How Do You Select the Right KPIs to Improve Business Performance?
When it comes to your company’s success, nothing will help you more than tracking and utilizing the proper Key Performance Indicators (KPIs). But how do you select the right ones?
KPIs are useless if they do not identify the action necessary to improve corporate results and do not align with corporate goals. A clear understanding of the underlying business need is key. You must keep asking ‘why’ until you get to get to the root business need, which will generally be: increased revenue, decreased expenses, or decreased risk. Suggested solutions often masquerade as a business need, so it is critical to keep asking ‘why’. You must also clearly communicate the business needs to everyone involved in the project to ensure adoption and success.
In our article – Selecting the Right KPIs for Better Business Performance & Profitability - we’ll show you not only how to select the right KPIs, but how to track and measure them. We’ll also provide some common examples of KPIs and identify why some KPIs fail. You’ll learn why it’s so important to ensure your KPIs and metrics are actionable.
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