Main goal of businesses is growth. To make the growth you need ambitious and actionable goals. However, how to plan and manage if you don’t understand where you are now?
For this purpose businesses need analytical dashboards to track the real state and goals achievement.
Goals will be your roadmap through time: knowing where you are now, you may want to get somewhere.
In case of sales we have the same situation. From one side, such goals are difficult but they become more impossible without knowing your state right now.
What is a Sales Dashboard?
Sales dashboard is your visual representation of sales data for the periods. Having it, any dashboard owner or salesperson can filter information, choose time periods, add real-time data and even create new dashboards.
This dashboard gives a real picture of your key performance indicators (KPIs). According to the name these are common metrics to track which show the effectiveness of work. Choosing KPIs is a real art and serious process which demands your update over time.
The metrics in sales dashboard may include:
- Conversion/win rate
- Average deal size
- Revenue, and sales funnel leakage
- Gross profit = Sales profit – cost of goods sold (works, services)
- Marginal profit = Revenue - Variable Costs
- CoGS = cost of goods purchased from supplier + direct costs // Cost of retailer net purchases, including any shipping + reduction in inventory OR minus increase in inventory
- Net profit = Revenue - Cost of goods - Management and selling expenses - other expenses - taxes
- Profitability of sales
- Operating Cash Flow = Net income - Non-cash expenses (Amortization, Impairment) - Interest (paid) on loans - Income tax
- Receivables turnover
- Accounts payable turnover
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Using the vital KPIs numbers of a team’s progress the workflow can be managed toward goals and revenue targets. Decision makers can even see issues before they grow to huge problems and manage the processes.
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What does the sales dashboard show and what is it for?
Sales dashboard provides a visual representation of your most recent performance metrics or sales analysis in sum, quantity and often cost of sales, gross margin and calculated margin percentage.
Sales dashboard is a general type of dashboards.
Sales dashboards can be different for each industry plus type of analysis you need.
It gives you a concise view of results-based reports which can reflect sales by dates, in the regions, branches, KPIs, sales growth, and so on.
Main breakdowns could be:
- dynamics
- organizations
- of vendors / clients
- projects
- lines of business
- departments
- product groups
- order statuses
- services
- sales managers
General types of analyzes are not just the fact, but comparison of fact and last year, fact and plan, fact and last month, fact and deviations.
What are the target roles and dashboard users?
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Sales dashboard can be used for the key persons connected with sales. Its target roles and users positions in the organization are:
- SFO
- SEO
- financiers
- managers
- head of sales
- sales managers
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“Sales dashboard is an important dashboard for the start of business analytics implementation, because sales are the base of business” – says Volodymyr Bondarchuk, finance consultant of Cobit Solutions Power BI agency with 10 years experience in finance and consulting of large companies and holdings, experience in IFRS.
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Other types of sales dashboard:
These dashboards show metrics you regularly review in your company, one-on-one meetings, and among your sales team. Moreover there is no one pattern of a sales dashboard, so you need to know how your team will use the dashboard.
They can be tailored up to specific needs of the industry and dashboard owner. If you need to see who’s performing the best out of salespeople – sales leaderboard dashboards can help. It typically includes data on the number of completed activities such as calls, emails, and meetings, new leads, deals, and customer retention numbers.
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