Best KPI Dashboard Tools
|Visualizing KPIs - Why it is Important?|
|What Is KPI Dashboard?|
|KPI Tools to Use|
For small businesses, performance tracking could be an uphill task because it is easy to get immersed in the daily bustle and forget about the big picture. Studies indicate that close to 50% of small and medium scale enterprises fail to identify their KPIs; therefore, tracking becomes far-fetched. This has an impact on the businesses; companies that maintain proper tracking double their chances of smashing their goals. Many of them neglect the use of KPIs tracking tools because they lack the technical know-how to get that done.
Using templates to track KPI by hand is not a sustainable solution, and most businessmen have failed to use advanced tracking methods because they do not have access to the right tools. Technological advancements have made the creation of simple tracking tools possible. All you need to do is to plug it right into your business, and you will be able to read the pulse. Have you ever imagined what it would be like to have all your vital KPIs displayed on a screen? With this, every member of your company's interconnecting departments will know their performance and the role to play in order to get better. This is where KPI dashboards come in; their strength lies in providing you with a treasured weapon to increase productivity at a minimal cost.
For every business manager, KPI dashboards are not expendable. The collection, organization, grouping, and visualization of the important metrics of the company offer a quick insight into how the company is performing. Also, it gives an outlook on possible growth actions. Using KPI dashboards keeps you on the right track because you can have a look at real-time success metrics and make informed decisions that will move your company to higher levels.
There are a lot of KPI dashboards in the market, but before we take a look at them, let's discuss the importance of having KPIs.
Visualizing KPIs - Why it is Important?
Your Targets Can Be Measured Easily
To avoid any form of confusion, we would like to clarify a point. Key Performance Indicators are not company objectives or goals; they are the means of measuring those objectives or goals. For example, if your business goals to record a significant number of high-ticket sales monthly, the KPIs will display your performance. It can be good or bad; either way, the information you get can be beneficial if utilized properly.
In this example, a KPI might show that you are generating only 20% of the required amount leads you have set as a threshold. With this, the company executive will be aware of the sales team’s performance as well as the reason for not reaching the desired target. When your goals are measured in this manner, it offers you an opportunity to see your missteps and consequently make a decision that ensures you reach your targets faster. Arguably, this is the most significant reason why you should adopt the use of KPIs in your business.
Create A Learning Atmosphere
The ability to measure objectives with KPIs can harness an educative environment within your organization. Studies show that the data generated by KPI measurements sparks up objective dialogues with your employees. Also, when a negative reading is discovered on the KPI, it gives you the chance to discuss with the team or individual involved with that particular metric.
This offers you the best opportunity to impart knowledge on your employees; it will help them carry out tasks different and improve performance in order to hit your targets. In addition, you can evaluate if the used KPIs measure effective or if there is a need to make some modifications.
Garner Important Information
KPIs offer a quick outlook of your company's overall performance. This is very important if your industry is highly competitive. The information you obtain can be crucial to beating your competition. These metrics provide data in real-time and gives you the flexibility of making methodical adjustments. This ensures that you do not go about making desperate moves to reach your goals at the end of every month.
Certain companies utilize KPIs as a tool to find out how well they are attaining a specific standard that is not necessarily related to profits or business. For example, environmental protection could be the main concern for your company, and this has a tendency to enhance the reputation of your company amid increasing political pressure. If you wish to show that your company considers the matter to be serious, you could reveal the metric on your company website.
If your KPI does not reveal vital information pertaining to your performance, you are at risk of making bad decisions for your workers during reviews. An assumption can be made, and you will notice an employee is a poor performer because he doesn’t engage with the company or has punctuality issues, but there are no proofs to back it up. A KPI may uncover that you made a wrong evaluation, and the supposed "bad employee" might have some potential and give good results. Conversely, employees with poor performances cannot make a case when their metrics are negative. Basically, KPIs strengthen accountability between the employer and his employees.
Job satisfaction and employee motivation are essential for a company seeking improvements in performance. Motivating your team could be difficult if you only set monthly, quarterly, and yearly targets. Set little goals that could be accomplished on a daily basis; those little wins go a long way to boosting an employee's morale and overall performance.
It is greatly motivating and rewarding for an employee to obtain positive commendations for accomplishing some interim goals. The results are instant. For the employee, it enhances his sense of purpose, and they stay focused on achieving their objectives.
Problem Solving and Opportunity Creation
Ensure you utilize a collection of metrics on your dashboard to get the correct information right at your fingertips. With this, you get to solve problems and easily make good use of opportunities. Assuming you are recording a low number of sales. All you need to do is to pinpoint the necessary KPIs that can change your declining sales trend (it could be the number of appointments kept, number of outbounds calls, or number of attended trade exhibitions). Set them up on a dashboard and keep them on a weekly basis to find out if you have obtained the leverage to increase your sales generation.
