In Databox, you can leverage the Benchmark and Forecast features to determine what metrics require attention and how they are projecting based on past performance.
Use Benchmarks to identify metrics that require most attention
The Benchmarks feature provides data on thousands of companies, allowing you to gain insight into the performance of all companies in the database or narrow it down to specific groups of companies based on size, revenue, and industry. This can help to understand how your metrics compare to other companies. Read more about Benchmarks here.
You can create your Benchmark here.
Use Forecasts to project targets based on past performance
With the Forecast feature, you can set more accurate goals. Predict your metrics' performance by leveraging historical data, seasonality patterns, and machine-learning models. This empowers you to make informed, data-driven decisions, helping you achieve your objectives and maintain a competitive edge. Read more about Forecasts here.
You can create your Forecast here.
Create a goal
You can use the insight gained from Benchmarks and Forecasts to set the goal value.
How to use Benchmark data when creating a goal:
Use Benchmarks to analyze multiple metrics and identify where you might be lagging behind compared to other top companies similar to yours.
Use the median value and the top percentile value as guidelines when deciding on what goal value to set for your company.
How to use Forecast data when creating a goal:
Forecasts help to accurately predict future performance based on historical data.
Use the forecast data to set an optimistic goal for your most important metrics.
Navigate to the Goals page and create a new goal. Follow our guide if you need help setting it up.
