Key performance indicators (KPIs) are measures of a company’s performance that help achieve its strategic and operational business goals. Using these indicators it is possible to assess the current state of the business and the success of the strategy implementation, monitor employees activity, departments and the business as a whole, make effective decisions and move forward at a strategic level.
The KPI dashboard displays key performance indicators using interactive charts and graphs. This provides a fast and easy data workflow. Modern dashboards allow users to efficiently explore and analyze data, find the information they need, and get answers to business questions. Dashboards, by transforming large sets of business data into accessible and understandable information, help to improve business operations as a whole.
Each dashboard is unique and can be customized to users’ needs to detail the necessary information. However, there are 4 main categories of KPI dashboards:
- Executive – a reporting tool used by senior managers to monitor the long-term strategy by evaluating critical success factors, as well as evaluating performance against set goals;
- Operational – the most common type of dashboards, that is used to monitor the current state of the business, assess progress in achieving goals;
- Tactical – this type of KPI-dashboard is used to monitor progress towards achieving goals within the entire company, as well as within a separate team. With this view of the panel user can easily determine what works and what does not work and make the necessary adjustments;
- Analytical – designed for analysts and displays a large amount of analytical data. Such a dashboard provides a comprehensive overview of the data that plays a key role in the decision-making process.
Benefits of KPI dashboards:
- Getting the most out of the data the company owns;
- Conducting effective activities (making effective decisions, identifying problem areas, determining directions for business development and scaling, etc.);
- Creation of a corporate culture based on data;
- Obtaining a competitive advantage;
- Achievement of set tactical and strategic goals.
To create a KPI dashboard it is necessary to:
- Know and understand the audience;
- Know ways to use the dashboard;
- Understand business goals
Key principles for creating a KPI dashboard:
- Ease of use and availability;
- Information hierarchy (presentation of information according to its importance);
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