KPI Dashboards & Reports
Track your Key Performance Indicators (KPIs) in a single KPI dashboard – or use Alluxo to create detailed views for each metric.
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What is a key performance indicator (KPI)?
A key performance indicator, also called a KPI, is a way of measuring a core business metric. KPIs are used to cut through the noise. Despite having an intimidating name, KPIs can be simple.
Before diving in, let's take a step back and understand each letter in the acronym K-P-I. Let's start with indicator. An indicator is something that shows the state of another item. For example, there are pH indicator dyes that are used by scientists to access the pH levels in certain chemicals. The fact that the color changes in this dye in a predictable way allows us to quickly and safely understand the pH levels of different chemicals.
OK, great. Now let's pick apart "P" – performance. Performance refers to the the level of accomplishment or function, things can be high performance (working well) or low performance (not working well). Now we're left with key. We can very easily become lost in the data, so it's important to pull out the critical information only. This is where "key" comes in.
As a result, you can think of a key performance indicator as a simple statistic, number, or test to show us the function of something we want to measure. For example, a KPI for a digital marketing department could be the number of people who download an app, while a sales department may care about how many deals are closed a month.
According to KPI.org, KPIs create "an analytical basis for decision making" and "help focus attention". Let's expand on these two points. A KPI is only helpful when it is frequently measured and used in business decision-making. We can think of KPIs as a replacement for gut feeling or weak opinions. Moreover, a KPI is helpful specifically because of what they exclude: They only focus on important metrics. A key performance indicator dashboard, then, can serve as a powerful tool for managers, executives, and business owners.
Humans have a finite attention span, especially when it comes to numbers. You do not want your KPI dashboard to have hundreds of detailed metrics. Instead, we want to measure a small number of key metrics that drive business results. For example, website visitors might be an important metric to understand but can we do better? Should we optimize for number of "Buy Now" clicks or how many people have joined our email newsletter?
How do you decide which business KPIs to measure?
There are thousands and thousands of items that could be tracked in any given business. Deciding which metrics and key performance indicators to track is a crucial step, because this provides the filter that you evaluate your business through. There are a number of factors that influence which business KPIs you should select.
These factors include: industry, product offering, company size, sales and marketing cycle, and more. For instance, a free mobile app would be very interested in the number of new users joining the platform and the overall user engagement. And a company developing paid business software would be much more interested in meeting the strict requirements of its clients. Meanwhile, a brick-and-mortar retail store would care more about its inventory levels, cash flow, and ability to meet short-term obligations.
When deciding on KPIs for your business, you should start by evaluating the data at your fingertips. If data takes days and weeks to process and filter, then your reports cannot be timely. It's best to take your data from existing system – like sales figures and journal entries – at least to start with. The next question you want to ask yourself is about leverage. Simply put, which 1 objective or activity would provide the most amount of leverage for your business? Let's give an example.
If you operate a book store, you may have any number of problems. These problems could relate to the financial health of your company to employee morale. What is the 1 goal that you should focus on? For a book store, that 1 metric might be number of books sold a month. There are only two ways to increase number of books sold: to increase the amount of people who come to your store or have each customer purchase more books per visit.
This increased revenue would lead to a greater ability to solve other problems, like increasing your marketing budget or increasing wages. Regardless of what you do with the results, this single KPI helps clarify everyone's job. From the front desk to the owner, there is an alignment between the KPI (increase book sales) and the day-to-day actions (offer better customer care, provide discounts for multiple purchases, and so on).
Put differently, a KPI is a single number that has strategic value to your business.
Your KPI dashboard, available anywhere
View mobile KPI dashboards and reports with Alluxo. Your subscription of Alluxo includes two mobile apps, one for iOS and one for Android. These mobile apps make it a breeze to pull up your KPIs on the go.
Whether you're looking to track your KPIs on your smartphone or measure KPI progress on your tablet, we have you covered. Access beautiful mobile KPI dashboards with the Alluxo iOS and Android apps.
Learn more about the Alluxo mobile apps, or start your free trial of Alluxo, today.
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