Key Performance Indicator (KPI)
A KPI or key performance indicator is a quantitative figure that shows how well a business is accomplishing its main goals. KPIs are used by organizations to gauge their progress toward their goals. Low-level KPIs may concentrate on departmental activities like sales, marketing, HR, or support, whereas high-level KPIs may concentrate on the overall success of the company. Your major business purpose should be linked to your KPI.
You are working toward a goal that has no bearing on your organization if your KPI is not matched to a business purpose. A KPI must also be more than just a random number. Your company’s key goals should be expressed in KPIs. KPIs should, above all else, tell the brand’s story.
You must regularly assess your KPIs to ensure success. Examine your KPIs from the viewpoints of both your progress toward the KPI and your progress in assessing the KPI’s efficacy. It’s important to revise if you aren’t making any progress because your KPI’s target might not have been met.
A KPI panel is the simplest way to report on your KPIs. You can get a quick overview of your company’s performance in close to real-time by using a KPI panel. A KPI panel sometimes referred to as a KPI report, shows how your company performed to your goals. A KPI report is typically produced quarterly, but a KPI dashboard makes it possible to report on your progress instantly at any time.