Gathering your key metrics in an up-to-date place makes it easier for anyone to make well-founded decisions. This blog post lists some of the benefits of using a KPI dashboard and how it can help make your business better.
What is a KPI dashboard?
Using interactive charts and graphs, a KPI dashboard visualises raw data, metrics or key performance indicators in real time and in one central place. This allows managers and decision-makers to quickly track, review and analyse business performance and measure against business goals.
The importance of data-driven decision-making
As the headline suggests, the user can make decisions based on accurate and continuously updated information by enabling data-driven decision-making and visualising it in a KPI dashboard. The dashboard prevents silos within the company and brings the most critical data into one visual space. This opens up for making informed and efficient decisions that will hopefully have a positive outcome for the business's success.
Benefits of using a KPI dashboard
There are many benefits to using a KPI dashboard, for example:
- One centralised view of key metrics.
- Data that is always up to date makes the decision-making process more reliable.
- It provides an accessible overview to identify trends and patterns.
- It facilitates communication and collaboration between teams and departments.
- Decisions can be made with flexibility and speed.
A centralised view of key metrics
The KPI dashboard provides a comprehensive overview in one single place. This allows for quick access to current status and performance and makes it easy to identify what metrics need attention.
Real-time data
As mentioned, the dashboard always shows real-time data, eliminating the need to export to a spreadsheet document and search through loads of (already old) data to monitor, evaluate and create insights. This speeds up the process and enables you to gain rapid, analytical in-depth insights into whatever filter you choose to view it from.
Identifying trends and patterns
The dashboard also facilitates the possibility of quickly identifying trends and patterns. By comparing current performance against defined metrics, one can soon spot deviations or opportunities where to improve.
Facilitating communication and collaboration
Using a dashboard gives you a comprehensive view of your business's performance. Aligning teams and departments makes reaching a consensus and getting buy-in from internal stakeholders easier. Pulling data from multiple departments across the company will provide a complete view of the different targets. Aligning cooperation and evolving the cross-department sharing is valuable to make decisions that cover all aspects of a business and work towards common goals.
In short
The list of advantages of a KPI dashboard goes beyond the examples in this article, but they are hopefully enough to put its benefits and importance in the spotlight. Or, motivate an audit of your current setup if improvements or implementations need to be made.
Are you measuring your key priorities? Ensure you carefully pick your KPIs; they are crucial for your business growth. Create a dashboard that is visually compelling yet clean and easy to grasp. Is your team aligned? Having all this in place opts for improved accuracy of decisions, and you have a solid foundation for evaluation based on data and how to find ways for improvement.
Overall, a dashboard is a powerful aid that can support businesses in making better decisions and hence, better outcomes so they can stay competitive and achieve good results.
For further reading, I recommend this blog post by Tobias Pasma about "what numbers, reports and dashboards does a commercial director need".
Start with HubSpot dashboards
Gather your KPIs on shared dashboards and get the insights you need to improve performance. Explore how our HubSpot solutions architects can help you to set up and implement dashboards in your HubSpot portal. If you already know that team dashboard are the solution to getting an overview of your online activities, let us know some details via the form below, and we'll get back to you with a quote as soon as possible.
