What is a market research dashboard?
Think in terms of a dashboard on your vehicle and the dials you look at to keep it running at peak performance. You inspect and maintain an automobile to ensure every part is properly contributing to the vehicle’s overall performance. A business needs this same attention to gauge its overall performance – enter the market research dashboard. This mechanism, which includes various types of performance elements ranging from business development to marketing to product development, will provide a clear picture of a business’ current organizational performance.
Performance management is one of the key processes applied to business operations with a goal to achieve key outcomes and objectives in order to optimize individual, group and organizational performance. Three elements – data, analytics and metrics – play a critical role in measuring and managing performance. Once obtained, these elements are used to create a corporate dashboard to quickly gauge a business’ overall performance. The dashboard becomes a useful tool providing the organization with ready information that can be used for strategic growth and/or realignment.
In essence, a corporate dashboard is a multilayered performance management tool that enables businesses to measure, monitor and manage overall activity by using both financial and non-financial measures. It can also be used by business leaders to justify budgets (identifying the value and demonstrating the contribution of each element), which in turn drives organizational growth and innovation.