KPI development services in AlbertaKPI development goes beyond merely measuring things. Rather, by identifying key performance indicators unique and pertinent to your business, you gain:
- A benchmark of the standards needed to manage, control, and accomplish desired business goals.
- A yardstick against which you can evaluate your success at realizing targets.
- Mission driven data to inform your decision making.
- Direction and focus for your team.
- An actionable plan to keep your strategy on track.
The Key to KPI Success
To ensure their relevance, Strand360’s KPI development process includes a method for communicating the insights with all stakeholders. Sharing an arduous report stuffed with numbers and bar charts is guaranteed to put your team to sleep.
Engage your team with a business development KPI presentation that visually illustrates the data and trends. Ensure that your message is concise, unambiguous, forthcoming, and workable.
If you want maximum buy-in from those who are tasked with fulfilling the KPIs, explain not just what you are measuring, but why you are measuring it.
How to Develop KPIs
For the best results, your key performance indicators must be even smarter than regular goals:
Ensure your KPI is clear and detailed. Too broad descriptions like, “Improve leads” should be defined as, “Generate 30% more leads”.
Along the same lines, establish exactly how you will quantify success – usually raw numbers, percentages, or dollars.
Manage the expectations of top-of-the-pyramid stakeholders While aiming high is commendable, you need the individuals in your business to be motivated. Setting KPIs that are too challenging will result in burn out.
High KPIs measure the overall success of the organization. Low KPIs are targeted at verticals within the company, and they must align with the larger business objectives.
Balancing being ambitious with being realistic, set a date for measuring your progress and ultimately achieving your goal.
Using KPIs for research and development should be fluid. As you properly incorporate KPIs into your daily actions, you may find that they need to be adjusted. Be willing to examine them regularly.
As important as it is to track your progress against them, it is important that KPIs remain current, relevant, and achievable.
READY FOR HELP WITH YOUR ANALYTICS & KPI DEVELOPMENT?
For more information about your KPI organization development needs, contact the team at Strand360. Let’s have a conversation about your objectives. We will then provide you with experienced recommendations regarding KPI development as a pathway to achieving your goals.
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