One Dashboard to Rule Them All
How to Unite Your Team Around Metrics
Businesses require a digital space to monitor the performance of key metrics and manage the performance of the overall company, as well as specific departments or processes. Such place is usually called analytical dashboard. However, one must ask — does your dashboard increase performance or is it just a waste of space?
Analytics as it is
Each department or specialist is responsible for their own tasks and therefore is particularly interested in only certain metrics. For example, UX designers typically follow how much time users spend on the site and what CTAs are being clicked, while content managers will care more about how users interact only with the company blog.
And only people who are closed to business decisions making understand which exactly metrics influence the business the most. If anyone in the company knew the same, business would run much faster.
However, analytical dashboards are typically designed primarily for the executives and big data experts and look like this:
For a specific department head, these overall graphs are confusing and mean next to nothing. At Statsbot, we believe analytics should be clear — provide information on the events that occurred, why they occurred, and let a team know the next steps.
Some companies display Dashboard on a TV screen or monitor in a prominent area in their workplace. But according to the survey of business leaders at the Global Leadership Summit in London, the half of people will be working remotely by 2020. So it’s becoming difficult to share analytics with remote employees and stay on the same page.
Moreover, analytics should be consistently updated and accessible from your tablet, phone, or laptop. But with modern analytics technologies such as Google Analytics or Mixpanel you need to be glued to your computer.
Some exciting solutions are out there that can address these exact issues, however they are not cheap. Additionally, they require bringing on IT or analytics experts to use and interpret — another expense that most companies just can’t afford.
Keeping the above in mind — we are happy to announce the launch of our Dashboard feature in Statsbot.
Statsbot Dashboard 101
Dashboard is the place that keeps the whole team on the same wavelength. This new feature is a customizable overview for all departments. The analyst or executive simply chooses the most important metrics and they are instantly added to Dashboard where everyone on the team can view it.
Less data-savvy employees no longer need to have specialized knowledge to make use of analytics. From Dashboard they can see in real-time how their performance impacts overall business performance. As Peter Drucker said, “If you can’t measure it, you can’t improve it.”
Statsbot’s Dashboard not only shows real-time data, but also a comparison of current performance to past performance for better context.
With Statsbot you don’t need to login into numerous analytical platforms anymore. You can have an access to your company’s data anytime, from any device.
How to start?
Launch your Dashboard with /statsbot or
dashboard command. Then navigate from one report to another easily via Slack buttons. Dashboard is also available in all channels in Slack, as well as direct messages with Statsbot.
If Dashboard of your team looks empty, simply request a specific report and press the
save button. You can also use buttons to change the range, such as time period, inside Dashboard.
Unsure which metrics to track?
Dashboard won’t be of much use you if you choose wrong KPIs to display. Start with the most important metric of your company. For most for-profit business, revenue is a key metric.
Then figure out what factors influence this key metric. A driver for revenue in commerce could be sales, for SaaS it’s subscribers, and for marketplace — transactions.
Each of these underlying metrics has its own drivers:
• Sales: average sale $ and customers
• Subscribers: average sale $ and customers
• Transactions: suppliers and customers
These are the types of drivers that should be tracked in Dashboard so you could better understand, monitor and improve them.
Other key metrics include Customer Acquisition Cost (CAC) and Lifetime Value (LTV). CAC means how much you spend on average to acquire a customer. LTV reflects how much revenue an average customer brings you over time. When your LTV is greater than CAC, you’re in business.