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How to Create the Best KPI Dashboard for Business

At a glance, it is easy to understand why a KPI dashboard will benefit your organization. This is a central, easy-to-use tool that lets you access data and key performance indicators (KPIs) at any time and from any place. However, the efficiency of a well-planned dashboard comes only with careful planning and hard work. In her blog article, Stacey Barr shares some advice worth considering while building your new KPI performance dashboard.

What Leads to Failure of a KPI Dashboard?

Poorly Defined KPIs

KPIs often fail when they are ill-defined. The most common pitfall while building your organization’s KPIs is ignoring feedback. A well-defined KPI is structured and incorporates suggestions from multiple business areas. Your KPIs must address the unique challenges and opportunities of your business.

Lack of Accountability

Each KPI you define must have an owner, someone responsible for tracking and achieving the target associated with that KPI. An isolated KPI will wither and die. When defining KPIs, ensure you define a clear owner. Incentivizing the achievement of KPIs is a recipe for success.

A sense of urgency by decision-makers can also lead to the failure of KPI dashboards. “The urgency mindset rushes them to get a dashboard built as soon as possible. The problem with this urgency mindset is that it expects a quick fix is possible,” says Barr. The author points out that there is no quick fix for developing the right KPIs or building an effective KPI dashboard. As the software cannot think, decision-makers must create a dashboard with clarity of thought and logical dialog.

Before rushing to build a KPI dashboard, do the following steps:

  • Understand who your audience is.
  • Outline your dashboards into a hierarchical structure that creates an effective drill-down for end-users.
  • When presenting any KPI or data in a visual form, always consider the message you are trying to highlight. Choose clear chart styles that emphasize the underlying message.

To read the original article, click on https://www.staceybarr.com/measure-up/before-you-rush-to-build-your-new-kpi-dashboard/.

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