KPI dashboards are a great way for business owners, managers and employees to get a snapshot of company performance, indicating where improvements can be made. We’re all for continuous improvement, so let’s find out more.
What are KPIs?
Key Performance Indicators (KPIs) are metrics that verify how well a business is doing, indicating whether or not goals are being met.
High-level KPIs illustrate overall performance, while low-level KPIs examine performance in a particular area e.g. sales. KPIs should be clear and easy to read. Choose KPIs based on what you want to measure and the goals of the business.
A KPI dashboard allows you to gather, sort and digest important KPIs and showcase them all in an easy-to-understand way. Information is presented visually, enabling you to spot patterns, identify trends and draw conclusions.
A KPI Dashboard displays KPIs – providing an overview of performance – this will enable you to highlight areas for improvement and help you to project expected growth.
Why not just use a spreadsheet?
The well-known spreadsheet program is one method of creating your KPI dashboards. You can use Excel to calculate, generate graphs, pivot tables and employ macros.
We can certainly see why it’s used so widely and by so many - but is it the best tool you can use to create a KPI dashboard? We don’t think it is, and here’s why:
Excel requires you to input of tons of data.
The resulting information can be complex and tricky to understand.
You will have to use lots of functions in order to get the results you need.
Using Excel can be time consuming.
It’s difficult to make changes to data shown without manipulating formulas.
It’s not easy to share results with others.
Read more: KPIs to growth your real estate office