What is Key Performance Indicators (KPIs)?
Key Performance Indicators (KPIs) are measurable values that allow businesses and individuals to evaluate their performance and progress towards achieving their goals.
Importance of KPI:
One important aspect of KPIs is that they need to be specific and aligned with the objectives of the business or the individual. For example, a sales team may track KPIs such as revenue generated, number of new customers acquired, or customer satisfaction. On the other hand, a manufacturing company may focus on KPIs such as production efficiency, quality defects, or on-time delivery. By defining and tracking these indicators, one can identify areas of improvement and take proactive measures to address them.
How the KPIs help??
KPIs also help in setting performance targets and benchmarks. By comparing the actual performance against these targets, businesses and individuals can assess their progress and make necessary adjustments to stay on track. This continuous monitoring and evaluation process ensures that resources are efficiently utilized and efforts are directed towards achieving the desired outcomes.
