Key Performance Indicators or KPI's are financial or non-financial metrics used to quantify objectives to reflect strategic performance of an organization, group or area.
KPI's differ depending on the nature of the organization and their strategies. They assist an organization or group to measure progress and performance towards their goals, especially difficult to quantify knowledge-based processes.
SMART Pro(TM) key environments for identifying the KPI's of an organization or project are:
- Having a pre-defined business process
- Having clear goals and performance requirements for the business process.
- Having a quantitative and qualitative measurement of results and comparison with set goals.
- Investigating variances and tweaking processes or resources to achieve a goal.
Faster availability of data is beginning to become an area of concern for more and more organizations. Corrective actions need to be implemented as soon as concerns are recognized, not months after challenges and risks are identified.
The creation of our proprietary scaffold performance management system incorporates:
The S.M.A.R.T principle.
- Specific - clear and focused to avoid misinterpretation
- Measurable - can be quantified and compared to benchmarked data.
- Achievable - reasonable and credible under expected conditions and parameters.
- Relevant - fits into the organizations constraints and is cost effective.
- Time Based - doable within a time frame given. On the spot problem identifier and solution.
