Properly track and understand and your business KPIs
While Key Performance indicators are extremely relevant to monitor business progress, they serve very little an Enterprise performance if they are not subject to constant analysis. KPI analysis is about making the most out of what the performance indicators are showing. The value of the constant analysis resides in the quality of the KPI data, the quality of the data and of course the skills of the business analysts who are looking at the mix.
KPI analysis can be a very powerful management tool if used over time showing immediately what has worked better and what has been turning bad. Comparing different periods can give many insights to understand the occurrence of certain trends. This is true for financial performance tracking, sales force management or even in understanding customer buying patterns.
KPI analysis is not only relevant to challenging business matters but can serve in many other areas such as clinical trials management, student performance monitoring or even household logistics.
Business KPI Analysis
On the Enterprise level, KPI analysis is being implemented with a clear main goal: ensuring growing profit over time. Business KPI analysis is a challenging task for which one needs to understand the data in place really well. Managers are usually quite clear on what KPI data they need to move forward successfully; they are not always quite sure of how to get there: what data to use, how to mix and match data from different data sources and what visualization is most relevant to their analysis.
That is normal! This is how business intelligence analysts and most recently data scientists were born. Their job is to massage the data and their force is to capture the business essence from it in order to provide managers with the best analysis possible (here are some examples of good and bad KPI). Business KPI data can tell a lot about how a business is doing, what customers want and whether the resources are allocated properly. It’s a matter of running trial, pulling and connecting the right data and looking at the KPIs the right way hence with the right visualization. At last they contribute to the final decision making by commenting the trends.
KPI Analysis Software
KPI analysis success not only depends on process and people but can also be helped by the right tools. That is the point where software can help create the right reactions. It’s even mandatory when facing massive amounts of data. KPI analysis starts with connecting to the right data sources, pulling data from Excel all the way to SQL databases. Then to become relevant, the data needs to be prepped for visualization. That means standardized, structured and transformed with for example the inclusion of formulas. Only then each of the many business metrics can be displayed visually.
The indicators that support the KPI analysis will also be shared to allow for collective participation in the analysis. KPI analysis software should offer the capability of commenting on each performance indicator and thereby enable each party of the business to contribute to the analysis and understand each KPI efficiency. Business KPI analysis is most effective when running as a collective effort.
Once the KPI analysis is compiled, it can only be useful if shared with all levels of the Enterprise to trigger some reactions and mobilize the key stakeholders in coming up with the appropriate action plans. KPI analysis software helps to turn the KPI analysis into informed business decisions.
Read more about KPI data with our other guides :
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