Key Performance Indicators (KPIs) can be tricky to understand, particularly if you're sifting through vast amounts of data. It can also be difficult to interpret what all of the different variables and outputs mean in context. Collecting the required data in the first place is also a challenge. If you're logging a lot of separate metrics, it can be difficult to present them in an informative way.
Today, specialised software takes the strain out of data collection, management, and interpretation by automating, collecting, calculating, and simplifying a lot of the functions that are conventionally used to interpret KPIs. Software can simply complete a few tasks that are difficult with manual systems. Here's our guide to why dedicated software suites are the best option when it comes to KPI management and monitoring.
KPI software suites can instantly output data as a bar, line, or pie chart to provide easy overviews of measured factors at a glance. Otherwise bland figures can be presented in an attractive, and eye-catching way, through the use of visual features such as gauges.
Advanced software can adjust KPI results and projections as the data comes in. This up-to-the-minute stream of information can be used to set new future targets. As changes are implemented, data monitoring shows the effects in an accessible, user-friendly way.
Automated KPI processes
By using alerts, KPI software can be instructed to carry out orders if certain conditions are met and can monitor incoming data for risks and opportunities. For example, an automated KPI profit warning might trigger a prompt to start restructuring your organisation, or to review the way that your products are being sold.
Data analysis software can be linked to a wide variety of electronic sources. KPIs can be tracked over time, clearly showing current progress relative to anticipated targets.
The need for manual data entry can be eliminated from many tasks such as absence monitoring, timekeeping, financial monitoring, health and safety assessments, footfall, and employee attendance.
KPI software is now sophisticated enough to narrow down performance data to individual workers. Personal employee performance can be isolated and assessed against organisational KPIs from wider data feeds. Please bear in mind that standard data use and consent laws will always apply.
One great advantage of computers is that they can store and instantly query vast amounts of data. Data analysis programs simplify metric searching eliminating tasks that would have taken hours if done by hand.
Most KPI suites have an option to include plans for the long-term development of a business, incorporating secondary features such as strategic goals, business programmes and projects, and risk assessments. Combined with KPI data, this information allows managers to see exactly where their company is on the journey towards their objectives.
Did you know that KPI software can now use remote cloud storage and login access? Through storing the KPI database remotely, users across the world can quickly access and add to a shared project or business plan. Remote storage also reduces the risk of catastrophic KPI data loss by creating automatic backups.
If you think that KPI software is the right choice for your business, contact Clearview today. Our best-selling modular KPI monitoring software lets you glide through data management, interpretation, and implementation with ease.
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