10 - Reports and dashboards Flashcards
What is the purpose of improving reporting and implementing dashboards?
To focus the organization on a single source of truth and make data-driven decisions
This requires data skills and the ability to drive cultural change.
Define a business report.
An analysis of data to evaluate an issue, set of circumstances, or operational goal related to business performance.
What is role-based reporting?
A discipline stating that internal reporting is done only when it makes a difference to a task or role in the organization.
What is a business dashboard?
An information management tool used to present relevant data points for business performance at a glance.
What is a certified report?
A report or dashboard that meets specific quality and governance standards.
True or False: Most businesses create reports that add value.
False
The majority of reports create excuses rather than suggest improvements.
What is the first task in a report audit?
To discover the size and scope of the challenge by investigating how reports are compiled and used.
List the five levels of value in any report.
- Quality and source of data
- Clarity of definition
- Transparency of data presentation
- Insights and story the data tells
- Actions that these insights suggest
What issue did the audit reveal regarding the number of reports?
More than 500 reports were being used across the organization, many of which were duplicated.
What is the Dunning-Kruger effect?
A cognitive bias where individuals overestimate their understanding of a subject, often evident in managers regarding data quality.
What is the outcome of implementing role-based reporting?
Increased alignment of KPIs and metrics to business goals, resulting in a 64% increase in margin.
Fill in the blank: A business dashboard is used to present data points relevant to the _______.
[performance of a business]
What is a common problem with static reports?
They are out of date as soon as they are created and may not support timely decision-making.
What should a dashboard focus on according to the data and analytics strategy?
It should tell the user where to focus today, aligned to the business strategy.
True or False: Dashboards should only show positive metrics.
False
It is essential to focus on what needs attention most, even if it is negative.
What is the risk of using low-quality data in dashboards?
It can lead to poor decision-making and is potentially as dangerous as a bad report.
What should be done to reconcile data for a dashboard?
Align user preferences with the data and analytics strategy while managing internal conflicts.
What is the goal of role-based reporting?
To produce reports with clear KPIs and metrics that drive change and behaviors across the business.
What is a potential benefit of uncovering implicit incentives in a business?
It may explain why the business is failing to realize strategic objectives.
What should be prioritized when addressing business issues?
Focus on what needs to be fixed first.
Why might a dashboard with mostly red traffic lights be more effective over time?
It indicates areas needing attention and drives change.
What do visualizations on dashboards provide?
Context and a quick message at a glance.
Fill in the blank: A dashboard should always send a signal prompting _______.
[action].
What is the purpose of drill-down functionality in a dashboard?
To allow users to investigate and create the story from the data.
