What You Need to Know About Financial Dashboards

Are you a business owner looking to better organize your finances?

Benefits of an Analytics Platform That Offers Easy Scaling for Any Data Source

To succeed in today’s ever-changing landscape, companies need to foster a data culture. Having modern tools such as an analytics platform will allow companies to best understand their data. In reality, though, analytics platforms are more than just business analytics software. They reinforce your company strategy by making it easier to access and analyze data. They can import data, cleanse it, analyze it, make predictions, and adapt as your strategy evolves.

When choosing the right analytics platforms, there are several features to consider optimizing your choice. As we cover in our guide for choosing the most versatile analytics platform, having the right features is key. These features vary from platform to platform, and which one to choose often depends on their ability to scale your data.

Below, we will cover some basic background knowledge on this topic, and some benefits you can get from a platform that offers easy scaling

CODE_HTML_IMAGE_1 Why You Should Choose an Analytics Platform That Offers Easy Scaling any data source, any numbers, and devices-1

First, Make Sure You Choose a Suitable Platform

The first thing to consider is the product’s interface – whether it is a web app, a native mobile app, or an HTML-based hybrid app. Not all analytics platforms are suitable for all interfaces. Some of them are designed specifically for the web, others for mobile, and some are good on both. Good platforms have high adoption rates over 85%, increase your store performance by 7%, and generate a quick 215% ROI

Reporting data is becoming more collaborative in companies and presenting data is a daily activity. Data visualization is becoming more responsive and intuitive. This way, it adapts to any device or place the data is being shared. This way, you can share data stories and explore data collaboratively and effectively at any particular scale

Scaling Helps Make the Platform Easier and Faster to Use 

When a particular platform allows the user to generate data points with particular scales, and customize these ranges at their own will, they will soon find themselves with much less time spent on data than previously seen possible. 

Easier Implementation

The less development an analytics platform requires, the easier and quicker it is to implement. If it allows you to scale your data to metrics of your choosing without any coding knowledge, your team will not have any issues learning how to use the platform. With such a platform, modifications and changes that need to be made will go more smoothly. 

Combine Multiple Databases 

It may seem obvious, but one of the most important features to look out for when choosing the right analytics platform is how easy it is to use, regardless of how much data you have. The ideal analytics platform should allow you to easily connect to different databases and import files of all kinds – social data, open data, survey files, Excel files, corporate databases, website content, and so on. Since good analytics platforms can combine data from multiple sources into one platform, combining and scaling data from different sources is easier than ever. 

Get Better Visualizations For Your Data

Data visualization with dashboards is a very modern approach to analyze and organize your business data. Analytics platforms simplify the analysis process by gathering all the data and displaying it in one place.

One of the most popular features of an analytics platform is the ability to create and customize their charts to different scales. Users can create modules, charts, and graphs that can be updated in near real time at the settings of their choosing.

Imagine that you want to adjust the dates that you are monitoring for overall sales revenue. With an analytics platform, you can simply adjust the date range, and then you will instantly be given a new chart that can help you better understand what is going on within a particular timeframe. 

The ability to customize your charts to different scales is crucial because it allows you to have a clearer picture of the metrics you want to track. Some platforms can integrate advanced graphical customization features that allow for quick and effective creation of charts and graphs that can be shared with anyone with just a few clicks. It is important that your dashboard can support a multitude of data sources and grow with your business.

CODE_HTML_IMAGE_2 Why You Should Choose an Analytics Platform That Offers Easy Scaling any data source, any numbers, and devices-2

Improve Your Sales Funnel Conversion Rates

In web analytics, the term ‘sales funnel’ is used to describe all the steps that a potential customer must go through to learn about the product, and eventually, make a sale. With broad datasets that don’t focus on individuals, this can be hard to do. This is another reason why scaling your data can be so crucial. 

The best way for companies to increase their sales funnel conversation rate is to track individual users and see why they do not convert into customers. Not all platforms offer you the ability to monitor an individual user. When you choose your platform, please search for the ways it can help you track users. This can include monitoring bounce rates, the number of clicks on internal links, how often sales are made when products are added to the cart, and much more. 

Scaling your data into smaller metrics allows for quick improvement of your sales funnel. Not to mention, your tech teams will spend much less time trying to find flaws themselves. When you can scale your data into tons of different metrics that you can adjust at a moment’s notice, the overall process of improving your sales funnel conversion rates will eventually improve. Just make sure that you test any trends that you pick up using A/B testing before making big adjustments.

Choose an Analytics Platform With Suitable Scaling Features

An ideal analytics platform offers native data connectors for your data, allowing you to quickly combine multiple data sources together into one chart and customize the scaling however you see fit. To avoid additional costs, be careful to choose an analytics platform that will integrate with your company’s portals and other applications.

Most importantly, check to see that there are plenty of features available to scale your data however you see fit. You should be able to customize your data metrics within a few clicks to measure just about anything, at any scale that you see fit. For this reason, spend lots of time researching multiple different analytics platforms before deciding on the right one for your business needs. 

For more information, please refer to the following pages: