To run a successful business, it is essential to track your Key Performance Indicators (KPIs). This is where KPI software comes in. This software helps you track and analyze your business data to create insightful dashboards. This article will discuss what KPI software is, how it works, and the benefits of using it. We will also introduce you to 7 of the best KPI software tools on the market today!
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 software collects 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 KPI dashboard software tools that organizations can choose from on the market. KPI 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.
Common features of KPI software
Below are some of the most common features that you will find in KPI software:
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 software 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 software typically includes 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 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.
Standard reporting features usually include a range of reports 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 tool 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 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 KPI software 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 smartphones or tablets. 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 software.
Benefits of KPI software
There are many benefits of using KPI software. Here are some of the most important ones:
1) Helps Evaluate Business Performance
One of the most important benefits of KPI software is that it helps firms evaluate their performance. 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, KPI software 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 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 KPI software is that it provides measurable results. 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. 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 collected by KPI software 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.
Additionally, firms can use KPI data to follow their progress towards goals and objectives. The data can also identify areas where the business is falling behind and take corrective action.
6) Improved Customer satisfaction
KPI software 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 KPI 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.
By understanding their sales data, 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 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 KPI software is that it can give a competitive advantage. The software can be used to collect and analyze data 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 software can also be used to solve problems proactively. By collecting data, 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.
Best KPI Software's
There are many different KPI software options available on the market. Here is a list of the best software to consider for your business in 2022:
Domo is a cloud-based KPI software 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 software that needs to trace and analyze data in real-time.
Tableau Software is an American company that makes interactive data visualization software focused on business intelligence. It 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 score 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 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 a KPI 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 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.
These are the seven best software to create insightful dashboards in 2022. Choose the best one that fits your need and start improving your business performance today!