Businesses can spend up to 80 percent of their time collecting, monitoring, analysing and reporting data. With new technology online such as social media constantly growing, this problem gets even worse for business owners – the bigger your online presence is, the more data you have to manage.
What is a KPI?
Key performance indicators are also known as performance metrics or business indicators. Business KPIs are measurable metrics that evaluate factors vital to achieving the company’s goals and maintaining development.
Frequently monitored KPIs:
- Net profit
- Revenue growth rate
- Project schedule time
- Average revenue per customer
- Customer lifetime value
So what is a KPI dashboard?
A KPI dashboard is an information management system that is used to track KPIs, business metrics and other key data points relevant to your business. Dashboards simplify all your complex data by providing you with a glance awareness of current performance, so you can take action. They can help you save time and make better business decisions.
Why do I need a KPI dashboard?
Data is everywhere in today’s environment – sales, marketing, social media, IT, finance, HR and more. Extracting real value from all that data is difficult for many business owners, as there is a data and information overload.
A KPI dashboard collects, groups, organises and visualises your company’s important metrics, providing a quick overview of business performance and expected growth. Managers that use KPI dashboards daily for getting a quick overview, know where to focus their energy and realise if there’s a need to improve anything performing poorly.