95% of the world’s leading marketers all agree that in order for a business to make an impact, “KPIs must be tied to broader business goals.“ To do that, you have to start with how you manage your KPIs.
Do you want to create insightful dashboards but don’t know how? Are you overwhelmed by all of the different KPI software options out there?
Well, don’t worry. This review has you covered. In this blog post, I’ll introduce you to seven of the best KPI software options available in 2023.
Whether you’re a small business owner or a marketer, these tools will help you get the insights you need to make informed decisions and drive your business forward.
But before we get to our top seven picks for KPI software, first, we have to identify what KPI software does for you.
What is KPI software?
KPI software is a type of business intelligence software that helps you track and analyze your Key Performance Indicators (KPIs). KPIs measure how well your business is performing against specific goals. Common KPIs include measures such as revenue, profit, customer satisfaction, and employee productivity.
This helps businesses to identify areas of improvement and make necessary changes. It typically includes a dashboard builder that allows the creation of custom KPI dashboards that are most important to organizations.
How does it work?
KPI tools collect business data from various sources, such as financial reports, CRM systems, surveys, and web analytics tools.
This data is then analyzed and displayed in dashboards and reports. Businesses can use these dashboards to track their KPIs over time and identify areas for improvement.
The software typically includes various features, such as drag-and-drop dashboard builders, data visualization tools, and real-time alerts.
Some KPI tools also offer predictive analytics features that help companies forecast future performance.
There are several tools for KPI dashboards that organizations can choose from on the market.
These tools gather all that data in real-time, transform it into beautiful dashboards, and simplify reporting by allowing people to get the information they need from a single tool. Instant alerts notify users about changes in performance so they can take immediate action.
Using KPI software frees businesses from a ton of analytical work. So to refresh us about how businesses benefit from KPI software, let’s go over the common benefits of using it.
The Common Benefits of Using Key Performance Indicator (KPI) Tools
There are many benefits of using KPI visualization tools. Here are some of the most important ones:
- Helps Evaluate Business Performance
- Easy Assessment of ROI
- Offers Opportunities for Business Growth
- Provides Measurable Results
- Data-Backed Decisions
- Improved Customer satisfaction
- Increased Revenue and Profitability
- Saves Money
- Provide a Competitive Advantage
- Proactive Problem Solving
- Extract Meaningful Insights
1. Helps Evaluate Business Performance
One of the most important benefits of a KPI tool is that it helps firms evaluate and analyze business data. It’s like using Google Analytics.
By tracking KPIs, organizations can identify areas that need improvement and make necessary changes.
This software also allows firms to compare their performance against others in the same industry. This helps them understand where they stand in terms of their competition and what changes need to be made to improve their position.
2. Easy Assessment of ROI
Another great benefit of KPI is that it makes it easy to assess various business activities’ return on investment (ROI).
By tracking KPIs, businesses can see which activities generate the most return and adjust their strategies accordingly.
This helps organizations use their resources more efficiently and ultimately improve their profit growth.
The KPI dashboard can also be used to track the performance of individual employees. By setting targets and monitoring progress, Organizations can identify top performers and encourage them to continue excelling.
3. Offers Opportunities for Business Growth
In addition to providing insights that can help firms improve their efficiency, a KPI tool also offers opportunities for business growth.
For example, business owners can identify new market opportunities and target new customers by analyzing customer data.
KPI can also help track their progress and business performance over time, which can help set goals and measure success. This software can help organizations to stay competitive and increase their profitability.
4. Provides Measurable Results
Another great benefit of using KPI tools is that they provide measurable results in the same way Google Analytics would. This is important because it allows companies to track their progress and see the impact of their actions.
Measurable results are also helpful for making decisions about future strategies. By analyzing past data, organizations can make better decisions about allocating their resources.
With measurable results, businesses are able to quantify information about their customers, the results of the actions that they’ve so far taken in the business, and more.
KPI tool can help to save time and money by making it easier to measure progress and make data-driven decisions.
5. Data-Backed Decisions
The data sources that KPI tools access can be used to make informed decisions about various aspects of the business.
For example, organizations can decide which products are selling well and which ones need to be improved by analyzing customer data sources.
Additionally, firms can use KPI data to follow their progress toward goals and objectives. The data can also identify areas where the business is falling behind and take corrective action.
6. Improved Customer Satisfaction
Good KPI tools can also be used to improve customer satisfaction. By tracking customer data, businesses can identify areas where they need to make changes.
Additionally, organizations can use KPIs to create dashboard reports that show how they are performing concerning their customer satisfaction goals.
