Key Performance Indicators

Posted by AmandaTom on August 1st, 2013

Key performance indicators have managed to solve a very important aspect of business management. Entrepreneurs from all over the world turn to this tool in order to monitor the performance of their companies. The use of a KPI forms the basis of improvement strategies in any organization. But, even if they are required in every company, KPIs vary for each kind of business. This is the reason why there are thousands of performance indicators available.

While spreadsheets, tables and dashboards can take precious hours of your time, a KPI will provide an instant solution to your performance monitoring needs. But what exactly is this business management tool? The acronym stands for key performance indicator and it does exactly what the name suggests: it indicates the stage of your company’s progress by measuring key process. This metric is valuable for a company if it is designed to follow particular quantifiable goals. Not only that it gives an insight of the overall performance of the business, but it also gives your decision makers the opportunity to make the adjustments needed in order to achieve your goals.

The only difficult part of this strategy is determining which KPI template is better suited for your company’s needs. With thousands of key performance indicators available, it seems even more difficult to limit to just a few. However, better results will come only if you direct your employees on one or just a few strategic paths. This way, all their efforts will be focused on the most important aspects of your business. But don’t worry. Once a particular goal has been achieved, you can switch to another set of KPIs.

The environment of an organization operates just like real eco-systems. If you don’t adjust its performance according to its needs and possibilities, it will simply not work. The popular belief that knowledge is power applies here as well. The more your employees know about the objectives of the company, and the more interconnected your business environment is, the faster your company will grow. KPIs are essential in learning and they come as a complementary solution to the traditional managerial approach of simply executing the orders.

At smartKPIs.com you will discover a platform of collaboration in performance management, where all the resources are used to enhance the results of registered members. As a reliable source of information, it provides only high-quality performance indicators. All the KPIs go through a quality assurance process before being selected and published. You can find plenty of key performance indicator examples and reports on the use of performance measures by other companies from all over the world. All the indicators from the SmartKPIs Premium section of the website have been documented in more than 30 fields. This makes them more available to you according to their relevance in a particular business area.

Find out which set of key performance indicators is better suited for your business by checking the free online catalogue of KPI examples provided by SmartKPIs.com!