The term KPI, which stands for Key Performance Indicator, refers to a series of metrics used to synthesize information on the effectiveness and productivity of the actions carried out in a business in order to make decisions and determine those that have been most effective in meeting the objectives set in a specific process or project. KPIs
are also known as quality indicators or key business indicators that can be used and applicable in any business area and productive sector, although they are most commonly used in online marketing.
What are KPI indicators and what are they used for?
The acronym KPI is used as an abbreviation of the English term key malta phone number list indicator , which would be translated as key performance indicator. It is, as its name indicates, a measure that is usually expressed in percentages and that serves as a tool to assess the level of performance of a process, which is linked to the strategy to follow to achieve an objective. With a set of KPIs we can reflect the current state of a business with respect to a specific area, and from there, act to optimize strategies.
The main advantages of using KPI indicators are:
Constant measurement, sometimes even in real time, to act flexibly and quickly in optimizing the strategy or process to be performed.
Adapting the business to continuous changes in the market, competition, customers, new opportunities, etc.
Motivating employees and work teams to achieve the set objectives. In addition, if this data is shared and their comments or even decisions are taken into consideration, you will allow them to feel involved in the process and the strategy.
Peace of mind for investors, directors and other senior business-related officials who are not normally involved in day-to-day work.
Why are KPIs used and what benefits do they offer?
KPIs are used for several reasons:
1. They allow us to obtain valuable and useful information.
2. To measure certain variables and results from said information.
3. To analyze the information and effects of certain strategies (as well as the tasks used to carry them out).
4. To compare the information and determine the effective strategies and tasks.