The terms that drive metrics
Business and personal goals are seen by their output and quantified by their results. The focus is most often on the result, however by making clear focus on the process and details within, the results can be so much higher. Part of this challenge is defining the meaning of the actual terms used.
What does KPI mean?
Many people understand that a KPI means Key Performance Indicator. You can go into many companies and find KPI’s on almost every part of the company. This generates a debate regarding metrics and key results, and critical success factors before deciding on the final key performance indicators. Once this is established, there comes another discussion and debate: So, just what does it mean to YOU? Does the KPI mean more to the operator or leader or CEO or director of finance?
There is a priority and responsibility for each CEO to ensure the correct meaning of a KPI is understood through a business. The KPI is a clear specific indicator how the company is achieving its key business objectives.
· What do your KPI’s mean to you?
· How are you motivated to make them perform?
What is business intelligence?
Have you noticed the merge of #analytics and predictive analytics replacing the terms of "business intelligence"? There has come a time where we need to redefine and clarify the differences. Some of these terms are not inter changeable.
- True business intelligence combines the values and inputs from analytics, reporting, query’s and use of software to capture and interrogate raw data. These require insights, hypothesis and standards to address consistency of communication standards.
The speed of technology advances provides new skill development needs for a business to optimize its business intelligence system. In future, as more devices become linked and attached to the internet (IOT = #InternetOfThings) their data can be optimized and processed using the power of #bigdata . This opens new opportunities for those involved in business intelligence design and deliverables.
· How has your business changed and developed its business intelligence system?
· What plans does your business have to integrate more activity using big data and #IOT ?
What is performance management?
This explains the actual process and system to manage and adjust performance through reviews. A robust performance management system is timely, consistent and allows two way communications between the employees and leaders. The correct targeting of performance management attributes should be aligned to the business goals and vision, mission.
The days of top down once a year performance reviews is losing ground. Continual development and performance enhancement is needed to improve employee engagement, motivation and corrective actions to benefit the business.
· How do you create a proactive performance management system at your business?
· How has your performance management reviews evolved over the past 3 years
This has addressed many basic questions and generated some new thoughts that apply to most companies no matter their size. All 3 areas are expanding and gaining higher growth. We can help with your projects and would love to hear the answers to some or all our questions above.
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