The customers should always be the priority of any business. By using the KPI program, Organizations can ensure that they are making decisions that will improve the satisfaction of their customers.
7. Increased Revenue and Profitability
Another benefit of using data dashboard software is that it can help organizations increase their revenue and profitability.
The software can help firms follow their sales and performance data, which can then be used to make decisions about pricing, product development, and marketing strategies.
When businesses get a clearer view of their numbers, they’re more equipped in making data-backed decisions. And when decisions are backed by data, it is more likely to succeed. Therefore impacting profitability.
By understanding their sales data and other data sources, corporates can make changes to their operations to increase revenue and profitability (e.g. marketing attribution).
8. Saves Money
One of the most important benefits of KPI dashboard software is that it can help save money. The software can automate various tasks, such as data collection and analysis. This can free up time for companies to focus on more critical tasks.
Additionally, the KPI program can be used to make data-driven decisions. This can also help avoid costly mistakes.
9. Provide a Competitive Advantage
Another benefit of using a dedicated platform to track your KPIs is that it can give a competitive advantage.
The software can be used to collect and analyze data sources that can be used to improve processes and make better decisions. This can help to gain a competitive edge over their rivals.
The software can also be used to pursue customer behavior and preferences. This information can create targeted marketing campaigns and improve customer service.
10. Proactive Problem Solving
KPI dashboard software can also be used to solve problems proactively. By accessing various data sources, businesses can identify potential issues before they become problems. This can help to avoid costly mistakes and disruptions.
The data collected by the KPI program can also be used to improve processes. By analyzing data, firms can identify areas where they can make changes to improve efficiency and productivity.
11. Extract Meaningful Insights
KPI tools help you quickly extract meaningful insights from your data.
By visualizing your data in an easy-to-understand format, KPI software makes it easy to identify patterns and trends.
As a result, you can make more informed decisions about where to allocate resources and how to improve your business processes.
KPI software can help you track progress over time and compare different scenarios. This can be invaluable for making strategic decisions about the future of your business. With KPI software, you can gain a competitive edge by having the latest information at your fingertips.
Make sure to investigate the different KPI software options available so that you can find the tool that best meets your needs.
As we inch closer to our seven picks of the best KPI tools on the market today, let’s briefly discuss what one should look for in a KPI tool for the best results.
The Features Of A Good KPI Tool
Below are some of the most common features that you will find in dashboard software:
- Customizable Dashboards
- Data Integration
- Data Visualization
- Web Accessibility
- Automatic Alerts
- Trend Spotting
1. Customizable Dashboards
Many business executives use KPI dashboard software to measure their success. This software often includes a dashboard builder that lets firms create their customized dashboards.
The dashboards are highly customizable and may be tailored to match the needs of each organization.
Some tools also offer a range of pre-built dashboards that businesses can use as a starting point. These dashboards can also be customized to fit the specific needs of each company.
2. Data Integration
KPI platforms typically include features that allow businesses to collect information from various data sources, such as financial reports, CRM systems, surveys, and web analytics tools.
This data is then displayed in the form of dashboards and reports.
Data integration features usually include an API that allows firms to connect the software to their other business systems. This ensures that all your data is collected in one central location and that organizations can get a complete picture of their performance.
Some KPI tools also offer a data warehouse that organizations can use to store their data. This allows them to keep all their data in one place and makes it easy to generate reports.
No matter what analytics solution you are using, standard reporting features usually include a range of report templates that businesses can use to track KPIs.
These reports can be customized to fit organizations’ specific data and information.
Additionally, many KPI dashboard software tools can schedule reports to be generated and emailed to specific users regularly.
This can be a fantastic approach to make sure that everyone in the company is informed about the KPIs that are most important to them.
Reporting is an essential feature of any KPI dashboard software because it allows for tracking progress over time and identifying areas that need improvement.
4. Data Visualization
Data visualization features allow businesses to display their complex data in various ways, such as graphs, charts, and maps. This makes it easy to identify trends and patterns in their data.
Some KPI tools also offer a range of pre-built dashboard templates that organizations can use to get started with their data visualization. The templates can be customized to match the specific needs of the business.
Organizations can use the KPI dashboard to track various metrics, such as website traffic, sales figures, customer satisfaction levels, and employee productivity. KPI can be a valuable tool for companies of all sizes.
5. Web Accessibility
Users can access their dashboards from anywhere with cloud-based platforms. This is an excellent feature for firms with employees who work remotely or from different locations.
Additionally, many KPI tools offer mobile apps that allow users to view their dashboards on their mobile devices. This is a convenient way for busy professionals to stay on top of their KPIs while on the go.
