5 Best KPI Dashboard Tools
The business world, as we know it today, is incredibly competitive. As a businessperson looking to get ahead in your industry, you continuously have to be on your toes. Among other things, you need to acquire relevant information.
First and foremost, you must understand your target market and how they function. This would involve several procedures that will require you to conduct relatively extensive research. Additionally, you need to know what your competitors are up to. “Pull your friends close and your enemies closer” is the adage that comes to mind at this point.
Perhaps, above all of these is the need for you to set goals. We cannot overemphasize this part. Without goals, your business quite literally has no logical destination.
If you do have goals for your business, that’s wonderful. However, it is not enough just to set those goals. You also have to measure them with your Key Performance Indicators (KPIs) as well.
Now, keeping track of your KPIs all by yourself is a rather tedious task. Your business requires you to pay attention to so many other things. As such, it would be a lot of help if you could focus fully on fewer things. Thankfully, our ever-evolving world has been able to come up with KPI Dashboard tools.
What is a KPI Dashboard?
At the very least, a dashboard exists to pass across the most relevant information to its user. It does not bombard you with various texts or visuals. Instead, a dashboard merely offers that which is most pertinent and allows the user to take the relevant steps from that point
With that in mind, a KPI Dashboard is a simple visual display that shows you how you are performing in your business. It brings all your Key Performances Indicators in one place. By doing so, it helps you see which goals you are meeting and how well you are meeting them.
For example, if you planned for your company to get 20% more engagement via social media platforms after a week of using organic advertising, a KPI Dashboard shows you whether or not you’re getting there.
Why is it Important to use KPI Dashboard Tools?
Just as we mentioned earlier, a KPI Dashboard helps show you how well or how poorly you are doing in the quest to meet your company goals. This readiness of information to you as a businessperson comes with several advantages.
First and foremost, you get the opportunity to see where you need to make improvements. Most companies never really set just one goal. More often than not, there are a number of them that are intertwined and all act together to improve various parts of the company further.
For example, you can plan for your sales team to improve sales by 40% at the end of the first quarter and to retain 80% of all customers. These tasks are relatively achievable. However, because one department has to handle both of them, there is a very real possibility that things might not go as planned. After all, humans are not known for their outstanding excellence at multitasking.
Your sales team can be so overwhelmed with getting new customers that they forget to implement marketing strategies to bring back the old ones. Conversely, they might be so involved in getting old customers to come back and “try the latest thing” that they forget to get new people to come in.
A KPI Dashboard can show you exactly when this is happening. As soon as you examine your KPI Dashboard, you can then begin to you make adjustments. These adjustments will, in the long or short run, help you to solve the problem. As such, you would have saved your business from what might’ve been a calamitous moment.
Secondly, it helps you to make critical decisions. In business, it is astronomically unwise to make decisions in isolation. By “isolation”, we don’t necessarily mean making decisions without the board of directors or something of that sort. While it is important to involve the rest of your team in the decision-making process, what we mean is that you must have the right information before making a business decision.
By showing you how well your company is performing, a KPI Dashboard can act as a provider of that “right information.” To further explain this point, perhaps a short scenario will be useful:
After taking his time to study various materials online backed up by numbers, a prudent businessman realizes that the future of many businesses exists in the goldmine that is the internet. As such, he decides to start paying more attention to the online world as a means of breaking into an entirely different and possibly more profitable market.
However, he is not one to take unnecessary risks. So, instead of just jumping into paid marketing online, he decides to use brilliant content marketing. The whole point is to get people more interested in his brand. He plans to reach 3000 people after the first three months of consistent uploads online. If he can reach that goal, he can then go ahead to invest 40% of his yearly marketing budget into online marketing.
He uses a KPI Dashboard tool. After those three months, he realizes that he is not much closer to reaching 3000 people than a baby is to flipping a tractor. As such, he holds off on his decision to spend 40% of his marketing budget on online paid adverts.
It’s really that simple. By paying appropriate attention to a KPI Dashboard, you can choose whether or not you should implement certain decisions. This simple representation of your goals can save you from potential losses worth millions of dollars.
Lastly, and perhaps most importantly, a KPI is a great way for you to save time. As a businessperson or a brand owner, virtually everything imaginable is begging for your attention. You need to file your taxes. You need to motivate your team members/employees. You need to manage one or several projects at a time.
