What are Key Performance Indicators and Reports?
Defining the dashboards and using business intelligence will allow you to have a very nice visual appeal to the different levels of the organization that will help you to monitor the performance of your business with a reduction of the administration effort. These dashboards will require the definition of the lead and lag key performance indicators, data collection and analytics tools.
A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives.
Organizations use KPIs to evaluate their success at reaching targets. High-level KPIs may focus on the overall performance of the business, while low-level KPIs may focus on processes in departments such as sales, marketing, HR, support and others.
Effective KPI´s will really support a business to achieve the results required. That´s why they are designated as KEY. It should be SMART - Specific, Measurable, Attainable, Relevant and Time-bound:
- Is your objective Specific?
- Can you Measure progress towards that goal?
- Is the goal realistically Attainable?
- How Relevant is the goal to your organization?
- What is the Time-frame for achieving this goal?
