Data monitoring vs. data analysis: Why ‘dashboarding’ will only get you so far

Companies often misconstrue data monitoring via business intelligence (BI) dashboards with comprehensive data analysis, leading to missed opportunities for product and business improvement. Dashboards, using tools like Tableau, Looker, or PowerBI, are effective for tracking key performance indicators (KPIs) and providing snapshots of business health but fall short in offering in-depth insights or explanations for observed trends. Instead, a robust analysis process begins with forming a hypothesis, followed by rigorous data analysis, drawing conclusions, and defining KPIs for ongoing monitoring. This cycle, facilitated by self-serve analytics tools like Mixpanel, allows businesses to iteratively test hypotheses, refine their understanding, and uncover actionable insights. For example, analyzing onboarding processes can reveal insights into user behavior that inform product optimizations, leading to increased user engagement and value. By adopting a continuous analysis mindset, companies can make more informed decisions and drive product and business success beyond what basic "dashboarding" can achieve.