All of these activities require quite a bit of dedication in terms of time. By providing you with the much-needed metrics, a KPI Dashboard gives you one less thing to worry about.
What are the Best Tools for Creating KPI Dashboards?
There is little to no market in the world today that does not have several people contending to provide the same service(s). With that many options, it can sometimes be difficult to make a choice. Even when/if you make a choice, there is still the question of whether or not you made the right one.
Now, several brands provide you with KPI Dashboard tools. As is the case in every other market, some are better than others. As such, we have come up with a list of five of the best KPI Dashboard tools. Here are the top five best KPI Dashboard tools for you to jump onto today:
1. Zoho Analytics
Formerly known as Zoho Reports, Zoho comes in at number one on our list, and for a good reason too. It is an excellent KPI Dashboard tool that helps you properly keep track of all the important Key Performance Indicators in your company. Zoho Analytics acts as software for effective data analysis. Among other things, it helps you to visualizations of your data and KPIs in aesthetically pleasing ways. To make things even better, it gives you the ability to do this in a matter of minutes.
Apart from offering data analysis services generally, it has a specific section for you to create a KPI Dashboard. With over one million users operating more than ten million dashboards on their platform all over the world, it is a bit of a surprise that they allow you to sign up completely for free. For the sake of convenience, you can easily get their app on your iOS or your Android device.
With Zoho Analytics, you can get sales analysis in your company. With this tool, you can view and analyze your pipeline data as well as your leads to understand your current level of performance. Interestingly, it allows you to import data from Pipedrive CRM, Sales drive CRM, and, of course, Zoho CRM.
In addition to these, you can also create dashboards for the marketing side of your business. Other aspects for dashboard creation includes your help desk, finance, project management, and social media. If you’re looking for a tool that truly helps you with your KPI monitoring, Zoho Analytics just might be the best place to look.
Unlike some other KPI Dashboard tools in the market, Klipfolio does not offer its services for free. However, even though it places a premium on its services, you can rest assured that you would get the value for your money. After all, it has been used by over fifty thousand brands/organizations across the world, including the world-renowned football club, Barcelona.
To make things easier for you in getting ideas flowing as regards what you want your dashboard to look like, they a particularly attractive feature. Right there, at the bottom of the website, you’d see a link that will lead you to examples of KPI Dashboards. With that many examples given already, it really should not be so hard for you to begin creating yours.
Klipfolio integrates with several other 3rd party apps, including Facebook, Google Adwords, Twitter, Hubspot, etc. The integration is in an attempt to help you further measure Key Performance Indicators as they relate to these other sites.
Klipfolio has a unique feature known as the white label. This allows you, as a user, to customize virtually everything you want to customize. The options range from the name of the product, logo links, and favicons, among other things. You truly have full control here.
They have different pricing for different plans ranging from $49 all the way to $499. Of course, the benefits of these plans increase based on how much you’re paying. If these prices seem a bit on the high side for you, there’s really not much to worry about. They have a fourteen-day free trial period that allows. You do not have to input your credit card details, so you know you’re pretty safe. Afterward, you can then decide if you want to continue using their platform.
There is no better word to describe what this tool does for you than the name itself – Grow . This smart tool allows you to create dashboards for measuring your preferred metric within a few minutes.
It does not merely let you create dashboards with speed and ease, with Grow, you can import your data from third-party sites and apps. Just imagine how tedious it will be for you to incessantly switch between one app or the other whenever you want to check something. Perhaps you’ve just launched a new digital marketing strategy, and you want to find out its level of effectiveness on your conversion rates.
Think of how tedious it will be to have to switch between that data tool and Grow. For that reason, Grow allows you to import that data. It then arranges all of them for you in a visually appealing way. All the trivial fluff and jibber-jabber is taken out, and you only have to bother about what really matters to you and you and your business.
Additionally, it allows you to share your data with different people. So, instead of having to recreate it somehow somewhere else, you can simply share it with your team members for their use.
It has a peculiar feature known as the data explorer. As the name implies, it allows you to explore your data, but there’s a catch. You choose how you want to do so with its variety of charts and graphs. Some of the options you have for charts are:
- Series : This includes everything from columns to lines to bars and area graphs.
- Non-series: This one offers such options as the bubble, pie chart, bullet, gauge, etc.
