The following article provides a good summary of how dashboards can be used to mitigate risk in a business. Obviously, the initial steps are the business setup and defining what the risks to the business are. Also how often these risks should be assessed, i.e. how often the dashboard should be updated. Once these are in place, the next decision to make is in which system the dashboard should be implemented.
Checklist for implementing a dashboard
Whichever system you choose, keep in mind that
- The dashboard is like a “live” camera. It should be super easy to update
- The knowledge on maintaining and updating the dashboard shouldn’t be in the hands of one person. Make sure you have at least three people that have the knowledge to update it
- It shouldn’t complicate your existing IT infrastructure and it shouldn’t cost you an arm and a leg. Remember, you need it to provide guidance and reduce risks. You don’t want your dashboard to become the risk.
- It should be one, maximum two pages
- It should be easy to understand and accepted by management
- It definitely needs to be pleasant on the eye
Your dashboard needs to provide the answers to your questions (depending on what is relevant for you at the time) such as, should we invest in this new business? Should we tweak our product line? How are we performing as compared to our competition? What it shouldn’t do, is become a drag and a headache generator, because you can’t get a hold of anyone to update it.