In today’s dynamic marketplace, modern CEOs must operate from a new playbook. Resilience and the ability to quickly adapt to mercurial customer demands is the name of the game. Consequently, the modern CEO must have the tools to maintain a competitive advantage.
Reliable data and actionable intelligence are essential to success in our data-driven economy. With reliable data, CEOs are better equipped to make strategic decisions that will have the greatest impact on their bottom line. In this blog, we’ll explore key tools today’s mid-market CEO must have to evolve and adapt in our fast-paced marketplace.
An executive dashboard is an essential tool for the modern CEO. Like the dashboard for your car, an executive dashboard shows where you’ve been, where you’re going, and whether you have the resources to reach your destination. Executive dashboards are customizable and provide an at-a-glance visual summary of what’s happening in each department of the business.
An executive dashboard can provide modern CEOs with greater visibility, insight, and actionable intelligence. With a clear picture of what’s happening in all aspects of your business, you can measure performance throughout your company and make ongoing improvements. Instead of waiting for the IT department to run reports, a dashboard saves valuable time by displaying the information you need. And, the ability to monitor key performance indicators (KPIs) on your dashboard means you can track your results in real-time against your strategic plan.
What KPIs to track
Without reliable data, it’s difficult to know which factors are driving your company’s success. If you can’t track these factors, it’s difficult to see whether issues improve or deteriorate. Therefore, choosing the KPIs appropriate for your company is key to tracking your progress and ensuring your company stays meets your targets. However, the right for another company may not be the right KPIs for you. Ultimately, the KPIs you choose to use should match your strategy as well as your industry. As your strategy evolves so will your KPIs.
KPIs by department
Your executive dashboard should be customized to display KPIs for each department including finance, inventory, marketing, and sales. These KPIs can help monitor your progress against each goal in your business strategy.
Finance: A company’s success is largely dependent on its fiscal health. Critical financial KPIs to monitor include current revenue, profit, cash flow, debt-to-equity ratio, and short-term assets.
Operational KPIs: The quicker you can respond to issues that may arise in your day-to-day operations, the easier they are to resolve. Operational KPIs include inventory turnover, production levels, and customer service.
Marketing Performance: Monitoring the performance of your marketing efforts can help ensure you are getting the most value for your social media, promotional campaign, and lead nurturing investments. Marketing KPIs such as cost-per-lead, lead conversion rates, customer retention, and customer lifetime value can help your marketing department stay on track from month-to-month.
Sales Performance. Busy CEOs don’t have the time to peruse pages of sales reports. Sales metrics and KPIs provide a summary of sales performance at a glance. Sales KPIs can help you maintain control of your sales department so your company thrives in today’s highly competitive marketplace. Sales revenue by customer, industry, or year-on-year, average deal size, and average profit margin are KPIs and metrics that are crucial to monitor.
At Phocas, we provide a business intelligence tool and analytics solution that gives you the information modern CEOs need to quickly respond and adapt in today’s fast-paced market. Easily track company KPIs with real-time reporting.
For more information, please download our free eBook, Executive KPIs: Top 7 key performance indictors for Executives