How to Build an Effective KPI Dashboard That Drives Results
Ensuring your products are available in stores when consumers are looking for them is critical for the success of your CPG brand. But how can you be sure your efforts to improve On-Shelf Availability (OSA) are effective across multiple stores and regions?
The answer is data. You need visibility into the right information at the right time to make informed decisions. Building a dashboard that can integrate with all of your systems in real-time and track KPIs is one of the best ways to do this. But this is not an easy task. Here are some of the critical lessons we’ve learned while designing similar solutions for leading CPG organizations.
1) Business needs should drive the process
You may have heard the saying, “If you don’t know where you are going, any train will get you there.” This concept is exceptionally accurate when it comes to developing a solution that relies heavily on technology. If you don’t start by defining your business goals, it is easy to lose focus on what is important.
Many organizations set out to solve a business problem, but end up making decisions based on what is best for IT, which leads to subpar results. When it comes to building a dashboard for measuring OSA, you need to clearly define the KPIs that are important and how your tool will impact ROI, then make sure these decisions drive the entire process, including the technology you select for the project.
2) Your tool should evolve over time
In the world of business, just about everything is in a constant state of flux. Over time your needs will change, your partners will change, and the market will change. If you design your tool as a rigid structure, it will soon be out of date and unable to provide meaningful value. Instead, you should think of your solution as an evolving sandbox that can shift to fit your needs over time.
When it comes to your dashboard, adding new brands, categories, or channels may require you to rethink your entire approach to measuring KPIs. By following an agile approach, you can plan, build, and utilize your tool until the situation changes. Then you can quickly adjust your plan, make necessary modifications, and continue to use the tool.
3) Expertise in data Integration is critical
Building a solution that measures fact-based results in real-time typically requires integrating several systems. For example, many of our clients request dashboards that aggregate POS, Syndicated, Self-Reported, ERP, Promotional, and other relevant data streams. Bringing all of these information sources together and properly maintaining them requires experience and unique skills. You can either hire a team or find a third-party vendor to provide the expertise needed to succeed.
4) You don’t have to go it alone
If your organization doesn’t have the resources or skills to build and maintain a dashboard internally, there are third-party vendors who can help. Look for a partner with a track record of building successful solutions that provide a clear ROI. As mentioned before, they must have subject matter expertise and be able to respond immediately as changes occur.
Here at RW3, we have years of experience helping leading CPG companies grow their bottom line by collecting and analyzing data from a host of disparate sources. If you are looking to build a dashboard to monitor OSA, we would love to have a conversation to learn more about how we can help.
Latest posts by Bruce Nagle (see all)
- Three Ways to Enhance Your Category Insights – Improving Retail Execution in 2021 - January 6, 2021
- COVID Strikes Back – What’s Coming Next? - November 16, 2020
- How COVID-19 is Shaping the Future of E-commerce - October 2, 2020
Comments are closed.