If you've been using Syft for some time, you may be familiar with KPI scorecards, a powerful analytics tool that enables you to monitor your organization's performance according to critical business metrics. We've recently enhanced this feature to offer further customization, at speed.
If you're on the Advanced plan, you can access to an array of templates for KPI scorecards to accelerate the process of building scorecards. Choose from a host of different templates to measure the metrics that are most important to your business or your clients' businesses.
Let's take a look at what this entails.
New templates 🥳
Previously, the templates you could work with were Financial health and Sales health. While these are still available, we realized that there are many other metrics that are just as important to your business. So, we've added three new templates to improve your scorecard creation. The new template options are:
Working capital: which includes working capital metrics, liquidity indicators, turnover efficiency, and time-based efficiency
Cash management: including cash management metrics, cash generation activities, and operational efficiency metrics
Profitability: which includes core profitability metrics, break-even analysis, and profitability margins
In addition, the old KPI and Financial health templates have been merged so that you get the best of both worlds - in one place.
Note 📝: If you are on the Standard or Plus plans, you can only create one KPI Scorecard. However, with the Plus plan, you can make comparisons to budgets and forecasts and can add KPIs to your scorecards. To unlock the full functionality of this feature, upgrade to the Advanced plan.
How does this work? 🧐
To create a new KPI Scorecard using a template, navigate to Analyze > KPI scorecards and click the + icon. This will open a dialogue box where you can select the relevant template. Once you've chosen the template you'd like, click "Use template." This will then redirect you to a scorecard based on that template.
You can proceed to:
Change the Scorecard's name by clicking on the pencil icon
Set this as your default Scorecard by clicking on the star icon
Assign layouts, duplicate, or delete the Scorecard by clicking on the ellipsis (...)
To switch between scorecards, click on the drop-down arrow next to the Scorecard's name and select the Scorecard you would like to see.
Options 😁
As with other scorecards, you can toggle between View Mode (the eye icon) and Build Mode (the hammer icon) to configure your Scorecard. In Build Mode, you can:
Add criteria
Add formatting
Drag and drop criteria into different positions
Edit criteria by clicking on the pencil icon
Delete criteria by clicking on the delete icon
Tick the checkbox next to an item to edit, indent, or unindent that item
In View Mode, you can:
Compare your Scorecard to a target, budget, or forecast (if you are on the Plus or Advanced plan)
Compare your Scorecard to the prior period or prior last year
Hover over the magnifying glass icon next to a metric to see the equation of which it is composed as well as an explanation of that metric
View the importance of each metric
If you set targets, you can:
View the health status and score, based on metrics in your Scorecard
See how many targets have been achieved
If you are looking at the prior period or prior last year, you can:
See the trends of key metrics over that time
If you compare to budget or forecast, you can see:
How many KPIs are above budget or forecast
How many KPIs are below budget or forecast
The trend of your current assets
Pro tip 💡: You can choose which budget or forecast you would like to compare your KPIs to. Simply click the drop-down arrow next to the budget or forecast's name to change to your desired budget or forecast.
Closing thoughts 💭
Running a business is time-consuming. You don't want to spend ages building out scorecards for basic metrics such as those from your working capital report. That's why templates are here - to save you time and help you unlock the insights you need to make vital business decisions today. So why not give them a try and let us know what you think?