Top 3 Reasons HCM Dashboards Are Incredible
Time and money: two things every organization wishes it had more of. And now, in this age of information, there’s a third that’s nearly as valuable: data. While data is clearly important across a variety of disciplines, it is especially so in the world of human capital management (HCM), perhaps being its greatest asset. Analytics can provide actionable insights on a variety of payroll and human resources topics, including talent acquisition and retention, onboarding, training, time and attendance, engagement, satisfaction, and organizational processes, which – if utilized effectively – can drive efficiency and performance, as highlighted in this Forbes article.
Unfortunately, not everyone is a data wizard, and not all HCM data is relevant or readily accessible. And if your organization is a small business, much of the collection and analysis may be the responsibility of only one person. But luckily enough, there’s a tool that can help with your HCM software – and that tool is called dashboards. Dashboards are in fact incredible, so forgive me for quoting one of my favorite characters from The Incredibles, Edna Mode: “Luck favors the prepared.” Dashboards arm your organization with the vital information it needs to be more prepared and the capabilities to excel.
What Are Dashboards?
In short, dashboards are a form of graphical user interface that visually displays an overview of data, such as key performance indicators (KPIs) and other metrics, often via tables, charts, and graphs. They are linked to one or more data sources and help provide business intelligence insights, giving up-to-date, at-a-glance summaries in a consolidated place. When you have HCM dashboards built into your organization’s HR and payroll systems, you have quick and easy access to data that can be analyzed from wherever, whenever.
Why HCM Dashboards Will Save You Time and Money
Access Data NOW
“I never look back, darling. It distracts from the now.” Edna Mode
Without dashboards, you probably have to track your HCM data by generating multiple reports, and even then, the data might only be static, so you’ll have to keep doing it, again and again, to always stay current. If that sounds familiar, then you know how much time it takes just to get your data. Don’t you wish you could access it faster? Well, with HCM dashboards, you’ll no longer have to dream of a simpler and more efficient way. You will be able to access your payroll and HR data now, receiving potentially crucial insights in real-time – exactly when you need it.
Compare and Contrast
“Pull yourself together!” Edna Mode
HCM dashboards don’t just let you access your data when you need it. Since they can aggregate information and display it in one easily viewable location, you’ll be able to compare and contrast effortlessly. Instead of taking the time to create and examine two or more different reports by yourself, you can let the software help you analyze them to find correlations, trends, and outliers in your data. With your experience, you likely know whenever things generally feel right or wrong, but dashboards can help your mind quickly connect the dots and see the patterns across your HR and payroll software.
Diagnose the Minute Something Is Off
“Go! Confront the problem! Fight! Win!” Edna Mode
Uh oh! Your overtime payments look high . . . which begs the question: WHY? In an ideal world, nothing would ever go wrong, and there would never be any errors to catch. Obviously, that’s not the case, and you can’t prevent everything. The next best thing is to be able to catch anything as soon as it happens or as close to instantly as possible. When your important HCM data is updated and all together, and you’re able to analyze it promptly, you can rapidly identify any human resources or payroll problems or red flags and take action ASAP – like if a particular department has been approving excessive, unnecessary overtime during a slow season.
You’ve probably heard the old saying, “Time is money,” and with dashboards, it’s certainly true. When you can access your HCM data at the moment you need it, quickly analyze, compare, and contrast it, and diagnose any issues noticed in your payroll or HR system instantly, you’ll be able to take well-informed actions swiftly – saving time, which translates into saved money!
Viventium can help!
Dashboards are built into our Business Intelligence software, a.k.a. data right before your eyes.
“Yes, words are useless. Gobble, gobble, gobble” (Edna Mode). In other words, seeing is believing – so instead of us doing all the talking, why don’t you request a demo to see it for yourself.