In a recent customer survey we asked how many unique key performance indicators (KPIs) they use in their company. We had choices from under 10 KPIs to over 1,000 KPIs. This chart shows the results of the survey.
A common reason given for having less than 10 KPIs is “we limit the number of KPIs so we can focus”. This has been considered a best practice but is it still?
The amount of data available to a company is increasing at a shocking rate of growth. From company metrics to social sentiment the data can be daunting. Our Executive Management Platform (EMP) at Domo helps business leaders be more agile and efficient in business. Most of our new customers using our EMP are using more than 50 KPIs. This gives a much broader view of their company at leadership levels. Is this a new best practice? Do business leaders need to be on top of more performance measures in this world of limitless data or is focus the way to success? What do you think?
I am in the camp that we need better tools that help business leaders track more business metrics, find early trends that then leads to faster and more informed decision making. I hope you will share some of your thoughts.