What is the purpose of sales dashboards? What kinds of information should they include?
In this article we share with you 5 key types of dashboards:
- Sales overview dashboard
- Sales pipeline dashboard
- Sales commission dashboard
- Motivational scoreboards
- Self-serve analytics dashboard
Some sales teams have all of these, while others choose a select few.
Either way, the main benefit of a sales dashboard is it provides you with instant information about performance, processes and activities. You should be able to easily find the information you are looking for. Better insight leads to better results.
Let’s look at the different types:
Note: These are just examples. With business intelligence software you can customise dashboards to match the needs of your specific buying processes, metrics and user groups.
Sales Overview Dashboard
They provide information on different levels, from company-wide through to individual.
Because the underlying data is picked up directly from a CRM, purchasing system or other relevant database, figures are always up-to-date.
Some examples of key figures and reports which you may want to include on your overview dashboards include:
- Sold vs. budget and forecast
- New opportunities (value)
- Total sold (value)
- Opportunities due to close (value)
- Accumulated revenues vs target
- Top 10 performers vs targets
Sales Pipeline Dashboard
Sales pipeline dashboards help you understand where opportunities are coming from and how they are developing.
They provide current view of data, helping you track progress and ensure all possible opportunities are handled in the best way possible going forward. They also provide historic information, so you can look back to see how your pipeline (or multiple pipelines) is growing or shrinking, and use this data to generate even better results.
Sales pipeline dashboards often include:
- Open sales by stage
- Sales velocity metrics
- Pipeline by close date
- Pipeline fill versus requirements
- Activity reports
- Opportunities missing activity
- Forgotten activities (planned but not executed)
- Long or short term pipeline history
Sales Commission Dashboard
Commission dashboards calculate earnings based on the bonus structure and return the results on graphs and tables. Instead of doing manual calculations in spreadsheets, commissions are calculated automatically.
The dashboard tool should support you, whether you have a basic or flat commission model or have tiered calculations using advanced formulas.
A system administrator decides who can access the commission reports, the same way as other dashboards.
Commission dashboards can report and filter data for almost any time period or level:
- Commission per category or org. unit
- Sale commission per period
- Earnings per person
Scoreboards are specific types of dashboards used to showcase achievements and reinforce desired behavior.
They can show new customer wins, present standings of a sales contest or highlight achievements, like who has hit a specific goal or target.
When scoreboards are streamed to strategically placed TV screens or monitors, they can have an extra motivational effect and help to keep everyone involved.
To work effectively, each element is carefully developed for maximum effect. This means:
- Function and design is fit to purpose
- Calculations are automatic
- Information is updated dynamically
Self-service dashboards enable leaders and managers to run their own queries to company databases and navigate multiple layers of information – without needing technical skills.
System administrators set up access to dashboards so that users only see information they are authorized to view.
In the example below, sales managers can tap into order, purchasing or payment data to understand customer demand, optimize product mix, adjust pricing or identify cross-selling or upselling opportunities.
Here’s how it works:
- select relevant filters
- choose grouping
- export results to other formats like Excel or Powerpoint
How to set up your dashboards
Now that you’ve seen some dashboards, you may be wondering how you can get one.
There are many software tools on the market, but the general process is the same for all:
- Define your KPIs and metrics
- Connect to data
- Build reports or modify standard reports
Once dashboards are set up, you can continue to fine-tune them.
The important thing is to get started, use a free trial to learn more about how they work.