Why Every Company Needs a KPI Dashboard
Your KPIs or Key Performance Indicators are the metrics your team uses to see whether they’re on track. Will we finish the project in time? How well do our current numbers match our goals? These are important questions your organization needs to ask. But when your employees don’t have access to KPI data, they have no idea whether they’re close to achieving their goals or way off base.
The Benefits of a KPI Dashboard
Your team is working hard, and everyone feels like they’re making fantastic progress. Team members think they’re on track to meet their stated goals, but they’re not 100% sure. Sound familiar?
Many companies of all sizes have trouble accurately tracking whether they will meet their business goals. Reporting on data can be time-consuming, and busy team members might allow it to go by the wayside when they focus more on the execution side of the business.
While this might sound harmless, it can hugely affect your company’s strategic execution in the long run. If you find out that you’re far away from your targets at the last minute, it can be extremely difficult to catch up and get to where your team needs to be. This leads to undue stress and disorganization as your team scrambles to up their numbers and meet their projections on time.
You wouldn’t go blind into any other business situation, so why do companies often neglect their KPI data?
A KPI Dashboard is a visual representation of each of your business, department, and personal KPIs. Using a dashboard allows employees at all levels of your organization to see how they’re doing, where they’re falling short, and how much further they need to go. This information is crucial.
While the individual KPIs your organization focuses on will depend on your industry, business model, and so on, a KPI Dashboard gives you easy access to all of them. Most KPI Dashboards allow you to track your data using a variety of metrics, like percent complete, number of units, etc.
Our Align business management software includes a customizable KPI Dashboard so that your company can alter KPIs in an instant and each individual employee can make edits and track their progress. Check out the video below for more info:
With a KPI Dashboard in place, you can get a real-time visual summary of your team’s progress. Your KPI Dashboard:
- Shows how overall performances align with your goals
- Holds each team member accountable to his/her metrics
- Helps you update KPIs quickly and adapt when you’re falling short
Companies that don’t have a KPI Dashboard in place usually see higher levels of disorganization and decreased productivity.
For companies that employ the Rockefeller Habits business methodologies, you know that your data is extremely important. While sure, you can use Excel spreadsheets and other data-collection resources, why make life harder on yourself and your employees?
Instead, try using a KPI Dashboard to access your info quickly and give all employees a comprehensive look at how well they’re doing.
As they say, the first step to fixing a problem is acknowledging that it exists. If you don’t have a great handle on your KPIs, your team might not even realize that they’re falling behind. Use a KPI Dashboard to keep your team accountable and ensure that you meet your business goals.