Why does strategy need a dashboard?
When it comes to strategy, most people think of dusty tomes hidden away on the bookshelves of executives, which are reviewed only once every couple of years.
However, thanks to modern technology, this is no longer the case. Now, businesses can take their strategies out to their employees and use them to drive real change and growth within their company.
One way to do this is through software like StrategyBlocks, which can take your business processes and express them in a single format, like a digital dashboard. This one-stop destination gives CEOs and other top executives the opportunity to see how different company strategies are tracking in real time.
But why is this a valuable process and how can it add to the management of your company? To answer this question, here are three reasons why your strategy mapping needs a dashboard.
Speed is essential
When you are trying to stay on top of company strategy, time is of the essence. Distractions can pop up at any time, putting even greater strain on time-poor executives. In this situation, you will need to invest in a strategy mapping solution which responds quickly and presents all the necessary information as easily as possible.
Visualisation makes things easier
When it comes to managing strategy effectively, you need to have the right information at hand, whenever it is needed. This is where a strategy dashboard can come in useful. Rather than having to wade through a number of different data sets, a highly visual dashboard can present a large amount of information in a simple format.
With strategy management also involving a number of different measures, a dashboard gives you the ability to collate different performance indicators regardless of the measurement used.
Information updated faster
Other strategy management tools, like balanced score cards, report information less frequently than a dashboard. This means that, with a dashboard, you can access information easier than other mapping tools and take corrective action sooner if there are any problems with long-term performance objectives.