Power BI Data Visualization for the Executives
Things to include in dashboards
Introduction
Power BI is a powerful business intelligence tool that Microsoft developed. It enables users to connect, transform, and visualize data from multiple sources. It is very popular in the job market and is widely used by organizations of all sizes (including my current company) to create interactive data visualizations and business intelligence reports.
Last week, I was requested to build a Power BI report to showcase my visualization skill. The audience was executives. The dataset is about the intake and submission of funding applications. I want to take this opportunity and write down a couple of components I’ve considered including in the dashboard during the creation process and summarize some insights.
Below is the end product
Several key pieces of information I’ve considered (or typically would consider) including when building an executive dashboard:
1. High-Level KPIs:
Having high-level KPIs is crucial in an executive dashboard as it helps executives quickly understand the business’s overall performance. These metrics should tie directly to the team’s overall goals and keep the upper management informed about where we are and if we are hitting our numbers, ensuring that the business is moving in the right direction.
In my dashboard, again, the dataset is about the intake and submission of funding applications. Therefore, the High-Level KPIs I included were Applications Received, Applications Submitted, How many have been funded (%), Total Grant Expended, and Average Grant Expended.
2. Trend Analysis
Trend analysis provides a historical context that enables executives to evaluate the effectiveness of past strategies and make informed decisions about future investments. It also helps identify potential areas of concern or opportunity by monitoring performance over time.
In my dashboard, I utilized a waterfall chart to demonstrate the running total of the submitted applications, showing how the numbers are adding up month over month. It looks like most applications are submitted during the first two months of the year. Starting in March, the number of applications submitted started to diminish quickly.
3. Comparative Analysis
Comparative analysis gives executives an understanding of how the business performs in different segments or divisions. It could help executives understand the overall business composition, enabling them to allocate resources and to evaluate whether the performance in different segments is on track.
In my dashboard, it looks like 65% of the applications came from Bay County, followed by Jackson County at 10%. A big chunk belongs to Rehabilitation, followed by Replaced, then Reconstruction. 70% of the rehabilitation and reconstruction submitted applications have been funded, but no application has been funded yet for Replaced.
4. Operational Metrics:
Operational metrics offer real-time insights into the operational performance of the business. These metrics provide a clear picture of how efficiently the team is operating and highlight areas for improvement.
In my dashboard, the bottom left chart monitors the workflow stages. It allows us to see how we are progressing in the application process. Most submitted applications are in the workflow stage of Step 7 (Award Calculation and Grant Signing) and Step 9 (Project Closed Out). As time passes, we should expect more applications to come into the later stage of the workflow.
Brief Conclusion
Overall, the executive dashboard should be easy to navigate, visually appealing, and provide a clear and concise picture of the team’s performance. Lastly, keep in mind to always AVOID using complex charts. Using overly complicated charts can often hinder understanding and create confusion, leading to ineffective decision-making. Try using simple charts so you can communicate complex data and information clearly and understandably.
