02 Sep Build and Manage Your Company’s KPIs in Just 3 Minutes
You have probably heard about KPIs or Key Performance Indicators to give them their full name. You might also have thought that as only a small or medium sized company then KPIs are not for you. You might even think that designing your own KPIs is just too much of a hassle. However, you could be just 3 minutes away from a better-managed business using the power of your own easily defined and understood KPIs.
As a business manager, you should have your own defined strategic business goals. You may even be reaching these goals.
Could you be doing better?
Could you be more efficient, more effective and thus more profitable?
Good KPIs are intrinsically linked to these business targets. They act as a road map, helping your managers assess how on target to these goals their present activities are.
Maybe you are not sure what the business goals should be in order to grow your business. A set of good KPIs will point towards what your company should and, more importantly, could be doing. They will also provide a clear path towards these aspirations.
The sheer number of decisions they need to make often stresses out business managers. A group of easy to consult KPIs will support or guide decision making, quickly reducing this irritant. The number of decisions made purely on, at best instinct and at the worse, guess work, will be lessened. All it takes is an easy to interpretate set of KPIs. However, these KPIs need to be readily available, intuitive and easy to update. A KPI dashboard, linked to your company’s core data, will not only provide this functionality but also go one step further by enabling decisions to be made based on objectivity as well as facts.
As your company becomes bigger and more complex it becomes more difficult to remain close to the day-to-day operational details. Appropriate and accessible KPIs that work towards the achievement of business goals will provide your company with a roadmap to follow. They will quickly highlight any deviation from business targets such as turnover, growth and market gain, and enable corrective actions to be undertaken.
You may not be surprised to learn that from time to time a company will have a crunch period. What often happens in a crisis period is that people look at what has happened whereas managers should be looking at what is causing the problem. A dashboard of relevant KPIs will focus managers on the facts and causes of the crisis and enable them to build a pathway out of the predicament.
So far all this sounds very much like common sense, but as with all good things there could be problems. However, even if you are only a small and growing company, you will have a deluge of information coming at you from all areas, particularly in these days of 24-hour operations. Finding the best KPIs amongst this mass of information to manage and support your business strategy is difficult. The chance of choosing the wrong indicators and missing more meaningful ones can give even the most experienced business manager sleepless nights. What your business really needs is some guidance on these matters.
Thankfully, modern technology rides to the rescue. The masters of KPIs – Bilbeo Analytics – have designed a suite of unique algorithms that will search through your data, be it in MS Excel or SQL format, and then identify the appropriate KPIs for your business. Obviously, they do not expect you to do any coding or design; this is done for you. The software data mines (drills down) into your information and up pops your KPIs in an easy to understand graphical format. All this happens in approximately 3 minutes! Ensuring that you can rapidly start analyzing your business instead of planning what you are going to do.
You can even set your business goals and the Bilbeo KPI Dashboard Software will produce the supporting KPIs. This enables the actions to reach these targets to be both assigned and measured. Team working is possible as the dashboard positively encourages collaboration and discussion.
Day to day KPI management is also easy, removing stresses from your business managers. Viewing and changing your company’s KPIs is intuitive and easy to understand. The hardworking software also quickly highlights any process bottlenecks or problems ahead as it works quietly away in the background.
Business crises can be avoided because you have a clear indication of what is happening with the Bilbeo KPI Dashboard Software. It provides a 360-degree view and customized reports about the important factors in your company. Just to add that extra layer of support, your managers can even get text message alerts when the software identifies a problem – if only all your staff were as loyal and helpful!
In case you hear your IT manager muttering away about hardware usage and costs –all of this power is bought to you courtesy of the cloud – it is all web-based.
Just think – in 3 minutes you can start managing your company more smoothly and intuitively – onwards and upwards – to infinity and beyond as one famous pioneer once said.