Key Performance Indicators (KPIs) are a set of quantifiable metrics that are used to evaluate the performance of an organization, team, or individual against their strategic objectives. KPIs are typically used in business, but they can also be used in other fields such as healthcare, education, and sports.
KPIs are chosen based on the organization's goals and objectives, and they should be specific, measurable, achievable, relevant, and timely (SMART).
Examples:
-
Revenue: the amount of money generated by the organization over a specific period of time.
-
Customer satisfaction: how satisfied customers are with the organization's products or services. It can be measured using surveys, feedback forms, or other methods.
-
Employee engagement: how engaged and motivated employees are. It can be measured using surveys, feedback forms, or other methods.
-
Conversion rate: the percentage of visitors to a website or landing page who take a specific action, such as making a purchase or filling out a form.
-
Cost per acquisition: the cost of acquiring a new customer.
KPIs can be used to monitor and evaluate the performance of an organization, team, or individual over time. They can also be used to identify areas for improvement and make data-driven decisions.
KPIs should be used in conjunction with other measures, such as qualitative feedback and expert judgment. KPIs must be reviewed regularly to ensure that they remain relevant and aligned with the organization's objectives.