How Dashboards Help SaaS Companies in Decision Making
How Dashboards Help SaaS Companies in Decision Making?
Business Dashboards Revolutionise the way businesses operate in this fast-paced business world. These dashboards serve as effective tools for monitoring the key performance metrics of businesses belonging to the IT industry. You can use a dashboard to acquire real-time insights into how well your SaaS company is performing in this fast-paced business landscape.
The SaaS industry has experienced an extraordinary annual growth rate of 18% from 2017 to 2022. There are over 30,000 SaaS companies currently in operation. Dashboards play a crucial role in maintaining this growth by providing valuable insights into business operations.
You can also use dashboards to track various financial KPIs like revenue growth, profit margins, cashflows, etc. Other than that, dashboards serve themselves to be extremely beneficial in tracking non-financial KPI metrics as well like user engagement, employee productivity, quality of service, etc.
So, here, in this blog, we will make you familiar with the different ways in which you can use SaaS dashboards to streamline your business operations.
What is a SaaS Dashboard?
A SaaS dashboard is basically a business analytics dashboard that allows CEOs, finance leaders, and stakeholders to manage their organisational operations, track key KPIs, and other vital metrics that help in analysing operational and financial performance of organisations.
Metrics typically tracked using business dashboards include
- ARR and monthly recurring revenue
- Customer attrition or Churn
- Customer acquisition cost
- Average revenue per user
- Cash runway
- Customer lifetime value (LTV)
These metrics provide valuable information like:
- Understanding the value of a new customer
- Identifying when customers typically churn
- Valuating project cash flow
- Setting marketing budgets and targets
- Evaluating the scalability of various business operations
Different Types of Dashboards Used By SaaS Companies From Time to Time:
General Overview Dashboard
Metrics to be included:
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- Active subscriptions: The number of subscriptions that are currently active.
- Monthly active users (MAU): The numbers of subscribers who have been frequently using the software in a month.
- Customer lifetime value (CLV): The expected value obtained from one new customer.
- Monthly recurring revenue (MRR): The revenue the business is expected to make if its subscription rate remains constant.
Customer Retention Dashboard:
Metrics to be included:
- Customer churn rate: The customers percentage that have cancelled their subscriptions within a particular timespan.
- Average subscription length: The average amount of time for which a customer has an active subscription.
- Net revenue retention: The percentage of revenue earned from current customers over a timespan.
Metrics to be included:
- Monthly sales targets: The sales goals a company is targeting to hit for a given period
- Lead conversion rate: The percentage of leads that become new customers for the company.
How SaaS Dashboards Revolutionize Decision-Making for Business Owners:
Here are a few ways in which dashboards can help you in making well-researched business decisions:
1. Gathering SaaS metrics at one place:
With a SaaS dashboard in place, you can collect and view the key metrics at one place. This allows for deeper analysis of data. You can also generate comprehensive strategies for your business. Seeing the all the data and metrics at one place can allow you to uncover hidden relationships. You can also target all the key metrics at once. With a proper dashboard in place, the users will be able to have continuous access to real-time data. This helps the business owners to have complete control over the various business operations.
2. Real-time Insights for Informed Decisions:
By offering access to real-time data continuously, a SaaS dashboard helps businesses and companies to monitor their performance continuously. Dashboards also offer up-to-date data on critical metrics like sales, revenue, customer satisfaction, expenses, website traffic, etc. This data can help companies track their goals and identify gaps in their business operations. That way, they can take timely action and address the issues quickly. The decision-making process also becomes quick.
3. Data Visualisation for Easier Understanding:
SaaS dashboards can be used to present complex business data in a visually appealing way through graphs, charts, and tables. This visual presentation makes it convenient for the stakeholders and owners to interpret complex business data. Dashboards also offer a clear overview of different key performance indicators and help identify vital trends and patterns. SaaS dashboards also improve data management by organising data, making it easier to understand and share with key stakeholders You can also use dashboards to learn more about online company registration in India.
4. Customisable Dashboards for Tailored Insights:
SaaS dashboards can easily be customised to cater to different user roles. This allows businesses to view relevant data as per their requirements. This can be a great way of promoting collaboration, as teams can use dashboards to discuss insights and share their ideas. Dashboards can also be used to align the efforts of the employees towards a particular objective. Dashboards come with numerous customisation options as well. So, you can choose your option based on your exact business needs and requirements.
5. Collaborative Decision-Making:
A SaaS dashboard allows for effective collaboration and communication within a company. They offer a centralised platform where the teams can easily access and share information. This fosters a common understanding of business performance. The customisation feature of dashboards also adds to their collaborative nature. Nowadays, dashboards have also become an important part of business meetings. You can easily use the dashboard to present data during a meeting.
So, if you are willing to leverage dashboards to make well-researched business decisions, then you may contact the experts at BC Shetty & Co. and avail of our services. You may also connect with us for private limited company registration, and we will share the details with you.