I'm excited to announce a few recent product changes, including the hotly awaited KPIs feature.
We've made a ton of improvements to the product over the past month.
KPIs have been a hotly awaited feature for Minsilo. A few days ago, we publicly launched the beta of our KPI dashboard.
Both KPIs and goals measure performance of a project or team, but they have some notable differences.
KPIs focus primarily on measuring performance (e.g. measure where we currently are), while goals focus on setting the direction for a group's future (e.g. specifying where we want to go). Most successful teams set goals and track KPIs.
Although leading and trailing indicators are not inherently part of the KPI framework, our research finds that they're an important distinction of successful performance tracking. Our approach to KPIs has been heavily influenced by the Four Disciplines of Execution model (4DX).
Along with distinguishing between leading and trailing indicators, another principle we have adopted from 4DX is a regular cadence of review. While the book recommends a weekly cadence of review, we realize that some KPIs require more or less frequent review cycles. Minsilo supports the following cadences of review:
- Weekly (Fridays)
- Bi-weekly (14th and 28th of every month)
- Monthly (1st of every month)
Group members that are assigned to a specific KPI receive a notification email reminding them to update their KPIs for the specified cadence. This notification emails helps ensure KPIs are actively tracked and provide a meaningful snapshot into how things are progressing. We believe that tracking KPIs, rather than time, is a better way to measure performance and output of individuals in your teams.
Internally, we're using KPIs to track the performance of our marketing and sales campaigns. Since a lot of our process relies on daily, weekly and monthly activities, it is important to get a snapshot of how things are progressing towards our long term revenue goals.
Here's an example of how we use both OKRs (goals) and KPIs:
Let's walk through each component.
First, our objective is to increase revenue. This objective is high level enough that everybody – from marketing to engineering – should be able to understand what it means. Our key result is also clear: we specifically want to acquire 25 new customers by the end of Q3.
Next, we set a couple leading KPIs. These are the day-to-day activities that we should be measuring in order to reach our goal. Since these lead to an outcome and can be measured in the near-term, they're leading indicators. If we don't add new prospects to the pipeline, we won't be able to close 25 deals in this quarter.
Finally, we also measure a couple trailing indicators. In this case, booking demos is the result of our prospecting efforts along with converting 25% of those who complete a demo. This gives us a good idea of the outcomes of our prospecting efforts. These trailing indicators give us clear visibility into how many of our demos lead to sales, which helps us adjust our strategy over time.
Accountability is the cornerstone of autonomy. As part of our goal to help teams be more autonomous, we're introducing a new feature called Intelligent RACI.
Intelligent RACI transforms the existing RACI – responsible, accountable, consulted, informed – designations inside of Minsilo. Users who are assigned as "responsible" or "accountable" to strategies or goals will now receive timely updates about the work that they're involved in.
We've improved the experience around notifications and emails.
You now have control over the types of email notifications that you receive.
We've also fixed several bugs and improved the user experience in a variety of areas.
- The strategy page now has a List view, in addition to the previous grid view.
- The app now opens to the past you were last on, so you don't need to find your place again.
- The full screen UI for contributions, purposes, strategies, and goals has been redesigned to improve usability.
- Groups now have an overhauled experience, allowing for easier control over team settings, tags, users and integrations.
- Group admins can now remove tags that belong to their teams.
- Groups can now represent teams, projects, departments, business units, and partnerships.
- Creators of workspaces can now configure their workspace's name.
- Data can now be exported from a workspace.
- Admins can request their workspace be deleted.
- We now have a free tier for Minsilo. This allows teams of up to 10 people to use Minsilo for an unlimited amount of time, with reasonable usage limits.
- Admins of workspaces can now subscribe to paid tiers of Minsilo.
- You can now manage your billing details, invoices, and cancel your subscription securely through the Stripe Customer Portal.