So, what are KPIs? Key performance indicators (KPIs) are measurement tools used to provide a quick, comprehensive view of business processes. Depending on who "owns" the KPI, the final values can be significantly different. An executive board, for example, may establish KPIs for tracking corporate travel expenses or revenue growth. A smaller department, such as accounting, could choose KPIs that monitor payment errors and time required to process payments. The warehouse could set up KPIs to track the speed at which orders are received, built, and shipped.
Every business process has room for improvement, and, therefore, there are endless KPIs you can establish to measure performance, determine improvements, and create plans to fulfill the desired improvements.
When determining a KPI, choose something meaningful and relevant. Managing KPIs is something businesses can lose track of – they create them but never go back and review them. KPIs can become obsolete if the desired improvements are achieved or if a business process changes entirely. Upon obsolescence, it's important to "retire" that KPI and consider a new one.
KPI management has significant value in tracking business processes. Businesses use the processes they've chosen for advantages like cost reduction, higher return on investment, facilitation of business growth, increased efficiency, etc. KPIs are an opportunity to ensure that processes are reaping the desired rewards.
Southeast Computer Solutions can assist your business with identifying KPIs that are meaningful to you. Our experienced consultants will then help you monitor processes and maximize your return on investment. Let our experts show you how to measure, view, and maintain project success while also teaching you how to track your KPIs going forward. Contact us today for more information.
About Southeast Computer Solutions
Southeast Computer Solutions is based in Miami, Florida, and has additional operations in Mexico. For over 30 years, we have positively impacted the success of small and mid-sized businesses with effective business management implementations that improve our clients’ operations. We listen, we are accessible, and we care. Learn more by visiting our website or calling 305-556-4697.