An Excel KPI dashboard is a collection of various graphs and charts organized in a spreadsheet. It represents the most critical key performance indicators to a specific audience. Busy teams are looking for powerful project dashboards to accurately measure projects, trends, and financial metrics in one place.
Popular KPI examples include customer satisfaction, employee retention, revenue growth, and cost reduction. KPIs are often measured on a periodic basis, such as monthly, quarterly, or yearly.
Analytical KPI reports are heavily focused on the data and analytical insights regarding KPIs. They may include the newest data, historical data, trend analysis, and more. Analytical reports can be useful in most areas of a business, as long as the KPIs they track are relevant to those using them.
The two directly available KPIs are used to calculate the percentage failure rate KPI as follows: (Count of failures in a time frame div Count of transaction starts in a time frame) * 100 % Failure rates are not the only derived KPIs reported on the dashboard.
Charts/Graphs
Charts and graphs are the crème de la crème of visual KPI presentation. They allow you to accurately present any type of quantitative data in a way that enables the relevant audience to draw a quick yet insightful conclusion.
Now that you understand the maximum of KPIs you should have, it's time to think about the 4 main components you'll need to consider when setting any KPI: its Measure, Data Source, Target, and Frequency. The KPI Measure clarifies what you want to measure and how you can measure it.
A report is a collection of KPIs, usually laid out in a nice and simple visual way - line graphs, colorful pie charts, interactive bar charts, that sort of thing. They give you an effective way to gain high-level visibility over all your KPIs and see how well you're doing.
Pie Charts or Half-moon Charts
This example of a KPI chart is widely used to represent percentages including percentage of new customers, one-time customers, and regular customers as a proportion of total customers, etc. The half-moon performance indicator chart is used to convey trends.
First, identify the organization's strategic objectives and then work with the team to identify how their work can support these objectives. KPIs should be set based on this alignment and regularly reviewed to ensure they remain relevant.
Right-click the chart, and select Save as Template. In the File name box, type an appropriate name for the chart template. Click Save. The chart template automatically appears in the Templates folder for charts.
You must select the data for which a chart is to be created. In the INSERT menu, select Recommended Charts. Choose any chart from the list of charts Excel recommends for your data on the Recommended Charts tab, and click it to preview how it will look with your data.
In simple terms, KPI is a goal that you work towards achieving. For example, your goal for 2022 might be to 'Get 500 new customers for your product. ' Therefore, the KPI to track here is the 'Number of New Customers Acquired.
A KPI should be simple, straightforward and easy to measure. Business analytics expert Jay Liebowitz says that an effective KPI is one that “prompts decisions, not additional questions.” For example, “How many customers did we add this quarter?” is clear and simple.
Today, I want to look at how we can set up good KPIs, metrics that drive both team and business growth. These KPIs always exhibit three key aspects: relevance, measurability and simplicity. Let's see what that means in practice.
The Operational KPI Dashboard
They're used to monitor the current condition and present information in a simple, easy-to-view format that everyone can understand. These KPI dashboards aren't designed for interactivity or to demonstrate progress toward a goal, but rather to provide a snapshot of the way things are now.
One example of a goal is “improving sales.” Targets are the quantifiable benchmarks you want to reach to meet your goals. Using the “improving sales” goal, we could build a simple target of “closing 10 deals per week.” KPIs (key performance indicators) are measurable values used to track progress toward a goal.