7 terrific examples of KPI Dashboard and their Advantages
Running a business may necessitate the continuous measurement and management of various metrics and data. Understanding that data can help you improve the functions of your business and achieve its goals and objectives. Key performance indicator (KPI) dashboards are an excellent way to measure and analyse data. These great examples of dashboard let you organise the information you want to see and create a more efficient workflow. This guide will explain what a KPI dashboard is, how it can help you, and show you how to create one using KPI dashboard examples.
What Is a KPI dashboard?
A key performance indicator dashboard is a tool that consolidates all of your KPIs into one location for easy comparison and analysis. Key performance indicators (KPIs) are metrics used by businesses to assess how well their processes are performing. Assume a company wanted to assess the effectiveness of its marketing campaign. Its key performance indicators may include the total number of sales, sales revenue, sales numbers in specific regions or locations, and the amount spent on marketing efforts.
Examining these KPIs enables the company to determine how well its marketing campaign is performing and whether there is anything it can do to improve its efforts and achieve its objectives. By putting all of the KPIs on a dashboard, the company can see all of this data in one place, making it easier to examine and analyse.
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What are the advantages of using a KPI dashboard?
There are a several advantages of using a KPI dashboard, including:
Analyzing your company's strategy
KPI dashboards provide businesses with real-time, interactive data in one location. This enables marketers to more efficiently analyse their business goals and strategies and determine if changes are required. For example, if a company's marketing expenses continue to rise despite little to no change in sales, the team recognises that changes may be required to meet goals.
AIncreasing productivity
Business departments and employees can improve their work efficiency by having all of their key performance indicators in one place. This is because all employees have easy access to the information they require. When any department needs access to sales figures, conversion rates, or revenue growth, they can quickly pull up the dashboard to find the information and get back to work.
Making dffective decisions
Companies that use a KPI dashboard can make better, more informed decisions because they have access to all of their data in one place. Assume a company without a KPI dashboard noticed that its marketing efforts weren't helping its sales numbers. The company may be unaware that, while its sales numbers remained unchanged, its conversion rate and bounce rate improved significantly. Instead of cancelling the marketing campaign, the company can revise it to convert more conversions into sales.
KPI dashboard examples
Though KPIs may differ depending on a company's goals or objectives, here are some Brilliant KPI Dashboard Examples to get you started on your own.
1. Sales
The sales dashboard enables a company's sales team to see how their efforts affect sales figures and revenue. You can include information on the dashboard such as cumulative sales revenue, sales for different regions, and target sales for the quarter or year. By displaying this data in real time, employees and managers can see the immediate results and benefits of their efforts, which can help motivate and encourage the team.
2. Marketing
Marketing dashboards provide data to marketing teams so that they can determine the effectiveness of their current efforts and campaigns. Companies frequently include information such as the amount of money spent on marketing campaigns, current progress toward sales or lead generation goals, cumulative sales, and the current return on investment percentage when creating a marketing KPI dashboard.
3. Management
A dashboard may be required by a management team to view some general, yet critical, information about a company's performance. It is beneficial to include information such as the number of customers, revenue, marketing expenses, and current targets or goals when creating a management dashboard. These figures assist the management team in seeing the overall progress of the company and making effective decisions to help it achieve its goals.
4. Financial
Whatever type of business you run, keeping track of your finances will help you manage your expenses and stay within your budget. These dashboards give employees excellent insight into a company's finances and help them avoid going into the red or overspending. Current assets, current liabilities, budgets for various departments, and your cash conversion cycle are all common metrics on this dashboard.
5. Retail
Retail dashboards assist retailers in keeping track of vital information such as inventory and sales figures. It also allows managers and store owners to gain a better understanding of their customers' purchasing habits and which items they are most likely to return. Some KPI dashboards can also assist retailers in determining the busiest times of day so that they can properly staff the store. This dashboard may include KPIs such as the rate of return, total number of sales, number of customers, and average sales per hour or day.
6. Warehouse
Warehouse inventory and management necessitate ongoing maintenance to ensure that everything runs smoothly. A KPI dashboard can assist you in ensuring that the warehouse is running efficiently and that the operating costs do not outweigh the benefits of the space. Operating costs, current inventory level, total shipments or deliveries, and on-time shipments are all important elements to include in your warehouse dashboard.
7. E-Commerce
E-commerce dashboards help businesses understand how their online business is performing. Dashboards are especially useful for this type of business because it frequently has an influx of data to process and analyse. It is beneficial to include information such as the number of sales, conversion rate, and new customers versus returning customers comparison when creating an e-commerce dashboard.
Conclusion
KPI dashboards can help you better understand how your company works and make more informed decisions about its processes. Knowing which dashboards to build and what to include in them can help you grow your business and engage with your target customers more effectively..