Metrics are a critical factor in your business. When using metrics correctly, they can give you an insight into how to streamline your business, where the weak points are and how to improve productivity. Gaining access to your data and working with your Key Performance Indicators (KPI) metrics your business will increase in profitability.
A Key Performance Indicator is a measurable value that demonstrates how effectively a business is achieving objectives.
High-level KPIs focus on the overall performance of the business. Low-level KPIs tend to focus on processes in departments like sales, marketing, and HR.
When writing or developing a KPI, it needs to be customized to your business situation and help you achieve your goals. Clear, measurable goals and objectives are vital to your organization’s success. If you are not working toward an impactful goal, then the result is wasting time, money, and resources.
It needs to be strategic. A company’s business model can be told through its KPIs. They need to be understood as to what you are measuring and why are you measuring it. Remember, “If you can’t measure it, you can’t improve it” (Peter Drucker).
Tracking your progress is essential in any data collection. Some KPIs should be viewed weekly, some monthly while others are annual.
Review your objectives and analyze your current performance. Set short- and long-term targets. Review them with your team. Study the progress and adjust when needed.
Most importantly you want to set achievable goals. A target that is too low doesn’t give enough while a target too high will seem impossible.
Look at the current data and set a baseline for where you are. Project where you are going and find the milestones in between.
A KPI dashboard gives an at-a-glance view of your business performance in real-time.
Examples on a dashboard:
KPIs help set key goals for everyone in the organization. Employees understand the roles they play in the bigger picture. It engages them and can more effectively reach key goals.
KPI Performance dashboards help ensure that the organization will perform better. They also provide information to customers, owners, and shareholders.
The dashboard and reporting platform is key. It enables you to easily track your internal KPIs. As well as reach a whole new level of data-driven decision making.
MaaS (Metrics as a Service) provides performance dashboards for the Operations, Mergers and Acquisitions, and Asset Management aspects of the manufacturing industry. Enabling a company to focus on their business while they are receiving the performance data they need to be delivered to the right people at the right time. It allows for the metrics to help in the decision-making process and as a result, increases the bottom line.
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