Identify your key performance indicators and compare them to benchmarks with others
Businesses grow by improving performance to certain key measurements related to the business. Businesses compete by performing and improving better than industry standards. The KPI Library provides tools and data that allows you to create your own measurements, track the information, or compare your progress with benchmarked performance with industry standards.
Establishing Performance Measurements and Benchmarks
You determine the measurements that will lead to the greatest improvement in your business. We frequently refer to these measurements as indicators or metrics.
You may set some Key Indicators that measure the most important or bottom line performance of your company:
- Total profits
- Total revenues
- Total expenses
- Total production numbers
- Total sales numbers
Process indicators measure the steps or actions that contribute to achieving the key indicators:
- Number of pieces that pass a quality inspection and the number that fail
- Number of clients called or visited with the number that heard a full presentation
- Amount of raw material consumed during the production process
- Number of days between receiving an account receivable and deposit into the bank
KPI Library One Tool in Many
KPI stands for Key Performance Indicators. KPI can help you generate both very simple and complex measurements or metrics. They also offer a lot of articles and blogs that can help you. KPI provides you tools to
- Create scorecards for each of the metrics you want to measure
- Browse key performance indicators by industry, by process, and by the framework
- Additional metrics added by other companies, industry, or more
- Ask questions or answer questions from other people
- Survey others to identify benchmarks within the industry, framework, or process
- Learn from experts on key performance indicators’ blogs
The video below will help you understand more about the KPI Library.
KPI provides you a free trial for 30 days. The cost for small organizations is $149 per month. KPI adjust pricing for large organizations depending on services requested.
Check the KPI Library at www.KPILibrary.com or another program like BizStats.
Thursday we introduce you to the Center for Management & Organization Effectiveness
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