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How do we develop key performance indicators (KPIs)? KPIs are associated with goals and objectives. What do you want to achieve, and by when? KPIs answer the quantifiable piece of your goals and objectives and are the heartbeat of your performance management process. They tell you if you are making progress.
Four must-haves for KPIs to work:
1. Measure – the verbal expression of what it is we will be measuring
2. Target – the numeric value that we want to achieve
3. Source – identifying where the data is coming from
4. Frequency – how often you will be reporting on the KPI
Different types of key performance indicators:
● Raw numbers
● Progress
● Change
To develop better key performance indicators, we utilize leading and lagging indicators. For example, a percentage increase in sales is a lagging indicator because it occurred; it’s an outcome. To make sure you’re on track, put a KPI in place to identify whether you’ll hit that increase or not. We want a combination of leading and lagging indicators when we look at our performance every month.
Now that you understand how to develop key performance indicators take your organization to the next level by achieving answers and tracking your goals and objectives. Learn more from our website below.
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