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KPI (Key performance indicators)

What is KPI (Key performance indicators)?

Key Performance Indicators (KPIs) are measurable values that organizations use to track and evaluate their progress toward achieving specific goals or objectives. KPIs provide a quantitative or qualitative measure of performance and are often aligned with strategic objectives or critical success factors of a business or project.

Examples of KPIs vary across industries and organizations but can include metrics such as revenue growth, customer satisfaction ratings, conversion rates, employee productivity, website traffic, customer acquisition costs, and many others. The selection of KPIs depends on the specific goals and objectives of the organization, as well as the industry and context in which it operates.`

Why is KPI (Key performance indicators) important?

KPIs serve as performance benchmarks and allow organizations to monitor progress, identify areas for improvement, and make data-driven decisions. They help align activities and efforts toward strategic objectives and provide a framework for measuring success and tracking performance over time.

How to use KPI (Key performance indicators)?

Here are a few key characteristics of KPIs:

Measurable: KPIs should be quantifiable or have a clear qualitative measure. They need to be expressed in a way that allows for consistent tracking and comparison.

Relevant: KPIs should directly relate to the goals and objectives of the organization. They should provide meaningful insights into performance and help inform decision-making.

Actionable: KPIs should be actionable, meaning that they can be influenced or improved by specific actions taken by the organization. They should provide insights that drive positive change.

Time-bound: KPIs often have a defined time frame or reporting period to track progress over time. They may be evaluated on a daily, weekly, monthly, quarterly, or annual basis, depending on the context.

Specific: KPIs should be focused on specific aspects of performance, addressing key areas of concern or strategic importance. They should provide a clear and concise measure of performance in a particular domain.

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About Akendi

Akendi is a human experience design firm, leveraging equal parts experience research and creative design excellence. We provide strategic insights and analysis about customer and user behaviour and combine this knowledge with inspired design. The results enable organizations to improve effectiveness, engage users and provide remarkable customer experiences to their audiences.