Key Metrics And Key Performance Indicators - 939 Words

As data becomes abundant in today’s world, it is too difficult to track every single metric on a daily or weekly basis. Therefore, the best approach to provide insights and locate certain pertinent bits of data is to use a dashboard. The dashboard serves to show all of the key metrics you would like to track and their changes since the last review all in one place. Dashboards should be simple and easy to read in seconds. Dashboards that display the best metrics and key performance indicators in the best manner should serve to drive actions and decisions. (Kaushik 2010.) However, dashboards can often be created ineffectively for a number of reasons. There are no hard and fast rules when it comes to creating the dashboard as the metrics to track vary by industry, company, and even division within companies. Kaushik in his first book on analytics provides a number of guidelines to follow in order to create a dashboard that is effective and easily understood. (Kaushik 2010.) The first guideline is to always to use benchmarks to compare against your reported numbers. A number without context is just a number. It doesn’t provide the analyst with any insight because they do not know if this is high, low, average, typical of the industry, a new high, etc. Benchmarks can be used to provide context to these numbers, whether created to demonstrate the number against the company’s previous numbers or against the industries numbers or even both. (Kaushik 2010.) The second guidelineShow MoreRelatedKey Performance Indicators Of A Metric883 Words   |  4 PagesKey Terms A metric is a quantifiable measure organizations use to identify, track, monitor and assess the success of human resource or business methods. A more simple definition: metrics are numbers that indicate how well a company is performing. Business analysts use metrics to compare the performance of different companies. 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