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BizReport : Internet Marketing 101 : August 02, 2021


What is a KPI Dashboard and Why Do I Need One?

Naturally, your business is more likely to succeed when you make a point of regularly monitoring your progress, growth, and success rate in regard to various goals. That's why you need to track Key Performance Indicators, or KPIs.

by BizReport

A KPI is a metric that allows you to determine if you're achieving your goals, failing in certain critical areas, and generally thriving (or not). For example, a KPI an established business should monitor might be Lifetime Customer Value.

You shouldn't overwhelm yourself by tracking more KPIs than is necessary. You need to carefully consider which are most important. However, you're also likely to monitor several KPIs.

This is one of many reasons it's wise to use professional KPI dashboards. This is a tool which allows you to easily and efficiently generate reports and visualize KPI data. The benefits of using one include the following:

Saving Time

Gathering all relevant KPI data and creating a way to visualize said data that allows for relatively easy analysis can be very time-consuming if you don't use the right dashboard. The time spent on this task will likely prevent you from focusing on other important work. Your business may suffer as a result.

Luckily, that doesn't need to happen. A proper KPI dashboard will make generating visualizations for data analysis simple and efficient.

Simplification

Monitoring and analyzing KPI data used to be a somewhat complex process. That's not necessarily the case any longer. One of the purposes of a KPI dashboard is to simplify data analysis. Thus, all team members who use one are fairly likely to understand what they're looking at and interacting with. This ensures the process of data analysis isn't cumbersome and also provides genuine value.

Communication

A strong KPI dashboard will also have been designed in such a way as to facilitate easy report sharing (both internally and externally).

This is another major benefit of using one. As a business grows, it becomes necessary for members of various departments to track KPIs. Often, they need to communicate with one another, sharing their insights to strategize effectively. Promoting that degree of communication and collaboration can be difficult without the right tools.

Security

The right KPI dashboard for your business will be one that keeps your data secure. After all, the KPI data you're monitoring could contain information that you don't want to leak out. That's much less likely to happen when you monitor it via a quality KPI dashboard.

Accessibility

While a KPI dashboard in general may be a useful tool, you need to seek out certain qualities when choosing one for your business. For example, it's becoming increasingly common for workers to perform a variety of tasks with their mobile devices. Thus, a truly helpful KPI dashboard will be one that allows for mobile access. This ensures users can access valuable information they may need at any time.

These are just a few reasons to use a KPI dashboard. Just remember to take your time when choosing one. You need to select a tool that allows you to fully leverage the benefits covered here.






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