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Posted: Tue Jan 21, 2025 4:44 am
What is KPI (Key Performance Indicator) and how to use it?
What is a KPI? A key performance indicator (KPI) is a quantitative measure of how your team or organization is progressing toward important business goals. Companies use KPIs at multiple levels—you can set KPIs companywide, for a specific team, and for a strategy. A good KPI will give you insight into whether you’re on track to achieve your strategic goals.
If you are setting a key performance indicator for the first time, this article will tell you how a KPI differs from other goal setting methodologies, how to correctly define a KPI, and how to use it.
What tasks does KPI perform?
KPI vs OKR
KPIs and business metrics
How to define KPI?
1. Define your business goal
2. Identify important car owner database metrics
3. Create your KPI
4. Track your progress in real time
KPI
→ Create a chatbot for free on the Slashstart platform
What tasks does KPI perform?
Like most goals, an effective KPI should be specific and measurable. A good KPI:
Helps you achieve your strategic goals
Plans the use of resources
Specific and measurable
Monitors what you can control
Connects metrics with strategic goals
Gives team members a clear understanding of how their projects contribute to the company's goals.
KPI vs OKR
If you've heard of KPIs, you've probably also heard of OKRs. Here's what each acronym stands for:
Key Performance Indicator (KPI): This is a great way to measure performance over time. A good KPI should track one measurable value that you or your team can influence in a timely manner.
Objectives and Key Results (OKRs): OKRs use a template - My [goal] measured by [key result]. In this case, the goal is what you want to achieve, and the key result is measuring how you are progressing toward your goal.
Example KPI: Increase Net Promoter Score (NPS) by 2 points in FY21.
OKR example:
Goal: To surprise and delight our customers to increase customer satisfaction and loyalty.
Key results:
What is a KPI? A key performance indicator (KPI) is a quantitative measure of how your team or organization is progressing toward important business goals. Companies use KPIs at multiple levels—you can set KPIs companywide, for a specific team, and for a strategy. A good KPI will give you insight into whether you’re on track to achieve your strategic goals.
If you are setting a key performance indicator for the first time, this article will tell you how a KPI differs from other goal setting methodologies, how to correctly define a KPI, and how to use it.
What tasks does KPI perform?
KPI vs OKR
KPIs and business metrics
How to define KPI?
1. Define your business goal
2. Identify important car owner database metrics
3. Create your KPI
4. Track your progress in real time
KPI
→ Create a chatbot for free on the Slashstart platform
What tasks does KPI perform?
Like most goals, an effective KPI should be specific and measurable. A good KPI:
Helps you achieve your strategic goals
Plans the use of resources
Specific and measurable
Monitors what you can control
Connects metrics with strategic goals
Gives team members a clear understanding of how their projects contribute to the company's goals.
KPI vs OKR
If you've heard of KPIs, you've probably also heard of OKRs. Here's what each acronym stands for:
Key Performance Indicator (KPI): This is a great way to measure performance over time. A good KPI should track one measurable value that you or your team can influence in a timely manner.
Objectives and Key Results (OKRs): OKRs use a template - My [goal] measured by [key result]. In this case, the goal is what you want to achieve, and the key result is measuring how you are progressing toward your goal.
Example KPI: Increase Net Promoter Score (NPS) by 2 points in FY21.
OKR example:
Goal: To surprise and delight our customers to increase customer satisfaction and loyalty.
Key results: