A KPI dashboard displays key performance indicators in interactive charts and graphs, allowing for quick, organized review and analysis. Key performance indicators are quantifiable measures of performance over time for specific strategic objectives.
In short, the optimal number of KPIs in an executive dashboard should be between three and ten. It's not the place for irrelevant KPIs to the managers like bounce rate or average time spent.
What is the difference between a dashboard and a KPI?
Key Performance indicators (KPIs) are individual metrics that can be displayed on a dashboard to track key measurements. You can think of them as a single important number that is displayed in large text. Dashboards are a collection of Insights and KPIs put together on a page.
Some of the best KPI dashboard software for KPI tracking are Datapad, Klipfolio, Geckoboard, Databox, Mixpanel, Arena Calibrate, Zoho Analytics, Mode, InetSoft, Tableau, Praxie, Smarten Augmented Analytics and DashThis.
Column charts, also referred to as vertical bar charts are used in most cases to show KPIs and Metrics that need to be conveyed by value. Column charts are also good comparative charts when KPIs go into negative values.
A SMART KPI should motivate your employee to work hard to attain it, but also needs to be achievable. EXAMPLE: 75% customer retention month on month or provide quotes to customers within an hour of request.
Great dashboards are clear, intuitive, and customizable.
They display information clearly and efficiently. They show trends and changes in data over time. They are easily customizable. The most important widgets and data components are effectively presented in a limited space.
A key performance indicator (KPI) is a quantifiable measure of performance over time for a specific strategic objective. Business leaders and senior executives use KPIs to judge the effectiveness of their efforts and make better informed decisions.
For example, a leading KPI for an organization might be the cost to deliver a good/service. If the cost of labor increases, it will give you a leading indicator that you will see an impact on net profit or inventory cost.
If you're falling behind on your KPI target, you need an OKR to put everything back on track. If you want to achieve a more ambitious KPI target (like a big revenue number), you need OKRs that will guide you there.
We've broken down our list of KPIs into the four categories of the Balanced Scorecard: Financial, Customer, Process and People. Make sure you select a few from each category so that your strategy is well balanced across the organization.
McDonald's places massive importance on sustainability and environmental consciousness when communicating its high-level KPIs. And the company is very specific.
