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KPI Dashboards

What is a KPI dashboard?

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.

But what are KPIs exactly?

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.

But why is a Startup KPI Dashboard useful?

  • • 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.

How are Key Performance Indicators chosen for a given dashboard?

Using the SMART approach. This means that the KPI must:

  1. Be Specific: serve a specific purpose for the firm.
  2. Be Measurable: needs to give a value.
  3. Be Achievable: the defined norms for the KPI need to achievable.
  4. Be Relevant: needs to be relevant to the long-term goals of the firm.
  5. Be Time-Bound: the output should be based on a pre-defined and relevant period.

What are the different types of a KPI Dashboard?

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:

  • CEO/Executive KPI dashboard: an aggregated overview of a company’s performance and profitability. This would include sensitive KPIs, that would only be accessible to high-level executives.
  • Project management KPI Dashboard: reflects the performance of employees in a project as well as the performance of the project itself. It is aimed at keeping everyone aware of the achievements and the goals yet to be achieved.
  • Marketing KPI dashboard: reflects the digital marketing metrics of the organization, and provides an overview of the marketing team’s performance
  • Sales KPI dashboard: reflects the performance of the sales department. This helps sales managers visualize how each salesperson performs, how much income can be expected from new deals as well as depicting when marketing campaigns need to be addressed.

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:

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