Thursday, June 13, 2013

The Rise of Dashboards in Banking, Telecommunications Industries| Contents Inside Dashboards

OPEN DISCUSSION

The term “dashboard” is as overused today as it is misunderstood. What exactly are dashboards? Are they just screens with fancy charts and graphics on them, or do they serve a greater purpose? The easiest way to understand what role dashboards play in the industry is to examine some of the questions that professionals are asking.


Problems

  • How do we proactively prevent customer attrition? 
  • What are the top and most current reasons that customers are leaving, and how might we respond to these dynamics? 
  • Can we proactively spot trends and possible issues in our billing system that could have an impact on churn?
  • How do we identify and profile customers according to their opportunities and risks?
  • Why are some customers not as profitable as others? 
  • Are our products right-sized for these customers according to their risk profile? 
  • How do we maximize the effectiveness and efficiency of our targeted marketing campaigns? 
  • How can we gain a better understanding of usage, behavior and demography? 
  • What are the relationships between products, product groupings and customer segments? 
  • How do we price and bill for our data services?
The intensity and frequency of disruption that is experienced in this industry due to new technologies, converging product lines, regulatory changes, economic volatility, and fierce and evolving competition has created an insatiable appetite for data. It is no longer sufficient to merely respond; telecommunications organizations need to proactively target problems before they occur and pursue opportunities as soon as they emerge. This need is reflected in the rapid growth of the business intelligence industry, which is predicted to each $13 billion in annual revenue in 2012, up from $11.5 billion in 2011 (Gartner, 2012).

The goal of business intelligence (BI) is to deliver actionable information to people in an organization in order to facilitate better decision making. However, merely acquiring, storing and making data accessible is insufficient; data only becomes meaningful when it is understood by the person who receives it. The means by which people consume data can be broken down into three types, and while their individual distinctiveness is becoming increasingly blurred due to convergence, they each serve separate and distinct purposes.

The purpose of a dashboard is to allow people to rapidly monitor relevant and critical information at a glance, provide sufficient detail for context and analysis, and provide a fast and easy way of drilling-down to more detail.

As a result, the effectiveness of a dashboard is heavily dependent on how well it is designed for its intended audience. While dashboards are becoming increasingly interactive, the effectiveness of dashboard can be measured by the reduction of effort and time required to achieve insight.

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Report prepared with support from: www.dundas.com

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