KPI – Do You Track Key Business Objectives?
Measure what you treasure by establishing and maintaining Key Performance Indicators (KPIs)
Measuring successes and shortcomings is a fundamental part of reaching company objectives. With Key Performance Indicators (KPI), you can gauge how your business or team is performing against its strategic goals. Show how effective your key business objectives are by using KPI boards designed to create structure and highlight common goals, which ultimately help you achieve greater results.
Many organizations use different types of KPI Boards to measure their success, based on specific targets. A good KPI should act as key decision-making tools that help you and your teams understand whether you’re on the path towards meeting your strategic goals.
KPI boards can help you track:
- General Business KPIs – Track common goals your entire business is working towards. Successfully track the performance of your business with Key Performance Indicator Boards and Two-Sided Indicator Magnets. Need to track in a centralized location? Track information on four-sided Custom Spinfo Site-Boards for optimal viewing.
- Departmental/Team KPIs –Departmental and team tracking is a great way to monitor specific metrics like sales, customer success, marketing, production, products and engineering, and so on. Track the goals of your production department with Key Performance Indicator Boards. Clear Mark Site-Boards ™ is ideal for frequent updating of departmental and team KPIs. Increase company morale and track KPIs with customized Site-Boards ™.
What information should I track on my KPI boards?
A good starting point is identifying the questions that decision-makers, managers, supervisors, and stakeholders need to have answered.
The best way to ensure you’re tracking the most important KPIs is to do your research and see which ones are specific to your industry. Do you need to measure financial, customer, production process, or people metrics? KPI boards should be completely customized to meet your business goals and can include any information that will help you measure important factors.
There isn’t one specific design to track key business objectives – what works for one company, might not work for another. KPIs are closely linked to strategic objectives and assist in answering the most critical business questions while echoing the main goal – to aim for success!
Simple ways to create an effective KPI board
- Be clear and measurable.
- Be thoroughly communicated throughout your organization and department.
- Be unique to your business or department.
- Be adaptable and ready to improve processes to meet short-term objectives.
Keep your business trends transparent and your management team accountable for improving performance with Key Performance Indicator Boards.
To view information about how our Key Performance Indicator Boards can highlight business objectives watch the video here.
Keep the communication open throughout your business and when one process doesn't work, revise it so you can continue to aim for success and reach your goals!
In addition to tracking Key Performance Indicators (KPI), reduce breakdowns and lost production from occurring in your workplace with Total Productive Maintenance (TPM).
