How to make use of Key performance indicators to improve your Business

By: Ruby Kotwar

Key performance indicators (KPI) are very essential in ensuring the success of any business in this century. Failure to use indicators could make your business or organization history within a couple of years. Many people have been made to believe that KPIs are usually expensive and complex processes. However, thatís not true as some of the most commonly used performance indicators are free and can be performed at any time. For instance, Google Analytics is a free tool which millions of website publishers find useful to monitor the performance of their websites. Using Google analytics, one can monitor the number of people visiting the websites, the device they use, the keywords they are using to find your website and the common sources of traffic.

Another easy to use key performance indicator is called blinking reports. They derive their name from the fact that one should always be able to interpret and analyse his data within a blink of an eye. Though the name sounds complex, blinking reports are usually very simple and efficient tools to analyse big data in any business and produce colourful charts which are easy to analyse. In a nutshell, blink reporting creates easy to read, clear and consistent manner with an approach which consists of blinking dashboards, blinking tables and blink reporting.

The use of blinking reports has many advantages over the other key performance indicators. For instance, blink reports are colourful and attractive to the eye. This is in contrary to other reports which usually provide dull outputs. Also, blink reports have a characteristic in that they highlight a hidden problem where charts are easy to adapt to missing information. Also, blink reports are easy to use and it only takes a couple of hours to learn. This means that any organization can easy apply and implement blink reports in their management structure. In addition, blink reports have three crucial principles which are; long term, short term and very short term memory. These special types of memories are efficient in enhancing the performance of a company.

With the above in mind, it is important to understand the benefits of key performance indicators. One, KPIs are efficient in measuring the performance of any organization in terms of profitability and human resource performance. An efficient KPI should indicate whether the organization is performing towards the achievement of both the short term and strategic goals. In addition, key performance indicators provide efficient tools to better manage the operations of a business. For instance, blink reporting provides an easy and efficient tool to manipulate big data and produce reports in an efficient manner. Lastly but not least, KPIs are efficient tools in understanding an organizationís clients. For instance, Google analytics provides useful information about the demographics, location, devices and the screen resolutions they are using. All these are very important tools as they provide crucial information to better serve the clients.

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