The value of a KPI dashboard comes from selecting the right data to visualize and having graphs available side-by-side. Getting your team the information they need at-a-glance is crucial, especially as your company grows in complexity.
Ambitious teams of all types, from Silicon Valley startups to Fortune 500 corporations, use KPIs to set goals and measure progress.
In our experience, you want to leverage dashboards to (1) help people answer their own questions and (2) get everybody on the same page before a meeting.
As a result, business leaders should create dashboards for each department. For example, a Finance KPI Dashboard would house 5-10 Financial KPIs and a Marketing KPI Dashboard would house 5-10 Marketing KPIs. This would let teams work efficiently to solve small issues as they arise.
Creating your first KPI dashboard can be difficult, as there are so many business metrics to track and there is no real obvious way to visualize your data. Most people turn to Microsoft Excel, but keeping an up-to-date KPI report in Excel can be difficult.
We suggest starting with a small number of graphs. For instance, all companies will want to keep an eye on revenue, expenses, and cash balance. But a software startup would drill down on the number of new customers that join the platform, whereas an ecommerce brand would be more focused on inventory levels and margin per product.
Some people get caught up in whether the visuals should be line charts or bar charts, but this is one reason why we built Alluxo. Alluxo is the best KPI dashboard software around not because it has millions of metrics or thousands of toggle switches.
It’s the best because it’s fast and really simple to use. We filter out a lot of noise so you can hone in on what really matters to your business.
Here is an example KPI dashboard that you can create with our free software.
Once you have your dashboard configured, you need to share the right KPIs with the appropriate team members. We suggest having several different types of reports, so they are all focused on solving a particular function.
A small business might have an Executive Dashboard, Finance Dashboard, and Marketing Dashboard. This allows your entire team to get visibility to high-level KPIs, while allowing certain areas of the business to drill down into low-level KPIs.
Your marketing team, for example, is concerned about Cost Per Click (CPC), number of leads in the funnel, conversion rates, retention rates, and more. But these metrics might be too much information for an executive or someone on another team who wants to get a sense of overall business health.
In addition to our powerful web-based platform, Alluxo also offers two mobile apps. That means you can access key performance indicators and KPI dashboards from your iPhone, iPad, and Android device. No matter where you are, access your real-time business KPIs with our apps.
The best part? Even on mobile, our charts have interactivity and resizing built in. We know it can take hours to find the right data point you need to update those pesky PowerPoint presentations or send a company email. We help you get rid of that problem, by putting data in the palm of your hand.
Dashboards are only as good as the data on them. We suggest limiting a single dashboard to 10 charts, so that each dashboard serves a specific purpose and helps people answer the questions that they have.
It’s easy to build reports that are too complicated and lose their original purpose. If that happens, we suggest taking a step back and breaking a single KPI dashboard into two or three more focused ones.
In our experience, it’s best if each team or department had their own dashboard so that there is enough detail to really understand how the business is doing. If everything is shown at a summary level, there is limited value to the user.
At Alluxo, we will software so you don’t have to mess with CSV exports or manually write Excel formulas again. We see the value in KPIs and OKRs, but also understand that you would prefer to be running your business. We’re here to help!
Track metrics like the top performing ecommerce stores.