KPIs, or Key Performance Indicators, are the values that define how a business is achieving its key business performance goals. They help managers assess progress and determine where they are in the process of achieving their objectives .
Different business functions determine and measure KPIs in different ways that require many different data sets .
Once KPIs are identified, it’s time to analyse these key business metrics. In the past this followed a rigid timetable and process. With the advent of real-time reporting features, this can be done when you need it,where you need to see it all in real time quite incredibly.
About the KPI Dashboard
Creating, organising and analysing KPIs and their associated data can be done effectively through a KPI dashboard.
A KPI dashboard is a comprehensive, all-inclusive platform containing all the information you need in one place
From tracking progress of individual indicators to sharing key parts with the team, a KPI dashboard can prove to be an insightful tool for businesses.
The dashboard can be customised according to the unique needs of an organisation.
3 Types of KPI Dashboards
Following are the three main types of KPI dashboards:
1) Strategic Dashboard
This type of dashboard does not contain comprehensive information. Its shows data only from a single user’s perspective Its goal is to help managers and executives get insights about opportunities for growth.
2) Analytic Dashboard
This dashboard presents trends and compares information across different variables and pulls raw information from your database and shows them on your dashboard
3) Operational Dynamic Dashboard
This dashboard monitors information in real-time, when your data changes, these dashboards will update the figures.and can notify the concerned manager who can then take action accordingly.
The 4 Elements of a Good KPI Dashboard
The main goal of a KPI dashboard is to visually represent how an organisation is making progress in key business metrics.
Here are 4 elements of a well-designed KPI dashboard:
1) It Is Simple and Easy to Read
The data in the dashboard should be grouped logically. This allows data to be read easily by managers and different members across the team.
2) It should be Easy to Update
You might expand or your KPIs might change over time. Make sure that the dashboard uses an intuitive platform that is easy to update. This will make adoption simpler.
3) It Should Provide a Snapshot in Current State and Historical Trends
The design of the dashboard should be such that it provides a quick snapshot of what’s going on and how KPIs have performed in the past.
This will lead to efficient goal-setting and monitoring of performance
4) Visual Representation Should Be Seamless
The dashboard should not be cluttered. This means that information should be presented in a simple, and yet visually-pleasing manner. Animations and other visual tools can be used to complement data.
With a team of of thorough data analysts, Centelli offers enhanced KPI framework consultancy services using cost effective tools. These enable modernisation of your business KPI reporting, to free you up, to refocus on what data can really do for you as a valued asset in your business.
With a data-driven philosophy, Centelli also provides business intelligence consulting services to enhance a business’s processes and give you data driven insight to drive competitive advantage and the ability meet real customer needs.