KPIs (Key Performance Indicators) allow companies to measure their performance and progress towards their objectives. They are valuable tools as they help in real time decision making.
However, to be truly useful, the various KPIs must be grouped centrally. A KPI Dashboard does just that. Such a tool allows all KPIs to be gathered in one place, so that different performance metrics can be checked simultaneously and possibly compared.
A KPI Dashboard is necessary to take full advantage of the benefits of KPIs, as the different indicators overlap and influence each other. By viewing them side by side, it is possible to instantly identify which objectives are being met and which are not.
However, progress toward one goal may in fact be detrimental to progress toward the other goals. Using a Dashboard KPI, it is therefore possible to make adjustments in terms of objectives and efforts to harmonize and balance overall performance.
In addition, companies generally segregate their KPIs according to their importance. High-level KPIs represent the primary goals of the organization, while low-level KPIs are linked to departmental or even individual goals.
A KPI Dashboard allows you to visualize how low-level objectives meet high-level objectives. It is therefore possible to identify where problems occur and to take appropriate action.
There is no single, universal format for KPI dashboards. You are free to choose which KPIs you wish to incorporate into the dashboard, depending on your objectives and the performance you wish to monitor.
Likewise, the Dashboard KPI can be adapted to its audience. The information presented will not be the same depending on whether the dashboard is intended for the IT team or the marketing manager, for example. In general, there are three main types of KPI dashboards: strategic, analytical, and operational.
Nevertheless, a good Dashboard KPI should have several characteristics. It must be easy to read and understand and easy to update. It must also reflect the current situation and historical trends, so that progress toward goals can be visualized.
In terms of visual presentation, it is preferable to opt for a clean design that goes straight to the point. Such a design will also allow you to identify trends at a glance and thus make decisions more quickly.