It’s important to know what’s working in your business and what isn’t.
One area of your business might be excelling, whilst another might be failing.
There are so many moving parts when it comes to operating a business – it’s easy for things to slip off your radar.
So, how can your business measure success?
Key Performance Indicators (KPIs) should be the vital navigation instrument for your business.
KPIs provide a way to measure how well a business is performing in relation to their objectives and goals.
The majority of KPIs that companies could be utilizing are never used and ultimately wasted.
Only a very small percentage of KPIs are used to inform any type of decision making.
This is usually because companies only track the things that are easy to measure.
If you’re embarking on a car journey to a place you’ve never been before, you’re going to need a GPS to point you in the right direction.
Without a GPS, your car could be heading in completely the wrong direction and there will be nothing to indicate this to you.
Like a GPS in your car, KPIs give you information to ensure you’re on track to reach your desired destination.
To know which KPIs your business should be tracking, you need to identify the critical business questions that you want to have answers to.
These critical business questions will correlate and align with the goals and objectives of your business.
Some of the most popular KPIs include revenue growth, working capital, inventory turnover, gross profit margin and operating cash flow.
A KPI dashboard allows you to keep an eye on all the metrics you should be tracking in one place, at one time.
They help businesses ask the question: is your performance living up to your objectives?
Being able to visualize different metrics side-by-side enables the viewer to keep the bigger picture in mind while interpreting the data.
A KPI dashboard can present graphical representations of your key performance indicators.
These are designed to offer an first-glance overview of your data, keeping everything clear and simple.
This makes KPI dashboards a powerful tool for efficient business decision-making.
A great KPI dashboard is able to offer you a multi-dimensional perspective on your business.
Think of it as an all-round health checkup – ensuring every area of your operation smoothly moving in a positive direction.
All too often, KPI dashboards end up being crammed with mountains of data.
Whilst it may be tempting to fill the dashboard with mountains of data, you’re left with a counterproductive tool.
Yurbi can bring your business data to life with a user-friendly KPI dashboard.
It’s our ambition to be a virtual extension of your team, delivering business intelligence through advanced data solutions.
Want to find out more about our dashboard and reporting tools for growing businesses? Schedule a demo today.