Are your business needs better management? if yes, you should try to know the best kpi dashboard software that helps you to measure your business management and performance.
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 what is KPIs 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 the best kpi dashboard software 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.
- Visualizing KPIs – Why it is Important?
- Best Key Performance Indicator (KPI) Dashboard Tools to Use
Visualizing KPIs – Why it is Important?
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.
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 goal is 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 of 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 it 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 differently and improve performance in order to hit your targets.
In addition, you can evaluate if the implementation 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 give 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 best kpi dashboard software that can change your declining sales trend (it could be the number of appointments kept, number of outbound 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 your 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.
Best Key Performance Indicator (KPI) Dashboard Tools to Use
There are various tools that you can use to create your dashboards and track performance, real below:
Zoho Analytics 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 that are into consulting, IT, and advertising. The tool offers a control hub that 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 best kpi dashboard software tools we have listed above will perform outstanding tasks in tracking your progress. Get one for your business today and find out where your business is lacking and correct that.