Key Performance Indicators (KPI) help you asses business performance. You have to employ practical computer applications or simple spreadsheets to asses financial and some other business metrics. Aligning performance measurement t achievement of strategic objectives goals ensures that all works present to creating results desired by business executives.
Typically, each department indicates its own KPIs to weigh in and review business performance. Each organization such as customer support, sales or finance also checks its performance with industry standards.
1. You have to build the KPIs you want to track. Each organization generally specifies no more than six performance measures to help it monitor its operations. Like for example, a customer support organization usually tracks the number of support cases occurring daily, how long each case takes to resolve, how many calls to the customer it takes to solve a problem, how frequently a specific problem reoccurs and customer satisfaction. These indications offer insight on how well the business functions. Rather than make a high-level view of a single data point, like the number of phone calls handled by each customer service representative, checking KPIs lets managers to see overall trends and act quickly to resolve systemic problems.
2. Segment your data by specific criteria. For example, show product sales by region, country and customer to determine if there are opportunities to generate more sales and leads and of course income. Create marketing campaigns to target areas not currently served by your product or service.
3. You have to view dynamic data, if possible, to make real-time decisions. For example, website analytical tools such as Omniture, Google Analytics, Web Trends or Alexa let you to track website traffic such as page views or to search key words used in order to make decisions about how you build your website.
4. Then, investigate and filter KPI results over different time periods to find out seasonal trends. Like for example, identifying when online shopping transactions increase such as before holidays allows retailers to prepare and stock items the most productively.
5. You have to share KPI data among departments so each organization can plan efficiently. For an instance, product sales boosts could lead to additional support needs. By monitoring KPIs across your company, you can make sure that you don’t make verdict for one department that resentfully or unexpectedly affect another.
6. You have to compare KPI dashboard data for your business with the same companies in your industry. Employ data like sales, customer satisfaction or operational cost to determine how you rank and go up against the competition.
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