Just like businesses, KPI dashboards come in a wide variety of sizes, shapes and functions. However, we’ve found that they tend to fall into one of six categories—based on the challenges they help overcome.

Read more: Harnessing KPIs for Better Business

The Integrator

“Michael’s enterprise has been using Xero, MYOB or one of the other popular pieces of accounting software currently available. These programs have provided him with a wealth of information, and he is looking for a way to leverage this valuable data further.”

KPI dashboards are fuelled by data, and accounting software is a veritable buffet of insights for them. If you have already invested in a programme like Xero or MYOB, look for a KPI dashboard that can integrate easily with your established accounting software.

The Consolidator

“Joan, the CEO of a medium-sized enterprise, has a problem. The company she is responsible for has expanded to the point that it has multiple offices and outlets, and the data she is getting from her finance software has become unwieldy.”

Whether you have a group of offices, departments or even multiple businesses, the right KPI dashboard for your situation must include the ability to consolidate multiple streams of information into a single, sleek set of information. You need group reporting options to take better control of your analytics.

The Variance Fighter

“This export business is booming under Zhang’s leadership, but the last couple of quarters have had a series of hiccups resulting from changes in currency values, as well as local production problems. Under such circumstances, Zhang is looking for a way to get cash flow under control.”

If this sounds familiar, then variance analysis capability for your dashboard is a must. This allows you to see how much deviation or change there has been in your business forecasts so far, and to act and bring these metrics back into line. The size and frequency of variances are important— these are signals to revisit your wider business strategy.

The Analyser

“CEO Anaya has seen her company grow from strength to strength, and she now has a significant number of staff working under her. However, the dashboard software that was initially set up is now producing bulky reports that she and her team leaders simply don’t have time to read through. She needs different reports for different levels of team managers.”

Each and every single layer of your business needs the right KPI reports to work with. An analyst won’t benefit from a broad overview as much as a CEO would, and a CEO simply doesn’t need to see the nitty gritty of an in-depth single-area report. It’s all too easy for people to fall into the trap of information fatigue. For the analysers out there, a KPI dashboard with multiple reporting as a feature is worth its digital weight in gold.

The Acrobat

“Riding every trend wave is what Rob does best. He has been fighting to keep up with every major change in the tech industry, in the law and in society—both domestically and abroad. His success has paid dividends, and he aims to remain agile in the future as well, as his business positions to enter new markets and product ranges. He is looking for a dashboard that can keep up.”

Businesses that operate in industries and markets that require them to continually evolve need to have flexible KPI dashboards. In Rob’s case, decisions centred around adjusting his business model need to be backed by various feasibility studies that incorporate three, five and sometimes seven year forecasts. Many out-of-the-box programmes simply don’t have this capability, so agile business leaders may want to aim for a tailored, adjustable program that can give them the reporting they need.

The Grower

“Over the last year, Jasmin’s business has grown rapidly. Her turnover has grown alongside her success, but she has quickly come to realise that more and more of her cash flow is getting caught up with debtors, creditors or tied up in equipment or inventory. Her business’ own growth is starting to strangle it.”

Rapid growth can be a good thing, but only if your cash flow can keep up and stop you from getting crushed under your own weight. Had Jasmin implemented a KPI dashboard, she would have been able to understand where growth was being driven from, and make better informed decisions to ultimately avoid the stranglehold around her business.

Chances are, you’ll be dealing with more than one of the scenarios we’ve listed here. Make sure you get in touch with the team at Bellingham Wallace for advice on the tailored KPI dashboard that your business needs to succeed.

For more tips and tricks on KPIs and KPI dashboards, read our free eBook available below.