Dashboards are used to monitor business performance summaries, trends, comparisons, and exceptions relevant to specific objectives across your entire organization. To accomplish this, financial institutions must employ different types of dashboards to properly align the observed metrics across departments to ensure that goals and measures are properly aligned. Once these goals and processes are established, dashboards can be built to facilitate rapid information delivery.
Strategic dashboards are used by executives to gain a firsthand look at the high-level metrics they wish to review to understand. Without waiting for period ending manual reports, executives can quickly identify where the company stands and direct more meaningful detailed inquiries to senior leadership teams.
Tactical dashboards are used to track productivity against goals, by location, employee, product, household, and time. This ensures that strategic plans are monitored pro-actively to validate assumptions and adjustments can be made as needed without waiting for the end of a financial reporting period.
Operational dashboards allow business units within the financial institution to measure things like actual expenses vs. plan, not just as raw numbers, but by region and branch, category, and type by time dimensions such as month, quarter, and year.