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Performance Dashboards Development

What are Key Performance Indicators and Reports?

Defining the dashboards and using business intelligence will allow you to have a very nice visual appeal to the different levels of the organization that will help you to monitor the performance of your business with a reduction of the administration effort. These dashboards will require the definition of the lead and lag key performance indicators, data collection and analytics tools.

A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives.

Organizations use KPIs to evaluate their success at reaching targets. High-level KPIs may focus on the overall performance of the business, while low-level KPIs may focus on processes in departments such as sales, marketing, HR, support and others.

Effective KPI´s will really support a business to achieve the results required. That´s why they are designated as KEY. It should be SMART - Specific, Measurable, Attainable, Relevant and Time-bound:

  • Is your objective Specific?
  • Can you Measure progress towards that goal?
  • Is the goal realistically Attainable?
  • How Relevant is the goal to your organization?
  • What is the Time-frame for achieving this goal?

Dashboards and reports benefits  

The reasons why KPIs are important include: 

  • Know your business status - KPIs are the measurements by which you know if your business is achieving its strategic goals or not. 
  • Allow real time information - KPIs provide a simple snapshot of a company’s overall performance, as well as reliable, real-time information for effective decision-making. 
  • The ability to identify and correct negative trends that may be occurring and make key decisions based on collected business intelligence 
  • Growing knowledge and involvement - KPIs create an atmosphere of learning in an organization as they generate ideas between staff that can lead to innovation and a better understanding of the business strategy. 
  • Felling part of the Team - Receiving positive feedback or incentives for meeting KPIs can be rewarding and motivating for staff. Without measuring outcomes, quality work can easily be overlooked. 
  • Consistency for sustainability - People, priorities, and goals in a business may change over time, but the measurement of a KPI should remain consistent. This is essential for monitoring long-term strategic goals. 

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