“You cannot manage what you cannot measure” are the famous words of management guru Peter Drucker. In today’s competitive business environment, this statement continues to ring true. A common way to measure success is Key Performance Indicators. KPIs are actionable metrics that organizations use to measure their effectiveness at hitting goals or objectives. They help keep strategy on track and manage desired business results.
Historically, KPIs have often been tracked in spreadsheets and scorecards distributed monthly, quarterly or, yearly. Digital signage and mobile apps combined with real-time data eliminate the wait. Now it is possible to put KPIs at everyone’s fingertips. As a result, adjustments and course corrections can be made before a small problem becomes a big issue.
Why use digital signage to share KPIs?
Digital signage provides three advantages that your offline spreadsheet does not. First, it allows you to automate the sharing of KPIs. Integrate a variety of data sources with your digital signage software to create a visual KPI dashboard.
Secondly, real-time monitoring allows you to highlight potential problems and address them before affecting your business. It also allows you to leverage the insights to help shape your business strategy.
Lastly, extend the reach of your KPIs. Customize your KPI dashboard by department, location, and more. Be confident you are sharing the correct metrics with the right people on the right screen. Put information at the fingertips of all employees who need it.
Popular KPIs
Think about how you measure success in your business. What metrics do you want managers and/or employees to have access to? Identify 5-10 KPIs for each department that will provide the best visibility into how your business is doing. Popular KPIs to track include:
Sales
- sales targets
- sales growth
- number of opportunities
- sales per rep
- avg sales cycle
- lead conversion
Marketing
- marketing qualified leads
- sales qualified leads
- customer acquisition cost
- website traffic
- social media followers
- social media engagement
- click-through rate
Finance
- accounts receivable and accounts payable turnover
- operating cash flow
- net profit margin
- revenue growth
- EBITDA (earnings before interest, taxes, depreciation, and amortization)
- earnings per share
- budget variance
Human Resources
- absenteeism rate
- utilization rate
- overtime hours
- employee satisfaction
- employee turnover
Customer Service
- number of calls/inquiries
- average response time
- first call resolution
- unsolved support tickets
- net promoter score
Manufacturing
- capacity utilization
- overall operating efficiency
- machine downtime
- inventory turns
- quality
Learn more about integrating KPIs into your digital signage. Watch our KPI Dashboard video!
