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The need for business intelligence KPIs

The need for business intelligence KPIs

Key Performance Indicators, or KPIs for short, are important metrics when evaluating goals over time. KPIs play a vital role in the operation of any business, whether it be revenue or manufacturing output. High-level KPIs are implemented as an overall performance indicator of a company, while low-level KPIs may measure the efficiency of departments or staff.

By combining KPIs and Business Intelligence (BI), it is possible to create realistic, accurate performance numbers for your business. This eliminates the need for project managers and the heads of departments to manually analyse company performance and adjust KPIs accordingly on a constant basis. BI generated-KPIs also lead to an overall smoother operational process for businesses.

Setting up Business Intelligence KPIs

If you’ve ever had to plan out KPIs in a medium to large-size business, you know that it can be a difficult undertaking. Generally, in a small business, the main KPIs are turnover, output, and profit. However, as soon as a business grows, other factors, including new clients and staff retention, become leading metrics. And if you calculate any of these numbers even slightly wrong, they can throw off entire projections and deliverables. No one wants to work towards an unattainable goal.

However, there is an easier way to compile KPIs: business intelligence. With the use of BI, like the Qlik associative engine, it becomes easier to peer into the inner workings of your business. For example, if you operate an ecommerce company, you could combine historical Black Friday sales data from the past few years and combine it with the number of parcels your logistics company delivered over the same period. The two data points can generate an accurate portrayal of how many parcels you can realistically dispatch over the retail holiday.

It’s tempting to project and set goals for double, triple or even eight times your company growth in a year, but growth isn’t a steady increase and not every company is a unicorn. It’s a combination of lows and highs that humans don’t always want to look at.

Using KPI dashboards

Businesses need an easy, yet robust way to display KPIs to users and other stakeholders – that’s where dashboards come into the picture. It doesn’t matter if you have set revolving KPIs or once-off goals, by implementing data dashboards, it’s easy to gain a complete view of all of your company’s KPIs.

With the use of Qlik’s association engine together withVizlib’s robust library of features, creating KPI-based dashboards is simple, and something all data users can confidently execute. . By adding Vizlib Library to your BI dashboard, you can create visualisations of your KPIs that are easy-to-understand by everyone in the company, not to mention a variety of different graphs, such as Bar and Line charts for intuitive insight discovery.

Vizlib Library can be used by employees to compare data from a range of data sets. One of the latest Library extensions, Ridgeline Plot, provides a great solution for analysing trends over time, for instance.

Do you want to put your business intelligence KPIs to the test? Contact our friendly sales team for a Vizlib demo today.