A product dashboard is a sales dashboard showing the profitability of each of your products.
It provides valuable insights and actionable information that can enhance profitability.
We all know that profitability is often associated with success. Yet, understanding and addressing unprofitable products is also critical for your businesses.
A dashboard that showcases unprofitable products can impact your company’s performance and profitability.
You can see a live demo of such a product dashboard.
9 Benefits of a Product Dashboard
- Increased profitability. Focusing on profitable products boosts profit and improves your company’s financial health.
- Resource allocation. Divert resources to high-profit products, optimizing production and marketing efforts.
- Cost control. Identifying unprofitable products allows cost-cutting or discontinuation, reducing your losses.
- Strategic decision-making. Informed decisions on product development, pricing, and market expansion.
- It has improved customer satisfaction. Divert resources to successful products, enhancing customer experience.
- Investor confidence. Demonstrating a profitable product portfolio attracts investors and stakeholders.
- Sustainable growth. Aligning with profitable products fosters long-term growth and market stability.
- Risk management. Reducing reliance on unprofitable products mitigates potential financial risks.
- Enhanced innovation. Insights into product profitability drive innovation and new product offerings.
Tableau Product Dashboard Example
- This product dashboard allows businesses to check the profitability of each product.
- This information helps with pricing, promotions, inventory management, and product development decisions.
- Businesses can improve total profitability by focusing on high-profit and reducing low-profit products.
For example, the diverging bar chart above shows that the different categories are profitable (blue) and underperforming products (red).
If we drill down into the “bookcases” category, we can see that the unprofitable products outweigh the profitable ones.
Let’s examine the unprofitable products in the “bookcases” category to see exactly what is happening.
Once filtered, we can see that some products are leading to a loss every time they are sold. If we were to eliminate these types of products, this would increase the profit of the “bookshelves category”.
Who Can Benefit from a Tableau Product Profitability Dashboard?
- CEOs and top-level executives can make informed strategic decisions.
- Product managers can optimize product portfolios and development.
- Sales teams can focus on the most profitable products and markets.
- Finance departments can track revenue and cost metrics
- Marketing teams can align efforts with high-profit products and campaigns.
- Operations teams can identify cost-effective production processes.
- Small business owners can watch profitability and growth opportunities.
- Investors can assess the financial health of a company’s products.
- Startups can focus on products with the best potential for success.
- Decision-makers in any industry can drive profitability and sustainable growth.
Additional Benefits of a Product Dashboard
- Pricing Strategy Optimization. You can develop more effective pricing strategies for your business. You can maximize revenue and profit margins while remaining competitive in the market.
- Strategic Decision-Making. The product dashboard provides critical insights into unprofitable products. You can check a product’s viability and assess whether to undertake corrective actions.
- Product Improvement and Innovation. Unprofitable products may signal areas for improvement or innovation in your business. You can transform unprofitable products into profitable ones.
Boost Your Bottom Line With A Product Profitability Dashboard
You can use this Tableau product profitability dashboard to:
1. Focus on your high-profit products.
2. Reduce your low-profit products.
3. Maximize your total profitability.
Don’t miss out on this opportunity to boost your profitability and drive growth in your business!
