What Are Dashboard Metrics?

Having a dashboard is a powerful tool for any indivdual or team,however understanding  which metrics to track on a dashboard is essential for any businesses that want to make smart decisions that reach their goals. By having the right set of metrics tracked on a dashboard like key performance indicators (KPIs) and other key data points, allows companies to monitor performance and make the right adjustments. 

What Are Dashboard Metrics?

Dashboard metrics are measures used to track and judge the performance of various processes. These metrics are normally displayed on a data dashboard, allowing users to quickly understand data. What is a metrics dashboard? It's a tool that has data from multiple data sources combined into one location and presenting it in a visually engaging and easy-to-understand format.

Types of Dashboard Metrics

There are several types of dashboard metrics that matter to different needs. These include:

  • Operational Metrics: Focus on the day-to-day operations of a business. They're metrics like production rates, cycle times, and inventory levels.
  • Financial Metrics: Are indicators like revenue, profit margins, and return on investment (ROI). They are important to the financial health of a company to make sure they can stay afloat.
  • Customer Metrics: These metrics track customer satisfaction and retention rates. They  provide insights into the customers experiences.
  • Employee Metrics: The judge employee performance, engagement levels, and turnover rates. These are important for managing businesses and keeping accountability across the team.
  • Marketing Metrics: Tracking conversion rates, cost per lead (CPL), and social media engagement help in evaluating the effectiveness of a marketing campaign.

Having the Right Dashboard Metrics

Adding a dashboard is one one thing, but having the right metrics offers numerous benefits, including:

  • Decision-Making: Real-time data aids in making the right decision when its comes to improving systems and reaching target goals.
  • Efficiency: Having data from multiple channels in single location reduces the time spent on data collection and analysis.
  • Transparency: Dashboards provide a clear and organized view over performance metrics. This builds transparency within the organization and to the clients.
  • Problem-Solving: Being able to see what works and not works through dashboard metrics enables proactive problem-solving and stops risks. 

Key Components of KPI Dashboards

What is a KPI Dashboard?

A KPI dashboard is a type of metrics dashboard that focuses exclusively on key performance indicators. These dashboards are designed to provide an glance of important metrics that drive business success.

Features of KPI Dashboards

  • Customization: KPI dashboards should be customizable to reflect the unique goals and metrics of the organization.
  • Real-Time Data: Live data ensures that decisions are made on the most current info.
  • Visualizations: Filters and graphs allow users to explore data in easily.

KPI Dashboard Examples

  • Financial KPIs: Revenue growth, net profit margin, and operating cash flow.
  • Customer KPIs: Customer acquisition cost (CAC), churn rate, and customer lifetime value (CLV).
  • Operational KPIs: Average handle time (AHT), first call resolution (FCR), and overall equipment effectiveness (OEE).
  • Employee KPIs: Employee satisfaction index, training completion rates, and absenteeism rates.

Building a KPI Metrics Dashboard

Here is quick overview on what to consider when creating a KPI metrics dashboard:

  • Identify Objectives: Clearly define the objectives and goals that the dashboard will cover.
  • KPI Metrics: Choose the right metrics that align with the objectives and that will provide valuable insights.
  • Data Integration: Integrate data from multiple channels and data sources to ensure a complete view overview of performance.
  • Layout: Design the dashboard with a focus on clarity and simplicity. It should still be easy to read, along with providing value. 
  • Keep it Simple: Avoid clutter by focusing on the most important metrics.
  • Use Visual Hierarchies: Organize information in a way that highlights the most critical data first.
  • Stay Updated: Regularly update and verify the data to maintain reliability.

Not sure what tools to use to build your dashboard? Use Snipowl to build dashboards in seconds with any part of the internet, without confusing integrations. Start now for free

Utilizing a Metric Library

What is a Metric Library?

A metric library is a collection of predefined metrics that companies can use to build their dashboards quicker. It simplifies the process of choosing and selecting metrics each time by providing a pre-set of measures that are aligned with best practices.

Advantages of Using a Metric Library

  • Consistency: A metric library ensures that all users within an organization are on the same page when it comes to what to track.
  • Efficiency: By providing a ready-made options of metrics, a library accelerates the dashboard creation process.
  • Best Practices: Metric libraries are often made to reflect industry best practices, ensuring that the metrics used are relevant and effective.
  • Scalability: As organizations grow, a metric library can easily be expanded to include new metrics, supporting ongoing growth. 

Implementing a Metric Library

  • Identify Key Metrics: Collaborate with managers to determine the most crucial metrics for the company.
  • Curate the Library: Put together a set of metrics that cover all relevant aspects of the business.
  • Integrate with Dashboards: Make the metric library easily accessible within the dashboard creation tools.
  • Educate Users: Provide training and resources to help users understand and effectively utilize the metric library.

Features of Data Dashboards

What is a Data Dashboard?

A data dashboard is an interactive tool that consolidates, visualizes, and analyzes data from various data sources. It offers a platform for monitoring and managing important data. By understanding what are dashboard metrics, businesses can leverage data dashboards to gain a view of their operations.

Key Features of Data Dashboards

  • Data Integration: Ability to integrate data from databases, spreadsheets, and APIs.
  • Live Updates: Continuous refreshes to provide the most current data.
  • Automated Reporting: Schedule automated reports to be delivered to a team or individuals 
  • Glance overiew: Combined data from different data sources to provide a unified view of business performance.
  • Improved Decision-Making: Having data to back up decisions allows companies to make smarter decisions.
  • Save Time: Reduces the amount of time spent on manual data collection and reporting.
  • Collaboration: Allowes teams to share insights and collaborate more using shared dashboards.
  • Performance Tracking: Monitor performance and identify trends and areas for improvement.

Examples of Effective Dashboard Metrics

Sales Dashboard Metrics

  • Tracking Sales: Watch the increase/decrease in sales.
  • Monitoring Conversion Rate: The % of leads that become customers.
  • Record of Average Order Value (AOV): The average amount an order or sale.
  • Customer Acquisition Cost (CAC): Total cost of getting a new lead into a customer.

Marketing Dashboard Metrics

  • Counting Leads: The number of leads generated that came from marketing.
  • Tracking Click-Through Rate (CTR): % of people who click on a link and were led to a different page.
  • View Website Traffic: See the number of visitors to the website over a period.
  • Watch Social Media Engagement: Gauge the amount of interactions on social media like followers, shares, likes and comments.

Want to learn more about building a marketing dashboard? Click me

Financial Dashboard Metrics

  • Track Revenue: Total income generated from sales.
  • See Profit Margin: % of revenue thats left over after costs.
  • Watch Operating Expenses: Total costs for running the business.
  • Monitor Cash Flow: Net amount of money flowing into and out of the business.

Operational Dashboard Metrics

  • Production Efficiency: Ratio of the actual output to the potential output.
  • Inventory Turnover: Number of times inventory is sold and replaced over a period.
  • Order Fulfillment Time: Average time taken to fulfill customer orders.
  • Quality Control: Number of defects or issues reported in the production process.
  • Supply Chain Efficiency: Performance of the supply chain, including lead times and costs.

Understanding what are dashboard metrics and implementing them through KPI dashboards and data dashboards can help any modern businesses.

Not sure where to start? Use Snipowl to build dashboards in seconds with any part of the internet, without annoying integrations. Start now for free

Found in:

Dashboards Marketing