Abhay is the CEO of a Public Relations organization that seems to have hit a glass ceiling. Despite hiring more staff and taking on ambitious projects, it’s unable to grow. Its performance has stalled.
Abhay’s friend Nisha is a performance coach who asks him a few questions. Who’s managing your KPI dashboard? Have you tried adding new metrics to your performance KPI dashboard? Is your sales KPI dashboard working fine?
Abhay has no clue what Nisha is talking about. ”What is a KPI dashboard?”, he asks, clearly out of his depth. Nisha explains to Abhay the importance of having a KPI dashboard for successful organizations that are looking to expand.
Abhay is inspired. He hires a team for his KPI dashboard. Soon enough, his organization, which he feared had already peaked, is scaling new heights.
What Is A KPI Dashboard?
A key performance indicator (KPI) is a measurable value or a clearly quantifiable metric that shows how an organization is performing in terms of its goals and objectives across different departments. A KPI dashboard brings together all the important KPIs in a single place for analysis and ease of comparison.
To obtain useful insights, data needs to be arranged, sorted, analyzed and visualized. A KPI dashboard consists of a range of tools that allows an organization to visualize the data, helping in the translation of large amounts of information that may be in complex or disparate formats into something that is much simpler to understand.
Benefits Of A KPI Dashboard
Before getting into the details of how to identify KPIs and KPI dashboard examples, here’s a look at how a systematic KPI dashboard can have significant advantages in performance analysis:
- Provides a swift and simple solution to tracking several KPIs and other performance metrics
- Monitors an organization’s financial health through a unified view of data
- Allows an organization to spot performance-related issues early, make adjustments to tactics and motivate team members
- A performance KPI dashboard creates customizable data visualization with multiple performance and status indicators
The Different Types of KPIs And How To Identify Them
Now that the basics around what is a KPI dashboard and the benefits of having one have been discussed, it’s time to look at the most common types of KPIs and how they can be identified.
KPIs can be related to sales, performance, marketing and customer service, among a whole range of other metrics. Most organizations place the greatest emphasis on the sales KPI dashboard and the performance KPI dashboard. The sales KPI dashboard is crucial because without it an organization may struggle to estimate its profits and create a financial blueprint for the future. The performance KPI dashboard matters because it arms organizations with enough information to assess individual and collective performance.
The variations in KPIs lead to the question: How to track KPIs? While the precise answer depends on the needs and nature of an organization, identifying KPIs can become easier once you understand the most common KPIs.
Here are some common KPIs essential to measuring progress at any organization:
They’re all about measurable and quantifiable facts that can be represented in numerical forms, such as percentages, statistics and series.
They involve human interpretations that can’t be quantified on a numerical scale. Their subjectivity comes from the fact that they deal with opinions, experiences and feelings.
These KPIs measure what’s already happened in the past to predict success or failure. They also help locate loopholes in strategy or performance in previous projects.
These KPIs estimate performance to predict long-term trends and the possibilities of success in the future.
KPI Dashboard Examples
KPI dashboard examples can be exhaustive, as performance metrics keep varying across departments and teams. However, some basic dashboards are present in just about every organization and the KPI dashboard examples below are meant to shed light on such dashboards.
Sales KPI Dashboard
The sales KPI dashboard has comprehensive information on sales metrics, changing statuses of leads and opportunities along with at-a-glance information on whether members of the sales team are achieving their goals.
Marketing KPI Dashboard
This is the hub for all marketing-related activities taking place in an organization. It provides a complete understanding and evaluation of campaigns, channels and promotions, covering traditional and digital methods of marketing.
Financial KPI Dashboard
The financial dashboard is designed to provide adequate information for tax calculations and budgeting, revenue and expense decisions.
Human Resources KPI Dashboard
This dashboard looks after increasing productivity, staff and management needs, recruitment effectiveness and reducing absenteeism in an organization.
How To Get The Most Out Of KPIs
KPI dashboards can be demanding for those who lack managerial expertise. At Harappa’s First Time Manager Program, your employees will become familiar with KPIs and learn to optimize them with the help of a world-class faculty and frameworks like the Dual Concern Model, the Skill-Will Matrix and the Trust Equation. They will learn how to increase self-awareness to leverage strengths, identify and define problems clearly and make the leap from an individual contributor to a project manager. Additionally, your employees will be equipped with 15 must-have Thrive Skills, such as influencing stakeholders, investing in the growth of team members and dealing with conflict. Enroll your employees in the First-Time Manager Program, enable them to get the most out of KPIs and boost your organization’s performance.
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