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A Key Performance Indicator dashboard collects, groups, organizes and visualizes an organization’s important metrics. In this way, KPI reporting serves multiple purposes within a firm.
KPIs or Key Performance Indicators are ways to periodically assess the performance of an organization, business unit, a division or employees. They commonly serve the purpose of being understandable, meaningful, and measurable.
Hence, KPI reporting is ultimately used by different parties to evaluate the effectiveness of a firm at reaching its targets.
• A KPI dashboard provides a general overview of business performance and expected growth.
• KPI reporting enables organizations to access indicators, which support them in making informed decisions.
• A KPI provides real time information about the performance of a business. This enables them to know how effectively it is achieving business objectives at a given time period.
• KPI dashboards identify problem areas and help teams tackle specific problems. This is given that they are linked to target values, meaning that performance can be assessed.
Using the SMART approach. This means that the KPI must:
Firstly, it is crucial to differentiate the types of KPIs. There exists high-level KPIs, which focus on the overall performance of the business, while low-level KPIs, focus on department process.
Also, not all key performance indicators are financial. They can also be non-financial meaning that they focus rather on customers and employees; for example, employee turnover.
For this reason, there exists different types of KPI dashboards that depend on the aims of the party utilizing it. A few examples are the following:
You don’t necessarily need to build your own dashboard from step 0. The Eloquens catalogue provides you with both KPI dashboard templates and KPI guides for creating your dashboard, which you can customize to your firm.
Also, if you’d like more information on KPI dashboards and KPI reporting, have a look at the links below:
->What is a Key Performance Indicator? by AP Institute
->What is a KPI? by Investopedia