Performance Dashboard is a performance management system that enables organizations to translate their strategies into specific objectives, metrics, initiatives and tasks. It usually uses key performance indicators to measure the status of a strategic activity against tactical operations and tasks needed to achieve this activity.
Performance dashboards communicate the status of strategic activities and processes and allow businesspeople to measure, monitor, and manage strategic performance.
A typical performance dashboard provides three main sets of functionality, as follows:
- Tracking critical business processes through using various metrics of business performance. The system alerts users immediately when a problem arises
- Analyzing the root cause of performance problems through exploring relevant and timely information from multiple perspectives. Users are enabled to analyze problems at various levels of detail
- Managing resources and processes to establish informed decision making, optimize performance, and setup right direction. It helps build strategic plans and implement tactical decisions.