Many businesses find a number of KPIs useful. These ratios can be used in two ways to gain important insight:
- By comparing to the same ratio in previous periods (this allows for measurement against a pre-determined goal, or to look at movement in the “right direction”).
- By comparing to other similar firms. A spreadsheet can be used to track and graph these KPIs over time and/or against comparative firm information — to create a dashboard for your feed and grain business.
Utilizing KPIs with financial ratios can provide the important insights needed to achieve your and your board's goals for your grain and feed business. KPIs can also assist your bank and others with understanding the business's performance. In today’s fast moving agribusiness world, feed and grain managers need the information a thoughtfully constructed KPI dashboard can provide.
KPI dashboard resources
There are a number of companies which provide “real-time” dashboards online. Below are several unendorsed recommendations:
Domo offers a platform that claims to “empower your entire team with data insights in real-time, cloud-based dashboards.”
Zoho Analytics provides users with a dashboard creator, which they indicate can create insightful business dashboards, help track KPIs and enhance collaboration with colleagues by sharing your dashboards for easier data analysis.
Datapad emphasizes saving businesses time by eliminating complicated dashboards and shifting to proactive business analytics.
Kentucky Small Business Development Center has created a resource (video) on building your own business dashboard, as well.
A well-designed KPI dashboard empowers feed and grain managers with the insights needed to drive efficiency, profitability, and long-term success in an increasingly fast-paced agribusiness landscape.
Dr. Foltz is Professor Emeritus, The Ohio State University, Columbus, OH and Dean Emeritus, College of Agricultural and Life Sciences and Professor, University of Idaho, Moscow, ID. Dr. Akridge is Trustee Chair in Teaching and Learning Excellence and Professor, Department of Agricultural Economics, and Provost Emeritus at Purdue University.
