The Best Reasons To Monitor Progress Through KPI Reports
by Christian Ofori-Boateng on Jul 8, 2018 7:12:00 AM
Key Performance Indicator reports, or KPI reports for short, are measurable values that can help your business track goals. Normally, organizations set targets for each fiscal year and use KPIs to evaluate their ongoing progress. For example, you can set KPIs at various levels within your organization to monitor aspects such as fiscal revenues, sales for sub-divisions or employee satisfaction.
KPIs provide an excellent way to track progress for your organization. By tracking KPIs, your company can change course mid-year if you feel that you are not meeting investors’ expectations. Without the use of proper metrics and KPIs, your organization is shooting in the dark with no way of monitoring your goals. With KPIs also comes accountability and responsibilities for individuals who track them and report them on a regular basis to executives and decision makers.
A KPI report is a necessary business intelligence tool often used in the feedback loop within your organization. Your business executives can prioritize their operations and sales by regularly monitoring progress through the KPI reports. Another task of a business analyst is to pick and choose the most important KPIs that are needed for business operations and then report on them. You don’t want to waste your precious time tracking irrelevant KPIs.
KPI Reports are certainly the key to monitoring progress of any organization, and they become even more useful when displayed on a KPI dashboard. Typically, a KPI dashboard provides a summary of all the key performance indicators on a single screen. A dashboard allows multiple teams within the organization to be on the same page. You can access the same KPIs from anywhere in the company and have a consistent view of your data across the board.
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