Key Performance Indicators (KPI’s)
A key performance indicator (KPI) is a measure designed to track critical success factors in a business. KPIs provide a statistical measure of how well an organisation is doing. To be effective, KPIs should be few in number and focus on vital areas in the business.
KPIs differ by industry, business and even departments within a business. For example, a retail business may have as one of its KPIs the average customer spend, whereas a Customer Service Department may have as one of its KPIs the percentage of customer calls answered in the first minute.
Whichever KPIs are selected, they must reflect the business goals, they must be key to its success, and they must be quantifiable (measurable).
We can provide you with a sample KPI list that suits your business or industry as your start point for implementing a KPI monitoring system.