Digital dashboards can create virtuous feedback loops that enable greater innovation and new revenue streams.
The modern enterprise generates vast amounts of data that executives can use to make smarter decisions and improve bottom-line results. But for all this to work, CIOs need tools that can separate the signal from noise and dynamically provide meaningful insights about real-time performance.
Digital-visualization platforms provide a powerful way to do this more effectively and persuasively than previous generations of static charts or graphs. According to a new study from MIT, companies that have the most experience using digital dashboards and visualization tools not only make faster progress with digital transformation projects, but also generate more profit than companies that are less experienced.
MIT’s Center for Information Systems Research surveyed more than 1,300 large enterprise organizations, then correlated their responses with financial results from publicly traded companies within that survey group.
The findings suggest a clear link between an organization’s use of data dashboards and overall business performance. Organizations with advanced “dashboarding” capabilities better empower employees, generate more revenue from innovation projects, offer superior customer experience, and boast higher levels of overall revenue growth.
“Business leaders need a way to figure out whether the business is meeting its KPIs, or whether it’s time to pivot,” says Stephanie Woerner, a research scientist at MIT’s Sloan School of Management and co-author of the report. “If they don’t start thinking about how they capture, visualize, and measure value, they’ll miss the point of their transformation.”