There are thousands of companies operating in and around your locality, but the question is how many of them can be called successful? It takes a lot of courage, skills, and strategies to convert a normal business into a profit-making venture. In case you want to see your organization doing pretty well in today’s cutthroat competitive world, then you have to think beyond the normal course. Your KPIs can help you do it effectively.
What Are KPIs
KPIs or key performance indicators are measurable values that determine the level of efficacy with which a business or an organization is able to achieve its key objectives. In an organization, success is a term used to demonstrate whether all the business goals are being achieved on a daily, monthly, half-yearly and yearly basis at all levels in an effective manner or not. The analysis process takes a considerable amount of time and requires special skills to achieve desired results. As a business owner or process manager, you need to have these skills if you’re aiming long-term success.
KPIs & Business Goals
There is no guarantee that the KPI of two organizations (even if they are from the same industry) is going to be the same. So, pay a close attention to your business model and determine your KPIs. You can divide KPIs four major categories — financial KPIs, Customer KPIs, Internal Process KPIs and Organizational KPIs. While the financial KPIs consist of revenue, net profit, gross profit, revenue growth rate and ROI, the Customer KPIs include customer satisfaction, retention, and complaints. The internal process KPIs contain the quality index, time to market, order fulfillment cycle and rework level. Lastly, the organizational capacity KPIs include employee satisfaction index, revenue per employee, training ROI and supply chain effectiveness.
If you want to push your business on a path to success, then you need to align your KPIs with your business goals. No one can stop your growth cycle If you can do it successfully. So, opt for KPI training right away from a reputed institute and enhance your skills to get desired results.