Web-based and mobile access are important features in a KPI tool. The best platforms will offer both.
6. Automatic Alerts
Automatic alerts are vital to keeping your finger on the pulse of your business.
The best software will allow you to set thresholds for each metric and receive an alert whenever those thresholds are breached. This way, you can take corrective action before it’s too late.
The alerts can be sent to your email, mobile phone, or chat client so you can take action immediately.
These are very important for time-sensitive KPIs such as support ticket response times or website uptime.
7. Trend Spotting
This feature is important for companies that want to stay ahead of the curve. With trend spotting, organizations can track industry changes and adapt their strategies accordingly.
This can help to avoid costly mistakes and make the most of opportunities.
KPI can help organizations in a variety of ways. Businesses can make informed decisions that improve their bottom line by providing insights into KPIs.
If you’re looking for a way to improve your business’s performance, consider investing in KPI reporting tools.
Now that we’re done with the definition, the benefits, and the key features that make up the best KPI software, here are the seven best KPI software in 2023 that businesses should use.
The 7 Best KPI Software Tools In The Market
There are many different key performance indicator tool options available on the market. Here is a list of the best software to consider for your business in 2023:
Domo is a cloud-based KPI platform that helps businesses collect, track, and analyze data. Domo provides users with real-time data visualizations and dashboards.
Domo also offers many features, such as data warehousing, ETL, and data mining.
The software is suitable for organizations of all sizes. Domo offers a free trial and three pricing edition(s), from $83 to $190.
It is an excellent KPI dashboarding tool that is easy to use and provides a lot of features.
Tableau Software is an American company that makes interactive data visualization software focused on business intelligence. I
t was established in 2003 in Mountain View, California, and is now based in Seattle, Washington. In 2019, Salesforce acquired the firm for $15.7 billion.
It is a business intelligence software that helps you visualize data and find actionable insights to make better decisions.
It offers a drag-and-drop interface that makes it easy to create beautiful visualizations.
The Scoro is an all-in-one business management software that helps you streamline your work and get insights into your team’s performance.
With Scoro, you can easily track KPIs in one place and see how your team members are doing against your goals.
The score is an excellent choice for organizations of all sizes that need to pursue their KPIs. It’s easy to use and has a wide range of features.
SimpleKPI is an effective KPI software tool that offers insightful dashboards to help organizations track their KPIs in real time.
The software is web-based, making it accessible from anywhere, anytime.
The software is very user-friendly and easy to use. It offers a drag-and-drop interface that makes it simple to create custom dashboards.
The software also provides a wide range of pre-built templates that can be used to create dashboards quickly.
Klipfolio is a cloud-based data visualization and reporting tool that helps track your KPIs and business metrics.
Klipfolio gives you the ability to create custom dashboards and reports, so you can see the data that’s most important to you.
Klipfolio is a great option for organizations that need to manage many data. The functionality and flexibility of Klipfolio make it a great tool for organizations of all sizes.
If you’re looking for CRM software that also happens to have great KPI features, then Hubspot Sales Hub is worth considering.
Hubspot Sales Hub comes with a range of features to manage your sales KPIs, such as pipeline management, deal tracking, and contact management.
In addition, Hubspot Sales Hub also provides a range of helpful features for sales teams, such as lead generation and email tracking.
The software is suitable for small organizations and enterprise companies alike.
If you are looking for data visualization software that is both easy to use and powerful, Sisense is the perfect tool. Sisense makes it simple to take complex data and generate insights and business value.
With Sisense, you can quickly create beautiful, drag-and-drop KPI dashboards that help you visualize your data and identify trends and patterns.
The software is designed for business users and IT professionals, so it is easy to get started with Sisense regardless of your technical expertise.
And, if you need more advanced features, Sisense has a wide range of plugins that you can use to extend the software’s functionality.
If you’re just starting to learn about KPIs, you probably have some questions that you want to explore. Here, we’ll answer a few of the most frequently asked questions about KPIs and KPI tools.
All of the software tools listed above are excellent choices for organizations that want to track their KPIs.
They offer a wide range of features, they are easy to use, and they provide insightful dashboards that help you make better decisions.
Choose the best one that fits your need and start improving your business performance today!
Brian Shelton is an entrepreneur, marketer, and life-long learner committed to helping businesses achieve impactful results. He founded Grow Predictably to provide tailored marketing strategies to generate predictable, profitable growth. With over a decade of experience in the industry, Brian has helped businesses, large and small. reach their goals and drive positive change in the world.