KPI Dashboard

Before we get into the discussion about KPI dashboards let’s talk about what KPI stands for. KPI, or Key Performance Indicators are important metrics for any organization with more than a handful of employees. It's a powerful tool that helps management keep track of middle and long-term goals including financial points to reach. KPIs are pre-defined indicators that are intended to offer a tangible representation of data regarding the well-being of the company. While your organization may do well without these gauges, it's highly recommended that you sit down and think about all the quantifiable long term goals that can help you prosper and surpass the competitors.

A KPI should always be a metric you and the workers can relate to. For example the customer support department may think in terms of the number of satisfied customers, or the percentage of calls answered in less than thirty seconds. For a sales representative these indicators will not carry any additional information. They can't look at the service level and make a decision according to its momentary value, whereas the gross sales made per month in dollars or a seven day rolling average will be more relevant for sales staff.

Without well thought out and precisely defined KPIs each and every individual will have to rely on their immediate superior to make the decisions for them without having any real-time feedback as to whether their work is effective or not. These metrics can be presented in real-time, ready for consumption and in an easy to follow format; there is nothing that would motivate your people more than quick feedback depending on their work, a number they can look at and make a quick decision.

What is a KPI Dashboard?

There are two types of people working for any company or organization; those who are able to comprehend complex business metrics, and those who are not. The latter group will not be able to decipher multiple pages of excel sheets, and they're not supposed to spend their time doing so, either. Taking a step back to our original KPI example : a customer support representative is hired to deal with customers and the last thing you'd want them to do is browsing enormous databases. A much more elegant way of presenting the relevant indicators is a KPI dashboard where the most important factors are represented in an analytical, yet easy to follow way.

If all you need them to know about is the average time in which their calls are answered, and the average length of their calls, you can utilize a KPI dashboard that does just that. Integrate it into the company intranet, or use an LED screen that shows the relevant gauges. The support personnel will instantly know if they've been letting one or another aspect of the duty out of hand.

A KPI dashboard also offers an easy way for the executives to make quick decisions without having to go through multiple excel files to find information they need (a report like this for managers is often called a corporate dashboard ). This way, more of their time can be spent effectively focusing on just the decision, not on the means of gathering the necessary data it requires. These solutions also offer a convenient way to letting the stakeholders know how your business is doing and where it stands compared to the competition.


Who makes KPI Dashboard Software?

Business software companies tend to have their own solutions, which let you integrate the existing databases into CRM systems and dashboards. Microsoft SharePoint server is one of these solutions, but there are third party producers who offer compatible software. DotNET(.NET) frameworks are available from Dundas Software. If you don't know how to deal with these frameworks, ask the Windows Server guy in IT, he'll know it all and will be able to hook it up with existing systems in a week.

IDashBoards.com is another place to look around for a KPI report. They offer both on-premise hosted software, and SaaS (Software as a Service) clouds. Both systems work with ODBC, XML and other industry standards therefore you'll spend the time training staff rather than implementing the solution itself.

Excel based dashboards are also available. While working with multiple Excel sheets may induce unnecessary overhead, the scripting language the program offers is a good starting point for these 'plugins' to grab all the relevant files and render a dashboard, which doesn't take more than what fits the screen. These may not be the most elegant solutions you've ever seen, but the low price is easily justified by the plethora of additional features they carry.


What about the prices?

Money, the all important factor. If you want to get ahead of the competition, you can't sit down after you've defined your KPIs. It's also mandatory that you choose a piece of software that works with your set of performance indicators and does it without breaking the quarterly budget. Unfortunately most systems that are aimed at businesses (small, medium or international) are priced high. The most advanced ones tend to start at above $10,000 and you shouldn't expect to get hold of the simpler dashboards for less than $2,000 for one server license.

These prices are averages for commercially available software, but surveys show that about 1/3rd of all companies use bespoke code that has been tailored for their exact needs and requirements. Custom made solutions tend to be as expensive, if not more, as those that are available for everyone, but they follow your organization's needs more closely and offer shorter turnaround times for bug fixes. The best way to become familiar with KPI prices is to conduct your own online searches and ask for quotes. Information you get this way will be more relevant to your particular business than any estimations made without having prior knowledge as to what you do and what you need.