How Internal Dashboards Can Help Optimize Social Growth
By Simone Sandler
Source: geckoboard.com
Every business has goals for growth, retention, revenue, and other essential metrics. This is why they need to track and measure key performance indicators to know where they are in achieving their goals.
Unfortunately, many of them cannot ingest, transform and envisage large data quantities from different sources. This prevents them from accurately tracking KPIs.
However, data-driven companies have a different way of tracking and measuring KPIs than average organizations. This post tells you these unique ways of implementing modern KPI metrics tracking in your workflows. But first, let's understand what KPIs are.
What are Key Performance Indicators?
A key performance indicator measures how well your business meets its strategic goals. KPIs vary from company to company. Most businesses set their KPIs based on measurable targets for revenue, retention, and acquisition. Some teams may set department-specific KPIs to further company-wide KPIs. For example, if you’re looking at instagram likes and followers it might be something like, ‘hit seven-thousand followers by April, and still sustain a 9% engagement rate through likes’.
What is a KPI dashboard?
KPI dashboards group data by business function or strategic goal. They gather analytics on various performance indicators, giving investors an overview of the social profiles health.
Organizations use data teams equipped with powerful business intelligence platforms to create the most accurate and comprehensive KPI dashboards. However, they are easier to use. You don't need specific knowledge or experience to use a KPI dashboard. Data comes from multiple sources, such as the company's website, accounting system, and apps. The data is then loaded into a data warehouse to be visualized and explored.
Company KPI dashboards
Every company has goals grouped into various categories. Some are for specific departments, while others are for the general organization. North star metrics capture the core values that your product or company delivers to customers.
A north star metric is a KPI businesses use to measure progress. Many companies have three primary north star metrics: retention, acquisition, and monetisation.
But how does a company build North star KPI dashboards?
First, you must centralize data from multiple sources. After getting the data, you need to normalize and transform it before creating self-serve data that is easily understood.
Organization's KPI dashboard offers information and insights to drive strategic decisions without much detail.
Moreover, North star company KPI dashboards inspire teams to work towards a common goal. However, you should not rely on these internal dashboards as the only source of performance data. Every team must have customized, interactive dashboards and KPI reporting coordinating data for every stakeholder. Is your company prioritizing visibility over engagement? If so, your north star might focus on acquisition tactics with your north star being followers. Otherwise, you might look at retweets or likes on Twitter as your north star if you’re prioritizing engagement.
KPI reporting
Exploration of data in KPI dashboards is done through reporting on key performance indicators. KPI reports must be dynamic and collaborative, allowing everyone to analyze data through visually appealing graphs and charts.
Business and data teams are all responsible for developing KPI reporting—and they should do this together as a team. Data teams may create KPI reporting tools and set guidance with metrics analysis and definition. On the other hand, stakeholders will only incorporate their business knowledge into KPI reporting. As a social team, if you’re not already upscaling your skills to understand, analyze and utilize data then you really should be looking at the value of incorporating your data team or analysts.
Moreover, it's essential to speak to and understand each team's use case, dependencies, and technical ability before developing an enhanced KPI reporting workflow.
Creating KPI reports
You must have a modern business intelligence platform to develop KPI reporting and data-driven workflows. The business intelligence platform should process and visualize substantial data in near-real time. But before everything, get your data in one place. Here's how to create KPI reports.
Source: klipfolio.com
1. Choose an ETL tool
An extract, transform, load, or ETL tool pipes data from various sources to a single warehouse. First, the tool extracts data before enriching and normalizing it per best practices. You'll then need to choose a warehouse where the data will be loaded.
2. Create your most essential dashboards and reporting
Now that your data is accessible in a single warehouse, your data team can work on the most urgent requests. This basically means dashboards for every department.
Dashboard users should click on a particular metric and discern underlying report data. They should also be able to share findings and visualizations without effort.
3. Decide what internal data products to build
KPI reporting isn't just about allowing teams to view the reporting initially built for them. Data teams should create self-serve products that give non-analysts access to flexible, customisable reports.
While this may take time and care from data teams, the results are substantial.
Final thoughts
One way to instill a data-driven culture within an organization is to encourage teams to build KPI dashboards. However, you should get buy-in from stakeholders before implementing this initiative.
Moreover, KPIs metrics tracking is crucial in modern business intelligence. If done right, KPIs metrics tracking relieves the burden on your data team and gets you results faster. When sharing KPI dashboards internally, ensure you have the necessary permissions. Remember, not everyone within the organization needs access to all data.
Overall, it depends on your general business goals. In order to market my small plumbing business, I have to consider that 10 thousand followers across the US isn’t that helpful to me, but perhaps 500 local followers that can use my services in the California area where I operate is much more valuable.
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