Business Dashboards Key Terms
Important terms you'll encounter as you investigate business dashboard programsIf you want a quick and easy way to monitor how your business is doing, then a business dashboard may be just the tool you're looking for. There are lots of software programs on the market that can help you with this aspect of running your business, so you don't have to invest the resources to develop your own. By purchasing the software, you won’t have to “re-invent the wheel,” and you can take advantage of others' experience and expertise. As you investigate the various dashboard programs that are available, you'll need to become familiar with some of terms you'll run across in your research.
Key performance indicators (KPIs)
Business activity monitoringBusiness activity monitoring (BAM) software can help business owners manage all the activities they have defined as important and relevant for success. A business dashboard is one way to do business activity monitoring.
Operating expensesOperating expenses, also known as OPEX, are the ongoing cost of running a business. This includes expenses related to things such as sales and administration as well as research and development. A business dashboard should include operating expenses.
Target income salesTarget income sales are the sales that the business needs to achieve a certain level of revenue or income. Business dashboards usually include a measure of target income sales.
Gross profitGross profit or sales profit is the calculation of sales before the costs of making a product or providing a service (including overhead, payroll and taxes) are deducted. Business dashboards should include this metric.
AbsenteeismAbsenteeism is a measure of how much productive time a business loses when employees are sick or otherwise absent from work, excluding vacation time. Business dashboards usually track this important metric.
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