Key performance indicator (KPI) measurement helps you manage both your financial and non-financial data in a simple, clean dashboard. It would have been impossible with just a spreadsheet. You can measure your team’s performance as a whole and individually, bringing a sense of shared accountability and informing your team to where they need to improve.
Every business is unique. While some KPIs (like cost of goods sold, for example) will be suitable for many companies, the majority of your KPIs should be bespoke.
Think of your main goals. This practice will help you to recognise the path you need to follow. Once you’ve done this, think SMART:
In Futrli, there are a few options for displaying your KPIs…
The Snapshot card
This card can display up to five metrics. When you’re tracking your KPIs, this one is the best way to get a quick view of the information you need. It can show you:
The Report card
You must monitor your report card regularly for it to be effective. Giving you insight across your business, their flexibility allows you to view any account, category, account group, non-financial data, formula (KPIs), historical and future periods for actual and/or forecast data over tailored periods.
Drill into the KPIs with the formula builder. It’ll allow you to assess a variety of key measures such as ROI, wage %s, productivity, and more. Because Futrli is so user-friendly, the KPIs you choose or your business can then be applied in dashboards or scenarios. We’ve ensured you can create dashboards for your departments, or see a full overview.
This is the longest part of the KPI measurement process. To make your results meaningful, you need to give them a bit of time to come into effect. Once you’ve got results for a couple of periods, you need to be monitoring the results and comparing them in your forecast. This will keep your business on the right track to achieving your goals.
Now you can work out your averages and compare your results. Our alerts feature can tell you when you’re not meeting targets too, so you can get back to running your business the way you want to.