Identify KPI metrics to make better use of data analytics

It’s important to be intentional with the key performance indictors (KPIs) you choose to use as a measure of success. Quality KPI metrics can help generate useful data that, once analyzed, can drive value and inform strategy for your business.

A well-structured KPI dashboard delivers a story about your business history so you can strategize where it’s going next. Meaningful numbers give managers the information they need to spot trends and adapt to them.

KPI management

Remember, the K in KPI stands for key. The data analyzed on the instrument panel should be data that drives business conversations. Using KPI dashboards and predictive analytics can help your organization see the bigger picture and determine if changes need to be made in your data analytics strategy.

High visibility grows credibility

To help your organization target KPI metrics that drive the business forward, your data analytics needs to have high visibility and credibility.

High visibility allows everyone to see and analyze the data. Making your content credible requires a regular conversation with managers to talk about the data, what it means, and to identify the story it tells.

KPI dashboards

KPI dashboards should be able to tell the whole data story. When you put a piece of information on a KPI dashboard, it tends to raise questions. You want to anticipate as many of these questions as possible so you can get in front of any decision making.

When analyzing data on a dashboard, it can take several different charts to see what’s happening with a single KPI. If you study the numbers, there's a lot of information that's going to help you see the trend and identify what the data really means.

Revenue KPI dashboard example