Build Financial Dashboards to Communicate with Boards and Other Stakeholders
Higher education’s budgetary climate has heightened board and other stakeholders’ (for example, academic leaders, alumni, and parents) interest in their institutions’ financial health. In response, finance leaders are looking to build board-facing financial dashboards to meet rising stakeholder demands for additional financial information.
Select key performance metrics to display
The first step to building an effective financial dashboard is choosing which performance metrics to monitor and display. Most finance leaders share a similar set of revenue and cost metrics and financial indicator ratios. Use the link below to review the most commonly used metrics and ratios so you can avoid recreating the wheel.
Finance leaders should then follow the three-step filtering process illustrated in the graphic below to select specific metrics to share on their institutional dashboard. Drawing on both private sector and higher education best practices, this process ensures metrics reflect both industry norms and institution-specific priorities.
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