In another instance, let's assume that you have a great product idea. You could allow a few clients to test it out and use the metrics to evaluate your business model before venturing into it fully. Here, you can monitor the amount of cash support for the new product, number of customers interested, duration of implementation, number of defects (if any), NPS score, etc.
Helps In Long-Term Pattern Analysis
When a particular KPI is measured quarter-over-quarter, you will surely detect some patterns in your figures. The ways these patterns could help improve your business are infinite. With this, you could make a prediction on when your business will have its slowest quarter and utilize that less-busy period to organize training in your company or carry out some system updates. Perhaps your sales manager can use it to predict the number of deals that the company will close by the end of the quarter. You can also use it to discover the consistently over-performing or under-performing employees and use the data to make decisions.
Monitor Your Company’s Health
KPIs record the health of your company. All you need is a bunch of KPIs to evaluate your company's vital sectors. However, ensure that you also measure the areas that need to improve so that you can focus fully on getting the desired result. For accurate results, you should keep you KPI measurement within these four categories:
They all fall under the fields of business processes, customer satisfaction, business strategy, human resources, and so on. The first step is to pick the right metrics for your company; then, the next focus point will be the employees accountable for them.
What Is KPI Dashboard?
A KPI dashboard is a simplistic graphical display of the vital information that company executives and decision-makers utilize for achieving objectives. While driving your car, a quick look at the dials, gauges, and instruments can give you all the information about how fast or how good you will get to your destination. You can quickly tell if there is enough fuel, the speed at which you are traveling, and whether your engine is faring well with your mode of driving. Among the basic features of cars are warning lights that blink or turn red if your car is experiencing some trouble or needs servicing. A KPI dashboard handles the same task for your business.
KPI dashboards are used for strategic and operational purposes. An operational gives you the ability to check the daily activities and outputs of your company to ensure that everything is in order. The information provided gives you the flexibility to handle issues before they escalate and start affecting overall performance. A good example might be a call center KPI dashboard, which displays the number of calls, average calls per day, etc.
On the other hand, strategic dashboards take a look at the future and try to identify difficulties and problems that you might encounter along the line in terms of attaining your strategic goals, which may include market share growth, profit projections, etc. Both of them are important if business success must be achieved.
An effective KPI dashboard gives quick company executives easy access to major instruments of the business or vital indicators. This helps them to check if they are on track or things are moving sideways. Regrettably, numerous KPI dashboards are just built to be stylish; their usefulness is below par. Also, some could be clustered with details which make it difficult to decode the important information. If you wish to design an effective key performance indicator dashboard, a lot of research and brainstorming has to be put into it.
How To Create and Set Up A KPI Dashboard
In an intense corporate environment, company executives and managers are overwhelmed by the amount of information they have to go through and process each day. A KPI dashboard that collects all the important data and puts it in place is an exceedingly valuable tool. With just a glance, the company knows their present spot and actions required for them to get ahead. While creating a workable KPI dashboard, there are rules and processes that must never be neglected. Below are those rules for designing a KPI dashboard that will proffer solutions to your data collection and collation problem.
Outline Your Audience
You should know the users of the KPIs and the type of information they will need. Will the dashboard be presented to regular employees or C-level management? Will the dashboard you are creating be used for displaying strategic moves towards achieving long-term goals, or is it going to show only daily operational duties? Before you venture into creating and gathering the metrics for your dashboard, there is a need to outline the audience and possibly have a consultation with them to find out the best way to represent the information. This leads us to our second point.
Carefully Pick Your KPIs
After you have done the audience definition and ensured that you have found out the level of users, it is the best time to pick the metrics that will be shown. Of course, the whole idea of having a KPI dashboard is to assist you in making better business decisions. Choosing the right KPI means you will create a budget-friendly working environment while increasing productivity at the same time. Whether they are designed to measure short-term goals or long-term objectives, the basic thing is to avoid measuring everything, thereby putting a lot of burden on your audience with data that is valueless to your business. Begin with few metrics and expand as your business scope widens.
Draw-Up A Design That Is User-Friendly
When designing your dashboard, you need to bear in mind that it has to be cohesive and straightforward with an interlinked data stream that creates an understandable business story. In the beginning, you can make a draft and outline the chart type you wish to use. This is dependent on composition, distribution, relationship, or comparison of data. For instance, if you wish to do a trend analysis, the things to be considered are columns, area, or line charts. For data composition, you get the most effective result by creating stacked charts, waterfalls, or maps. With this, your information will flow on the basis of the right data visualization, which has been used to create your KPI dashboard.