- Special: Here, you have the options of images, HTML, and so on.
With Grow, you get the opportunity of a free trial. All you have to do is to request it.
Even though it is coming in at number four on our list, this KPI Dashboard tool is by no means a pushover in the industry. Remember those times when you had to go through so much stress with spreadsheets, inputting data, and whatnot. Well, Scoro puts an end tonally that headache.
In addition to monitoring general company goals, with Scoro, you can manage specific projects to see exactly how you’re doing with that project. Their project management capability comes with various interesting features. Firstly, apart from creating budgets, you can compare them to see how they functioned to get the results you ended up getting.
Additionally, you can manage virtually everything about that project on one page. The options range from comments to expended time to invoices and pretty much everything else in between. Apart from these, you can also use this feature to see just how your team is coping in real-time..
Asides the ability to manage your projects, it goes without saying that you can monitor your KPIs as well. It allows you to view detailed reports of your finances also.
To make things even better, you have the freedom to customize this platform however you want to. For example, you can decide if you want others to have access to certain information on your dashboard. That is, even when sharing, you can still guarantee your privacy to a reasonable extent.
With their mobile versions available on Android and iOS, you have access to all your analyses and KPI monitoring at your fingertips. Even with all these features, they still allow you to integrate third-party platforms and sites to your dashboard for ease.
Now, they’re not a free platform. Scoro has four major plans for its users to choose from. The available features depend on which plan you choose. The least of them all is the Essential plan, which comes at $26 per month. The highest is the Business plan, and it comes at $61. In between these two are the sales and work plan, which both come at $37 per month.
Thankfully, they have a 14-day free trial. Pretty good time to make your decision, especially considering that they aren’t asking you to input your credit card details.
Coming up at number five on our list is Smartsheet. This is another platform that’s dedicated to helping you grow your business by providing you with the right information.
Smartsheet is essentially a spreadsheet package designed to help you do what this entire article is about. However, in contrast to other regular spreadsheet packages, it allows you to toggle visualizations of the same data. This is good because it provides options for various teams within your organization based on how they would like to work.
Through its dashboard, you can see live, transparent reports in real-time to determine how your business is doing. It offers a bit more convenience by reducing the number of tasks that you have to carry out manually. It simplifies this process by providing you with forms that can allow you to collect data.
Also, with Smartsheet, you can integrate your data on other apps. From Google to Microsoft to Slack, you can simply get all your information in one place.
What are some of the KPIs all businesses should track?
Now, we’ve given you the tools you need to monitor your Key Performance Indicators. If you’re looking to grow your business by measuring the right metrics, you might want to get started on at least one of them. However, it really does not make a lot of sense logically to have a great monitoring tool but nothing to monitor.
Now, KPIs to be monitored differ based on the model of the business, the industry, and other things of that sort. However, generally, there are a couple of Key Performance Indicators that you should definitely monitor if you own a business. They are:
CAC is an acronym for Customer Acquisition Cost. It basically refers to the revenue you expend on getting a new client through the efforts you put into marketing.
Monitoring/measuring this KPI will help you see how efficient you are in your marketing. It is particularly important if you want to understand the returns you are receiving from each channel you employ to acquire customers.
2. Revenue Growth Rate
In the simplest terms possible, this KPI shows whether or not you’re making money. The last thing you want as a businessperson is to continue making the same $1000 per year for five years that you made in your first year of business. That’s stagnation, and pretty much nobody wants it.
This KPI is important because it will show you if you’re actually making progress financially or you’re stuck in the same place. If the latter is the case, it could be heartbreaking. However, on the bright side, it means you get to come up with specific solutions and strategies that will help you get out of that situation.
3. Customer Lifetime Value
For businesses that offer services that involve accounts instead of just one time products, this is a crucial KPI to measure. It shows you how much one customer is spending on your service during the period of activeness of their account. It is important to note that your Customer Lifetime Value must exceed your Customer Acquisition Value. That’s the way to know you are actually making a profit.
Running a business is never easy. Even with all the information you get from your mentors, there are still so many things that you need to know and do. Measuring and monitoring your Key Performance Indicators is one of them. The tools listed in this article make that process much simpler for you. All you have to do now is click a few buttons. Afterward, you can begin your journey to effective and efficient data analysis.