Businesses can quantify their progress using Dashboards. Dashboards are a no-nonsense way of painting the most accurate picture for your business.
Many businesses launch their products/MVPs by making the mistake of launching without Dashboards. At the most elementary level, each business should have a Dashboard that identifies their KPI and other key metrics in a clear fashion.
We at HyperTrends strongly believe in dashboards and usually try to incorporate as many as we can when we building a Software Strategy for our customers. We also love to plan on identifying and measuring key OKRs for our customers.
In an earlier post, we mentioned the importance of having OKRs (Objectives and Key Results) for your businesses. Dashboards are an effective way to measure and view these OKRs.
By having dashboards, you quantify the progress of your company. Your Dashboards paint the most accurate story of your Company, whether good or bad.
As a company, you should have one or more dashboards for every department in your company. Doing so will allow you to maintain strong accountability over your teams, help you make the dreaded performance evaluations more objective, improve your decision making capabilities and grow your business revenues.
We are strong believers of the mantra, “What gets measured, gets improved.”
So what sort of Dashboards should you be building? Each section deserves a blog post in itself, but we will try to summarize some of the most important ones.
It should also be noted that many times, one department may have one or more dashboards – although it is highly advisable to try and focus on a single dashboard as much as possible.
The idea is to let each employee in the company be able to quickly view their dashboards on giant screens and quickly assess the performance of their teams (or other teams that they may want to know about).
Here are a few categorized by departments:
- Revenues (breakdown by products if needed)
- Profit Margins
- Net Promoter Score
- Customer Churn Rate
- Active Customer Count
- KPI Dashboards
- Lead Count
- Forecasted Revenues (also qualifies under overall Company Metrics)
- Active Subscriptions
- Sales Conversion Ratios
- Average Purchase Value
- Sales Breakdown by Regions
Customer Support Dashboards
- Cases Open vs Resolved
- Avg. Problem Resolution Time
- Avg. Customer Satisfaction
- Lead Flow Metrics (New Opportunity, Attempted, Contacted, Disqualified)
- Key Conversion Metrics (Landing Page Conversions, Trial vs Paid, Regional Conversions, if applicable)
- Avg. Time on Marketing Site
- Avg. Blog/Page Share Ratios (visits vs shared)
- Outbound Campaign Metrics (by Channels)
- Inbound Campaign Metrics (by Channels)
- Avg. Custom Acquisition Costs (by Channels)
- Social Media Engagement Metrics (by Channels)
- Page Views
- Paid Ad Statistics (ROI, CPC)
- App Store Ratings (if applicable)
- Product Review Ratings
- Usage Metrics (for e.g. if a user wants to perform a Checkout, measure the avg. checkout time and display that as a metric)
- Churn Rate
- Bug Metrics
- SCRUM/Agile Metrics
- System Performance Metrics (CPU Usage, Hosting Bandwidth/Usage Statistics, Server Utilization)
- Key Metric Measurement (SLAs, Performance Metrics)
Need more examples? Here are some amazing examples of Dashboards from Klipfolio
What dashboards do you use at your businesses? Please share your thoughts!