KPI is an abbreviation for Key Performance Indicators. Generally used in the business context, KPIs are performance or goal tracking mechanisms to evaluate the performance of a past period. The KPIs provides the framework using which the performance is measurable for a given time period and also against a target. Tracking Key Performance Indicators allows us to monitor progress on a regular interval and ensure the overall goals are achieved.
In general, businesses track important Key Performance Indicators such as Revenue, Profit, Working capital etc. against a specific target for each month/ quarter and report them to the investors. These top level KPIs are then cascaded down to the rest of the organization where the same KPI or contributing KPIs are tracked and reported at departmental or even individual levels.
KPIs also work like a Compass for businesses or even individuals. It provides the much needed direction for the businesses and individuals in their day to day activities and efforts. KPIs are cascaded from the top of the organization to the rest of the organization who then plan their activities and operations around achieving these KPI targets.
Not only reactively, but also proactively where the business can understand the direction and velocity of progress and take necessary courses of action without waiting for the final result. This is what Goalign is trying to help our customers with. Using this really powerful KPI data, Goalign software will automatically assess the progress each individual, department and the whole organization is making towards a set KPI and predict the outcome.
Not only that, KPI is also a powerful decision support tool for employees at all levels. Taking the predictions one step further, Goalign will also provide recommendations on the decisions that the individual, department or entire organization have to make, making it a powerful intelligent tool for any organization.
Sign up to Goalign today to set up your and your team KPIs and break your targets with ease.