Make A Template for Your KPI Dashboard
With a completed draft, you get to the point of building the powerful graphics and setting up your dashboard. At this point, ensure you go for simple colors that are related to your brand. The colors you apply should not be more than three. Your dashboard arrangement has to respect the above-mentioned points by creating a lucid dataflow while ensuring that user-friendliness is not neglected at any point. It is important to get feedback from the users to make sure that the dashboard is presenting the correct information. In the end, the aim is for everyone to get additional information from the dashboard. This will put both you and your audience on the right track while making decisions.
KPI Tools to Use
There are various tools which you can use to create your dashboards and track performance, real below:
This analytics tool is cloud-based and is used for offering business intelligence and reporting solutions. It is loaded with numerous tools for data warehousing, analysis, dashboard creation, reporting, and many more. It can also be used in different departments such as marketing, sales, finance, and HR within small and medium scale organizations.
The system features different reports to offer real-time insight into numerous aspects of a business. It contains charts, widgets, drag-and-drop tools, and a whole lot more for easy dashboard customization. Employees of the company can share and collaborate data on reports and tables with unique access control for every audience. These reports can be viewed or published easily by other employees, or they can be posted on a website. This tool also connects to NoSQL databases and rational databases, as well as cloud databases.
Zoho Analytics is compatible with Mac, iPad, and Windows devices and can be accessed using an active Internet connection. You can opt for monthly or yearly subscription plans.
Klipfolio offers business intelligence solutions that can serve any scale of business. It aids system integrators, analytics firms, marketing agencies, technology providers, and business solution providers in creating company performance dashboards.
The basic features include pre-built graphics, real-time dashboards, client management, data source connector, and reporting. Users are able to view their company data in the form of tables, area charts, line charts, pie charts, sparklines, scatter plots, and maps. They can also edit their selected interface or create theirs. When a data source is connected to Klipfolio, the user can stipulate the particular data to upload on the dashboard. The data could be refreshed to show data in real-time.
Klipfolio can be integrated with third-party apps like Moz, Google Analytics, Twitter, Slack, Asana, Facebook, and ActiveCampaign. It also has mobile applications for iOS and Android devices.
This is a cloud-based reporting and business analytics solution designed for small and medium scale businesses. It offers users the flexibility of creating custom dashboards used for keeping an eye on business workflows and major activities. Grow gathers business data from numerous sources and compiles it on a single platform. It connects with Twitter, Google Analytics, Dropbox, Salesforce, MySQL, and a host of others, including spreadsheets and databases.
With this tool, the dashboard gets real-time data and allows users to have a look at the trends as they happen and share important information with other employees. The inbuilt data editor gives users room to create custom metrics for business purposes. Their dashboard can be accessed from their Android or iOS mobile devices.
Scoro provides professional solutions for SMB companies who are into consulting, IT, and advertising. The tool offers a control hub which displays account information, KPIs, calendar events, pending tasks, and a lot more on a single screen.
Scoro gives users up-to-date information, and they are also able to see real-time task changes. Scheduled daily, weekly, or monthly tasks are automatically put up in the task list, which can be sorted by users. It grants access to different levels. With Scoro, users can operate and sync numerous calendars, projects, tasks, and quotes on one interface. It also features invoicing and budgeting capabilities, which include labor cost tracking, advanced reporting documents, and sending an initial invoice to clients. It can be integrated into Microsoft Dynamics, Microsoft Outlook, Mailchimp, and Dropbox.
Smartsheet is a platform designed for work execution using a familiar spreadsheet-styled interface that aids in team planning, tracking, and project management. The platform provides an array of project management tools like project reporting, timeline tracking, and document and resources management.
Smartsheet is used for standardizing the project process, increasing speed, and improving collaborations with preferences that suit individuals. You can manage resources, assign tasks, and track projects to improve overall work efficiency.
With Smartsheet, you can access data and information from anywhere and at any time. The mobile application is built to be compatible with iOS and Android devices. You can share information with employees on-the-go.
Setting up and running a business can be difficult. You encounter a lot of troubles, which may drive you to forget the pillars of your business. With effective KPI dashboard tools, you can get a hold of your business and discover the areas that need improvement.
A lot of businessmen know that tracking is important, but the biggest stumbling block is knowing the necessary tools to track with. The software we have listed above will perform outstanding tasks towards tracking your progress. Get one for your business today and find out where your business is lacking and correct that.