Key Performance Indicators (KPIs) are the ongoing metrics, or “vital signs”, that you track to quickly understand the health of your company. Tracking alone is of course not enough – their value lies in making sure that the indicators are correct and up to date, understood, and acted upon.
To build a proper KPI framework and improve your business’ performance, three elements are key:
1. Modeling your business
Define what you think are really KEY metrics to your performance and growth
Which decisions will be based on these metrics you want to measure?
How can these metrics be an active part of your organization’s daily management – how can you use these insights effectively and bring change in decision-making for operations, production, sales, compliance and all the other relevant aspects of your business?
2. Design & build Reliable KPIs are dependent on both quality data and efficient data management, so the design and construction of your data management solution is important. How you collect, organize, link, store, and secure your company’s information ultimately affects the actionable insights for your decision-making.
Where is the information to be found, and how can it be procured – for example with APIs or from IoT devices
Where is your data stored – in the cloud, on premise, in a hybrid environment? Will you need a Data Warehouse, a Data Lake or something else?
What about the data itself: how is the quality, is data cleaning or record matching required?
Can you use machine learning to automate and speed up some functions?
3. Communication When sharing KPIs, effective communication is essential. Everyone must understand what they say about the business, and what they don’t. Only when you can see and understand quickly what the data is telling you, are you able to make better & faster decisions for your next steps. By incorporating clear data visualizations, interactive dashboards and infographics into your reports, your audience can do just that.
Using a single central analytics portal where all your reports are published is an effective way to manage distribution, including via tablet or mobile phone, as painlessly and efficiently as possible.
We at Quantum are specialists in KPI reporting and have a long experience in helping clients from a variety of industries. The KPIs themselves vary of course, but what remains constant are data identification and procurement, efficient data management, data cleaning, data quality, monitoring, reporting, effective data visualisation, and more.
Quantum’s experts can support you with a solid KPI framework and interesting, easy-to-understand KPI reports and dashboards so you can answer critical business questions, help solve problems, obtain valuable feedback, and deliver improved business performance.
