How to Build a KPI Dashboard? Top Tools to Help

KPI dashboards are essential tools for businesses seeking to make informed decisions based on real-time data.

This comprehensive guide will walk you through the basics of KPI dashboards, showcase industry-specific examples, provide a step-by-step guide for creation, and compare top tools in the market.

KPI Dashboards 101: Definitions, Examples, and Best Practices

Key Performance Indicators (KPIs) are quantifiable metrics that measure an organization’s progress towards its strategic goals. KPI dashboards visually represent these metrics, offering a quick and comprehensive view of business performance.

Define Key Performance Indicators (KPIs) and Their Role in Business Strategy

KPIs serve as benchmarks for success, allowing businesses to:

1. Align daily operations with long-term objectives
2. Identify areas for improvement
3. Make data-driven decisions
4. Monitor progress towards goals

KPI dashboards offer advantages across all levels of an organization:

1. Executive Level: Provide a high-level overview of company performance and aid in strategic decision-making.
2. Management Level: Enable department heads to track team performance and allocate resources effectively.
3. Operational Level: Help employees understand their impact on company goals and motivate performance improvements.

Core Components of Effective KPI Dashboards

An effective KPI dashboard consists of several key elements:

1. Relevant Metrics: Choose KPIs that directly relate to your business objectives.
2. Clear Visualizations: Use charts, graphs, and tables to present data in an easily digestible format.
3. Real-Time Data: Ensure your dashboard updates automatically with the latest information.
4. Customizable Views: Allow users to filter and drill down into specific data points.
5. Benchmarks and Targets: Include reference points to contextualize performance.

Guidelines for Selecting Relevant KPIs for Different Business Areas

When choosing KPIs for your dashboard, consider the following:

1. Align with Business Objectives: Select KPIs that directly relate to your organization’s goals.
2. Focus on Actionable Metrics: Choose KPIs that can drive decision-making and improvements.
3. Balance Leading and Lagging Indicators: Include both predictive (leading) and results-based (lagging) metrics.
4. Limit the Number of KPIs: Focus on 5-7 key metrics to avoid information overload.
5. Consider Your Audience: Tailor KPIs to the needs and responsibilities of the dashboard users.

Principles of Effective KPI Dashboard Design

To create impactful KPI dashboards:

1. Use Appropriate Chart Types: Choose visualizations that best represent your data (e.g., line charts for trends, bar charts for comparisons).
2. Apply Consistent Color Schemes: Use colors strategically to highlight important information and maintain visual harmony.
3. Organize Information Logically: Group related metrics and arrange them in a logical flow.
4. Incorporate White Space: Avoid cluttering your dashboard by leaving adequate space between elements.
5. Provide Context: Include benchmarks, targets, or historical data to give meaning to current metrics.

Example KPI Dashboard: Pipeline Creation Dashboard

The Salesforce Pipeline Creation Dashboard offers a definitive view of pipeline creation, replete with visualizations, inside your Google spreadsheet. Now you can track how your reps and teams are generating pipe, based on your live Salesforce data, all from your Google spreadsheet.

Monitor critical sales KPIs by day, week, or month, so you can modify sales strategy, augment sales qualified opportunities, and drive more revenue. Download the free Salesforce dashboard below!

Download Salesforce Pipeline Creation Dashboard

How to Build a KPI Dashboard: Step-by-Step Guide

By following these steps, you can create a powerful KPI dashboard that provides real-time insights into your business performance.

Step 1. Install Coefficient:

https://www.youtube.com/watch?v=pbXa8zCZ_ss

Step 2. Set Up Data Connection:

• Open your spreadsheet and launch the Coefficient add-on.
• Click “Import Data” and select your data source (e.g., Salesforce, HubSpot).
• Authenticate and connect your account

Step 3. Import Live Data:

• Choose “From Objects & Fields” in Coefficient
• Select relevant fields (e.g., deal status, value, close dates)
• Set up filters or custom queries to refine your data import

Step 4. Design Your Dashboard:

• Start building your dashboard by creating charts or graphs for each KPI. For example, if you’re measuring website performance, import the relevant dataset from HubSpot into Google Sheets using Coefficient.
• Select the desired data range and create a Combo chart using the Chart editor sidebar. Customize the elements like titles, axes, and gridlines accordingly

Step 5. Create KPI Metrics Visualizations:

• Use appropriate visualization formats for each KPI. For example, a gauge chart to show won leads or deals, and line charts for trends over time.
• Each chart can represent different aspects like sales performance, email list performance, number of social media followers, etc

Step 6: Set Up Automated Updates

• Go to “Dashboard Settings.”
• Configure the update frequency for your data sources.
• Set up email notifications for important metric changes or thresholds.

Top KPI Dashboard Tools Compared: Finding the Right Fit for Your Business

While Coefficient offers robust KPI dashboard capabilities, it’s essential to understand the landscape of available tools. Here’s a comparison of popular KPI dashboard solutions:

1. Coefficient

Features:

• Pre-built templates for various industries
• Real-time data integration with multiple sources
• Customizable dashboards and widgets
• Automated reporting and notifications

Pricing: Starts at $29/month for the Basic plan, with custom pricing for Enterprise solutions.

Best For: Businesses looking for a flexible, user-friendly solution that integrates seamlessly with Google Sheets/Excel and various data sources.

2. Tableau

Features:

• Advanced data visualization capabilities
• Robust data connection options
• Powerful analytics and forecasting tools
• Mobile-friendly dashboards

Pricing: Starts at $70/user/month for Tableau Creator, with additional options for Viewer and Explorer licenses.

Best For: Large enterprises with complex data analysis needs and dedicated data teams.

3. Microsoft Power BI

Features:

• Tight integration with Microsoft ecosystem
• AI-powered insights
• Customizable dashboards and reports
• Embedded analytics options

Pricing: Starts at $9.99/user/month for Power BI Pro, with a free tier available for basic use.

Best For: Organizations heavily invested in Microsoft products and seeking a cost-effective solution.

4. Google Data Studio

Features:

• Free to use
• Easy integration with Google products
• Collaborative report editing
• Customizable dashboards and data visualizations

Pricing: Free

Best For: Small to medium-sized businesses already using Google Analytics and other Google services.

5. Zoho Analytics

Features:

• AI-assisted data analysis
• White-labeling options
• Embedded analytics
• Cross-functional dashboards

Pricing: Starts at $24/month for 2 users, with a free plan available for basic use.

Best For: Small to medium-sized businesses looking for an affordable, feature-rich solution with AI capabilities.

When choosing a KPI dashboard tool, consider factors such as:

• Your organization’s size and budget
• Required data sources and integrations
• Level of customization needed
• Ease of use for non-technical users
• Scalability and growth potential

Getting the Most Out of Your KPI Dashboards

KPI dashboards are powerful tools for driving data-informed decision-making across all levels of an organization. By understanding the basics of KPI selection, dashboard design, and tool capabilities, you can create impactful visualizations that guide your business towards its goals.

Remember to:

1. Choose relevant KPIs that align with your business objectives
2. Design clear, visually appealing dashboards that tell a story with your data
3. Regularly review and update your dashboards to ensure they remain valuable and actionable
4. Leverage the right tools to create and maintain your KPI dashboards efficiently

Whether you’re just starting with KPI tracking or looking to enhance your existing dashboards, Coefficient offers a range of solutions to meet your needs. From pre-built templates to customizable widgets, Coefficient empowers you to create powerful KPI dashboards that drive business success.

Ready to take your data analytics to the next level? Get started with Coefficient today and transform your approach to KPI tracking and visualization.