Thus far we have solely focused on automating various documents, forms and surveys and have highlighted the benefits of automation in various scenarios. However, this can go a step further; analysis of this data collectively can provide businesses and organisations from all sectors actionable insights and insights into their business performance hence provide scope for improvement and positive change.
Using examples, we’ll explain the benefits of a dashboard. The dashboard facilitates the ability to create patterns; correlations and cross-reference between different data sets as well as group data in order provide a 360 view.
In the realms of insurance claims, an organisation may wish to know certain things such as:
– Total amount of claims in a given time period.
– Total amount £ spent paying claims in a given time period.
– Nature of the claims.
– Case turnaround times.
– How long staff is spending on each claim and claims being handled simultaneously.
Similarly in the banking sector it will be interesting to learn:
– Quantity of various applications.
– Quantity of approvals/disapproval.
– Types of fraud activity claims.
– Application turnaround times.
– Case turnaround times.
– Nature of cases.
– How long staff is spending on a case and the amount of cases being handled simultaneously.
– Creating patterns and correlations from survey feedback, market research and so forth to make decisions.
An actionable insight is the ability to understand a piece of information and use it as such that it facilities an action or decision that thereby is of benefit.
The use of an interactive dashboard helps highlight these insights. For example, in the case of insurance claims the demographics of claimants and the types of claims would be presentable on the dashboard and the insurance company can ascertain the common types of claims and whether age (or another demographic) is a depending factor in said type of claim. As a result, the premium future customers pay who fall into this particular demographic can be mostly dependent that particular aspect (claim) of their application. Utilising such a methodology will allow organisations to implement as many cross-reference checks as possible allowing them to justify premiums and therefore give the best price possible to customers and reward good drivers. The same concept is applicable to case turnaround times in the legal sector in determining the types of case most common and marketing and developing further expertise and specialism in this area. Application turnaround times can therefore be assessed and evaluated. Such comparisons can take place between different branches or different departments to understand why there may be inefficiencies in certain areas whilst better performance in others and therefore establish best practice.
An additional feature of the dashboard is the ability to assist with cash flow visibility. For example, insurers can see how much they are paying out in a given time period, legal companies are able to see which cases their staff are working on and for how long to correlate with their billing.
Lastly, the dashboard is especially beneficial to visualise survey results. If the survey is collecting feedback from a group of customers, the different subjects and themes can be categorised and displayed on the dashboard so the organisation knows and understands the most talked about themes, as a result they’re able to be address issues and create/update/maintain a product or service in line with their customers needs.
DCC possess many dashboard that have been used for projects we have worked in, if you’d like to see a demo of how a dashboard would look and function, book your demo today.
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