A Key Performance Indicator (KPI) is a measurement for a specific process or activity that takes place in an organization, business or otherwise, for which it is critical to measure in order to improve performance (financially, procedural, logistically, efficiency or other), learn more about the meaning of KPIs with our KPI definition guide.
Once defined, a KPI is used to track over time the performance of that indicator and in so doing provide an overview of the overall performance of the organization if multiple KPIs are used in a dashboard for the different key areas of the organization. Then a in-depth KPI analysis of the KPI metrics will help you to create a great KPI report to understand how your company is growing.
Choosing the right KPIs requires a good understanding of what is important to the organization which may not always represent financial indicators but may include other activities for which higher efficiency results in better time or resource management, or lowered management requirements.
A KPI is the first tool used by managers to take decisions in an organization. It is important that your KPIs represent the current state of your business with accuracy. Use business dashboards to follow your KPIs and make sure you always know where your company is heading!
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Building a proper KPI report is not a trivial task and often requires careful thinking and planning. Whether you get your inspiration from a proven KPI template or you build your own Dashboard and KPI tracking system, a lot of thoughts have to be put in your project. What data sources? Which KPI to use? What should I track?
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KPIs are nothing without the brain matter to interpret them! To analyse your KPIs more efficiently, make sure that you use proper data visualization. A lot of new generation BI platforms, such as ClicData can help your managers or data scientist get a clear picture of your indicators and current business state.
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