Improve Business Success through Identification and Focus on Key Performance Indicators
If you want to improve your company’s performance you need to focus on the identification of the correct key performance indicators. Once done, implementation throughout is necessary to improve business performance.
Key performance indicators provide insight into the elements which are the drivers of business performance. At the same time the KPIs are indicative of weaknesses or areas where the corporation lacks performance. The KPIs provide immediate insight regarding any changes in existing trends, especially if you make use of monitoring software, which gives your company enough time to respond to the changes that can have an effect business performance.
How to Identify KPIs for your Company
Selection of KPIs relevant to the critical performance areas of the business is essential. Such indicators must be relevant to areas of the business that can be controlled and should directly correspond to the goals of the company. For example – though the gold price may be a critical factor in your firm’s business performance, you cannot control the gold price and have no direct ability to change the gold price. As such it cannot be a KPI, however, you can control the firm’s exposure or vulnerability to changes in the gold price and can use such as a key performance indicator. When it comes to KPIs you will look at elements such as sales conversions per website visit or profit margin. You can also look at the number of appointments or customer returns.
Through the use of KPIs you can ensure that employees understand which targets to reach and also use the various teams in the process of identifying areas to be improved by having them brainstorm to attain answers on questions such as where are we at present and where do we want to go, when should we be there, as well as how are we planning on getting there?
You now need to find the best ways to measure the key performance indicators such as measuring the total number of unique visits to the company’s website, the number of sales per visit, the cost per visit, and cost per sale.
KPI Management Software
With the measurement methods identified it is time to manage the collection of the data, which can be done through spreadsheets, databases or special KPI software as available through KPI Management Solutions. Such software makes it possible to have various users using the system at once, provides you with real-time reporting features and a variety of dashboards to ensure optimal control, management, tracking and reporting of collected data.
We help client companies to identify, define, organise, measure, automate and cascade relevant KPIs at all three levels in the company including overall organisation, department and individual. Our services include workshops on KPI best practice and access to various libraries of KPIs. As part of the solutions we provide we work with client companies for optimisation of income statements, flow statements and balance sheets. Our well-planned and methodical processes help clients to reach the desired targets.
We understand that no two companies are the same and therefore customise solutions to meet client company specific business requirements. Our teams help client management to gain the deliverables for continuous success and optimal business performance sustainability. The deliverables include from KPIs to scorecards, dashboards and management processes in addition to automated workflow, standard operating procedures, training courses, policies, business process flows and solutions for replacement of Excel.
We have already implemented well over 5000 key performance indicators to improve business performance and organise broad categories of KPIs in terms of strategic goals, departments, jobs and roles, and the top 100 list of KPIs often used by our clients at our website. This should give you an indication of our expertise in this regard and how effective implementation of our solutions can help your company’s overall business performance.
Among our clients rank the likes of ABSA Capital, AECI Group, Bearings International, ER24, Gold Circle, Lake International, Mintek, Nampak and the Standard Bank Group. We have partnered with solutions providers such as Qlik, Prophix, IsoMetrix and Correlate to ensure that we have and can offer clients innovative technology and platforms to improve their budgeting, forecasting, performance management and monitoring of KPIs.
Contact us for more information on how we can help your firm identify, implement, measure and use key performance indicators for business performance improvement.