Key Performance Indicators (KPI) are measurable values that demonstrate how effectively a company is achieving key business objectives.
Organizations use KPIs to evaluate their success at reaching targeted goals. KPI dashboards are actionable scorecards to keep the business strategy on track.
Good KPI dashboards:
- Relate to the business objective
- Give a snapshot of the entire business
- Are a finite number of metrics that all have targets relating to the business objective
- Present the opportunity for further segmentation on a key metric
- Deliver insights
- Present business recommendations
- Inspire action
What are examples? Here are 7 KPI dashboards that are scorecards to success.
Return on Investment is one of the most sought after goals for any company. This dashboard from Klipfolio is a great example of marketing accountability to deliver new revenue and new customers through a new marketing campaign. It’s simple, clear and transparent. It gives an up to the minute snapshot of the key metrics that impact this business objective.
Sales are one of the objectives that KPI dashboards are often built around. This KPI dashboard from Find Examples does an excellent job of demonstrating the actionable nature of a KPI dashboard. By just looking at it, any sales or management team is able to see if the company is on track to deliver its objective; what tactics and working and who are the most likely opportunities. If the company in this example acts regularly on these results, it’s easy to see how much more likely they are to be successful.
This dashboard is for the Indianapolis Museum of Art from Avinash Kaushik. It provides not only a complete snapshot but shows the importance text can provide in a KPI dashboard. In this example, the metrics that are most important to the successful operation and growth of the museum are listed. But there is also the opportunity to provides comments, insights and recommendations through the text box. So the dashboard is a living tool that promotes action.
60% of restaurants fail in the first year according to Cornell University. It seems like the hospitality industry would benefit from KPI dashboards like this one that gives a great snapshot of sales, customer acquisition, cost of goods, menus, key stores and competitors’ pricing at a glance. This is a comprehensive look at a highly competitive industry.
This dashboard of a website’s performance gives all the vital data, a full analysis with trends, insights and recommendation. It provides great perspective while clearly presenting a point of view for improving performance.
A company that has products available globally with different business performances in different parts of the world has specific global goals. Success involves market development, product mix or whether or not customers buy online or offline. This dashboard from Sharepoint gives executives a perspective and uses traffic lights as icons to highlight products doing well or needing attention.
C-SUITE KPI DASHBOARD
A clear picture of the data doesn’t mean there needs to be a lot of it. But enough to clearly make your point. You also have to tell people what to do with the data. This dashboard for Avinash Kaushik, Digital Marketing Evangelist at Google, is made for C-Suite presentations. It takes the key data findings and, in a text box, presents the insights, actions and financial implications. It’s complete, concise and delivers on one of most important criteria for creating KPIs – taking action.
Do these examples help explain the value of KPI dashboards? Do you see one that is relevant to your business? Does your company need help creating KPI dashboards for your business?