The KPI report is the primary tool to help the organization analyze. Whether it is done as frequently as every single day or often as once a month, a good KPI report is vital on tracking the success of the organization.
In coming up with a report, two interrelated trackers are often confused: 1) the report itself and 2) the dashboard. Both the dashboard and report are useful tools in communicating the progress of a KPI. They actually complement each other.
1. KPI Dashboard
A dashboard is primarily a tool for visualization that employs a blend of charts and graphs. The KPI dashboard gives the organization an operational visual aid that shows the day-to-day performance of the KPI. By its very nature, a dashboard is meant to be understood at a glance. For example, the sales team can come up with a sales dashboard that shows graphs tracking the gross sales, net sales, resources, and revenues, among others. The metrics displayed on the dashboard may be accessible to others in the organization in order to inspire more “wins”.
2. KPI Report
Meanwhile, the report focuses on the analytical interpretation of the underlying charts and graphs in order to support the decision-making process of the organization. Technically, the report is where the analysis takes place. Questions regarding the sources of the KPI metrics or fluctuations in data may be asked with regard to a report. The reports are provided during specific points of review as planned.
Types of KPI Reports
There are different types of KPI reports, such as operational-based, strategic-based, and analytical-based reports. The organization can choose whichever report will serve their purposes best.
Analytical reports are those that provide the smallest details behind a KPI. An interactive analytical report will show individual metrics and their dynamics, while a static analytical report will show historic values. On the other hand, strategic reports try to provide an overview of the progress of a KPI including its current progress and where it is headed. It provides a clear and meaningful overall picture of a KPI. The third type of report that consists of operational reports focuses on the progress of a KPI for a particular time period.
Guidelines in Creating the Report
After selecting a type of report, it is recommended to follow the basic guidelines in creating the report.
First, an overview of the report must be created. It can be as simple as an outline that shows the objective of the report, who the audience of the report is, how the report will be used, and when it will be distributed.
Second, the KPI or particular KPIs that will be tackled in the report must be defined. Background of the KPI may be given in order to give the audience a better understanding of the report. The KPIs must answer questions such as how well the sales are performing or how the organization is growing overall.
Third, present the KPIs in the report. Similar to the dashboard, the metrics of the KPI may be presented through graphs or charts. Fourth, the report should be finalized, refined, and released. Refining a report means the report should be reviewed before being distributed in order to ensure that it is concise and relevant.