Advanced Analytics Dashboard for E-commerce Platform: An Emerging Trend

Smart business management today means smart usage of Business Intelligence and data analytics. With proper data, companies can comprehend their online performance, read the market and customer behavior before jumping into any investment plan or business strategy. So, if you are a managing a small scale business, investing on an advanced analytics data dashboard for your e-commerce platform (Magento, OpenCart, WordPress, Joomla, etc) would be a good idea now.

Advanced Analytics Dashboard and its Usage: How it Saves Your Time?

An advanced analytics dashboard is the back-end communication tool that gives the user a first line of access to business insight and intelligence to track the organization performance. It enhances usage of raw data to encourage wise performance. Since you are already into online marketing, it is to be presumed that you are already implementing multiple tools for learning the latest marketing trends and to keep your e-commerce on top. That datum that you receive may come from various marketing tools some of which are – Google Analytics, Payment Processors, Social Networks, CRMs, etc. Logging into all these applications one at a time to take report of your business performance is time consuming and often too much of work.

With an advanced analytics dashboard, you can stream the datum from different sources and have a combined report on one screen. This saves you time since now you can monitor and measure your business to build a matured investment model. That is the power of an advanced analytics dashboard.

Apart from this, you get other complementary business perks as well. Follow some of the below mentioned analytics dominated enterprise decision plans to understand –

• Improved quality forecasting, decision-making and planning

With proper data, you know what lies ahead and how you are going to steer your course through. Your business goals and objectives become clear, which ultimately raises your productivity for a positive impact.

• Data-Driven Budget Decisions that Save More Money

With clear insight and valuable data, you are now aware where to invest more in order to gain higher returns.

• Confident Alignment of Strategy With Tactics

With advanced data analytics tool in your hand, limited marketing resources and other challenges are no more a concern. You know where to spend more and that too with confidence.

• Easy Usage

Earlier, production of IT-authored reports were centralized and restricted only to people with an in-depth IT knowledge or analytic skills. However, the benefit of big data in driving business growth had led even business owners to demand for them. With advanced analytics dashboard, big datum is now accessible even to a common user with no technical expertise.

• Content Capitalization

Big data is an essential component that helps you create contents composed of valuable market insights. Access to sales and media related content had been traditionally warehoused. That has changed because now sales professionals are trying to seek the contents. Data storage scenario has changed. A business now needs to make their content easily accessible to customers and there is absolutely no time left for query. Customer interaction scenario is now complex than ever and the analytics tools need to be able to match the present market requirements.

Choosing the Right Analytics Dashboard for Your Business

Choosing the right dashboard analytics software can vary depending on the kind of visualization or type of delivery that your business needs. This will lead to a shift from the pre-built dashboards that are integrated with common metrics and key performance indicators. With change in business models, organizations now demand for flexible dashboards that come with quick integration of KPIs and new metrics.

A financial institution dashboard will require a flexibility that can define the data model in metric style. As for the manufacturing industries, the demand is for a future dashboard that should be able to interpret shop floor data and transform it into financial results. Different industries have different needs for data, which is why, dashboards need to have an advanced data storage architecture that is easy to study and faster to implement.

The Self Service Advanced Analytics Dashboard

A self service advanced analytics dashboard can analyze a data source while minimizing the query language that is needed to pull out a relevant data. Self service dashboards have made implementation of strategic marketing tools better. The simplification of data allows business employees to focus more on their business decisions and modeling and less on data gathering. In addition, it even helps the IT professionals to pay more attention on data warehouse concerns and less on requests that are related to dashboard users.

What Makes the Perfect Analytics Dashboard For Your Business?

This should be just like when you are selecting the most profit driven CMS for your business.

When considering a suitable dashboard for your business performance, it is important that managers and executives look into the technical management aspects first. Examine the data that your dashboard streams from various local and external sources. Accessibility to data and blending capacity can bring users to draw their attention on the settings of the user interface of the dashboard. Some of the questions that may arise are –

• What kind of visuals are available?
• How adjustable are the visuals to one’s business?
• When the visuals are set, what kind of communication is possible with the teammates?

Some self service dashboards are linked to cloud based servers, which make sharing of graphs and other images easier.

The other aspects that should be ruling your dashboard selection are as follows –

Dashboard Agility – How well are the users understanding the data and the metrics? Dashboards should be able to narrate the data summary so that it could be easily understood.

Drill-down Analysis – The dashboard should be able to drill down the entire data and present it in the form of an interactive summary.

Shared Understanding – Highlight the necessary datum that is easily comprehensible for everyone using the dashboard starting from managers, executives, technical analysts and even the supporting team.

The internet market behavior is an unpredictable sphere. One minute something is trending and the next minute it is not. With so many things going on, it is difficult to track down everything even if you have the best internet marketing professional team working for you. That is why, companies will soon be spending more on advanced analytics tools for better performance and increased ROI generation.