If you've been using Syft for a while, you may be familiar with our Financial Health report, which provides an overall measure of your business's financial well-being. Now, we offer a new type of scorecard: the KPI scorecard.
Our new KPI scorecards empower you to measure your organization's performance with the KPIs that make the most sense to your business. You can use these scorecards to compare your performance to budgets, forecasts, or specific targets and track these metrics across multiple periods to know exactly how your business is faring and where you may want to improve.
Read on to learn all about this exciting new feature.
What's so great about these new scorecards? 🧐
The greatest thing about these scorecards is just how customizable they are. You can design as many scorecards as you'd like to illustrate your organization's health according to the criteria that suit your organization the best.
Here are some of the standout features:
Multiple scorecards and multiple period options: Create multiple scorecards and view them over a standard period or multiple periods.
Layouts for scorecards: You can designate a layout per scorecard, which is useful for unique requirements. To do this, click the ellipsis (...) at the top of your scorecard and select "Assign Layouts." You can then choose the Profit and Loss and Balance Sheet layout that makes the most sense.
Compare to budget, forecast, and target: You can compare the metrics to your budget or forecast as well as the prior year, target, and the prior period.
Customize the card: You can fully customize the appearance, from the order of metrics to headings. For instance, you could clear cards to start the process from scratch and place your most important metrics at the top.
Moreover, the visualizations use metrics from a single source, so you needn't worry about any duplications.
Note 📝: These new scorecards will replace the current Financial Health and KPIs. However, you can convert your existing KPI and Financial Health reports to the new scorecards in one click.
Plus, with the new Build and View modes, you can lay out your scorecards exactly as you would your financial statements. And the scorecard data links directly to your dashboard.
How it works 🛠️
Simply navigate to Analyze and then KPI Scorecards to get started. Choose between a standard view and a multi-period view. Then, click on the hammer icon to toggle on Build Mode.
In Build Mode, you can create a new scorecard by clicking "Create scorecard."
Choose from a selection of prebuilt templates 📑
To configure your health score, you can choose between the following templates:
KPIs
Financial Health
Sales Health
Start from scratch
Pro tip 💡: If you select KPIs, Syft will populate the scorecard based on a set of default KPIs.
Start from scratch 🏗️
Why would you choose the start-from-scratch option? Here are a couple of use cases:
If you want to create an entirely different type of scorecard where you can monitor metric-specific changes
If you want to isolate the standard sections of the financial health report on export
Add criteria ➕
You can add additional criteria to populate it with everything you need to see. To do this, simply select the "Add criteria" button. You'll then be prompted to:
Name your criteria
Select a format (e.g., currency, amount, number, etc.)
Specify decimal points to show
Create an equation
Create an explanation for the criteria
Formatting 🎨
You can also customize your scorecard's formatting by clicking the "Add format" button. You can then add headings and spacers to improve the layout of your scorecard.
Multi-period options 📅
In addition to the standard period options, you can also create scorecards across multiple periods to assess how your KPIs are tracking over a certain period of time. You can create scorecards for up to 24 months to get the full picture of your organizational progress.
Closing thoughts 💭
KPI scorecards have been a highly requested feature and with good reason! With our new scorecards, you can create custom cards to measure your business's performance, set targets, compare to budgets or forecasts, and work towards achievable goals. Why not give them a try today?