The term key performance indicator (KPI) is widely used in most businesses, but truly understanding and optimising KPIs can be a different story.
When used effectively, KPIs provide an excellent mechanism for measuring how well a business process is performing. However, some large organisations are guilty of having far too many KPIs, many of which are seldom used.
Business strategy software, such as StrategyBlocks, can help to streamline KPIs across your operations by identifying the most important indicators and thus allowing you to focus your efforts more effectively. Here are some innovative features that can help boost your business by improving how you approach KPIs.
KPI data load
When using new strategy software, reloading KPIs that already exist in disparate systems would be inconvenient. StrategyBlocks has automated data load features to speed up this process, while a KPI data load form can be used for information stored across a variety of formats to make transferring information even easier.
Being able to isolate the strategic KPIs that are most important for measuring business performance is vital, which is why StrategyBlocks allows users to flag these indicators. This provides a highly visual approach that ensures all people logging into the software are aware of the KPIs with the biggest strategic planning priority.
Align vision with activity
StrategyBlocks aims to link your operational activity with the overall organisational vision. As such, managers are encouraged to overlay KPIs in relevant locations on the strategic plan. Not only does this provide the impetus to connect the dots on various areas of strategy, it can also help to isolate less important KPIs and remove them.
Annotations and comments
Giving users the power to annotate KPIs using a free-text field is useful for clarifying potential discrepancies and removing confusion. These comments are then added to the KPI chart and will be available across various StrategyBlocks' map views.