Key Performance Indicators, also known as KPI or Key Success Indicators (KSI), help an organization define and measure progress toward organizational goals. Once an organization has analyzed its mission and defined its goals, it needs a way to measure progress toward those goals. Key Performance Indicators are those measurements also known as milestones to progress.
What Are Key Performance Indicators (KPI ?
Key Performance Indicators are quantifiable measurements, agreed to beforehand, that reflect the critical success factors of an organization. They will differ depending on the organization. Whatever Key Performance Indicators are selected, they must reflect the organization's goals and they must be key to its success. They must be quantifiable and measurable.
Key Performance Indicators Reflect the Organizational Goals.
An organization that has as one of its goals "to be the most profitable company in the industry" will have Key Performance Indicators that measure profit and related financial measures. On the other hand, a Non Profit Organization (NPO) not concerned with making a profit, its Key Performance Indicators will be different.
Key Performance Indicators Must Be Quantifiable.
If a Key Performance Indicator is going to be of any value, there must be a way to accurately define and measure it.
Key Performance Indicators must have targets.
One needs to set targets for each Key Performance Indicator. A company's HRD may have some training plans. The target must be number of training programs conducted, their internal ratings by participants and some form of evaluation of how they have been effective at the workplace. Any training that does not reflect in the workplace improvement is useless.
KPIs are for companies and organizations, just like KRAs are for individuals' performance management in an organization. An organization's success and progress will greatly depend upon how well the above two or thought out and set.
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Key Performance Indicators - To learn more about this author, visit Madhavan T Gopalachary's Website.
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Madhavan T Gopalachary
(Visit Madhavan's Website)
Madhavan Gopalachary, nick name "madgopes"
(g pronounced as in go) given by IIT
classmates, is a Mechanical Engineer and
an alumnus of Indian Institute of
Technology, Madras having passed out
specializing in IC Engines &
Thermodynamics.
He has nearly 35 years of experience in
the Corporate World. He started off as a
trainee and handled sales, marketing,
manufacturing, product management, profit
center management, strategic planning and
corporate development including R & D in
various organizations and at various
levels before becoming a CEO. His last two
professional assignments were at CEO level
before embarking to start management
consultancy business on January 01, 1998.
He has worked for British, Swedish MNCs as
well as very large Indian business houses.
He has spent a large portion of his time
from June 1998 till date in East African
Countries practicing as an independent
Management Consultant.
More details can be obtained at the
following web sites:
mmg.name
/mtg.html;
mmgconsu
lting.biz/
Madhavan's articles can be accessed at www.madgopes.com
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