Build a Dashboard for Your Critical Data

Build a Dashboard for Your Critical Data

One of the most powerful Six Sigma management tools is the “dashboard” a representation of key data that is used to monitor your Marketing programs and enable decision-making.

Dashboards come in many designs – including commercially available versions that use sophisticated visual elements.

The design isn’t nearly as important as the content, meaning you can design and build your own dashboard using common software such as Excel, PowerPoint or even Microsoft Word.

Ideally, data would self-populate, but in practice, we have found many instances where it is nearly as easy – and far more economical – to simply update the data manually. This is because the truly important information – the pieces used for decision making – represents only a handful of data points. This has the further benefit of keeping all information in-house.

If you’re trying to monitor hundreds of data streams at once, it probably means your dashboard is too complex. Those data streams should be consolidated into fewer, more useful key performance indicators.

Marketing dashboards should exist at two levels:

·      

•      One for each significant marketing program
•          A summary dashboard allowing quick across-the-board comparisons

What should they contain? Consider including the following information at the program level:

·      

•      Budgetary considerations – total budget, amount spent, projected spending, etc.
• ·      Return on Investment and Return on Objectives scores
• ·      SWOT analysis – key considerations that may be well-understood within the Marketing team, but could provide corporate executives with a valuable perspective on why you are investing in the program, and potential hot-button issues
• ·      Key milestones – both historic and upcoming
• ·      Changes under consideration, and the implications of each

At the summary level, consider these components:

·      

•      Budgetary summary comparison of program costs, expiration dates, projections, etc.
• ·      Graphical comparisons, such as pie charts or bar charts, of ROI and ROO scores
• ·      Consolidated information on demographic or other market considerations to tell the “big picture”
• ·      Key upcoming decision points

Remember, the dashboard is a decision-making tool. Pare away all information you wouldn’t use in making important decisions, and highlight the data that you absolutely must know, especially as it relates to achieving corporate goals.

Update it as often as necessary, so that you’re always ready to provide executives an in-depth briefing at a moment’s notice.