Executive Dashboards: The First Step to Successful Business Intelligence
Making decisions based on business intelligence (BI) and data analytics is a major business advantage, and that extends to meetings and events programs. Intent Strategy Group, M&IW’s division for SMM and related technology initiatives, recommends a clear first step for organizations looking to step up their BI game: executive dashboards.
Angie Duncan Callaway, CMM, Sr. Director of ISG, spoke at a Domo-sponsored event and shared best practices for M&E executive dashboards. But before we dive into her key points, let’s start with the basics: What is business intelligence?
Business Intelligence and Executive Dashboards
Put simply, business intelligence uses technology and other tools to collect and analyze data and turn it into actionable insights. It goes a step beyond data analysis by developing strategic plans for informed decision making.
As Angie explained in her presentation, executive dashboards are used to collect the most important and relevant data from a meetings and events program in one central location. They provide business intelligence insight into the program’s overall health, behaviors, and performance across regions and departments.
“Visual executive dashboards offer a powerful tool for unlocking actionable insights, driving performance improvements, and steering organizations toward their strategic objectives surrounding events,” said Angie.
A sample executive dashboard can be viewed below.
Six Benefits of Executive Dashboards
The most impactful business intelligence benefits of executive dashboards include:
Data Visualization
Visual dashboards present complex data in an easily understandable and visually appealing format. Executives can quickly access key insights without delving into overwhelming reports or spreadsheets. Having visibility into event volume, spend, and cost savings data keeps leaders in the know of fast-moving and ever-growing events environments.
Efficiency and Time Savings
Automating data compilation and analysis from various sources enhances accuracy and reliability, freeing up valuable time for teams to prioritize major events, engage stakeholders, and focus on high-priority projects. Transitioning static reports into dynamic data repositories expedites report delivery without manual intervention. Streamlining reporting processes enables effortless completion of administrative tasks in less time, leading to cost savings from event agencies.
Real-time Insights
Dashboards offer 24/7 access to real-time data for prompt decision-making and proactive responses to registration data, emerging trends, or challenges.
Improved Decision-making
By providing a clear overview of relevant data, dashboards empower executives to make data-driven decisions with confidence. They can easily identify patterns, trends, and correlations that lead to more informed and effective strategic choices regarding individual events or the overall M&E program.
Customization and Personalization
Visual dashboards are tailored to meet an organization’s specific meeting and event needs, varying by stakeholders and departments. Dashboards are evergreen and will continue to evolve as the organization grows and strategic directions change.
Identifying Opportunities and Risks
Visual dashboards highlight both opportunities for growth and potential risks or challenges. By monitoring key performance indicators (KPIs) in real time, executives can proactively capitalize on opportunities or mitigate risks before they escalate.
Case Study: Integrating Executive Dashboards with Business Intelligence Solutions
To prove the effectiveness of executive dashboards within an organization’s business intelligence strategy, Angie shared an ISG customer’s success story.
“Their legacy SMM platform was being phased out, so they used this opportunity to not only upgrade their platform but also optimize their use of it,” said Angie. “Specifically, they were looking to integrate a new BI solution to achieve dynamic enterprise analytics on their event activity and spend.”
After centralizing and standardizing the customer’s data entry process in the new technology platform, ISG then consolidated the global governance data monitoring process using executive dashboards. This resulted not only in enhanced M&E program oversight but also in improved meeting and event performance.
Oversight Outcomes
- Documented and tracked M&E spend saw a 200% increase in only ten months.
- Line of sight on events increased by 75% in the fiscal year.
- Savings tracked improved by 20% against contracted liabilities.
Performance Outcomes
- RFPs awarded increased by more than 50% at a 99.6% award rate.
- The number of event websites launched increased 23% over the previous year.
- Attendee registration increased 58% over the previous year.
ISG Customer Kudos
After the project was complete and the results already speaking for themselves, the customer had nothing but praise for ISG and their business intelligence capabilities.
“Thank you for enthusiastically taking on this mind-boggling project and for your incredible mind for detail and process,” said the customer’s director of event services. “The data governance piece of our partnership is invaluable. Simply terrific work.”
Next Steps: BI and SMM with ISG
Intent Strategy Group excels in transforming ideas and objectives into achievements and results. Customers who leverage ISG’s services expedite implementations, reduce project durations, and fast-track early wins.
To create custom dashboards and reports based on your organization’s M&E objectives or to learn more about how business intelligence solutions can enhance your meetings and events, contact ISG.
Contributor
Angie Duncan Callaway, CMM
Sr. Director
Intent Strategy Group