stores come into the picture.
OLAP cube or data warehouse integrations enable larger corporations to generate dashboards without making the accounting system server sluggish due to bigger and/or simultaneous data queries. BI data stores do require you to invest in an additional product, but they allow you to avoid bogging down the Dynamics AX server. There are also some dashboard solutions that function as hybrids, offering you the choice to integrate live for more urgent data analytics or to integrate from a BI data store for more routinely produced analytics – all without breaking the bank. Additionally, there are several other elements to consider when shopping for the best dashboard software for your team.
To continue learning more about Retail Dashboards for your Microsoft Dynamics AX experience, read the rest of this article here.
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