Resources & Articles: Business Performance Measurement Tools
Looking for a good business performance measurement tool? Since 1996 InetSoft has been providing innovative software for performance monitoring dashboards that can be easily deployed and used. View a demo and read reviews.
Tangible Return on Investment - So how do companies generate a tangible ROI from business analytics? This is a question that I frequently get from the end users that I talk to. Obviously, for this particular discussion, we are talking about ROI from two different perspectives, again from the perspective of the ultimate end user of the technology, but then also the ROI from the perspective of a software provider looking to add these capabilities. I think Nick did a great job of talking about that type of perspective of ROI and certainly, I would look for any other thoughts that he has on that. But from the end user perspective, when it comes to ROI, it’s obviously something that is difficult to quantify sometimes, but if you look at the legitimately tangible performance improvements that you can create, they are really fall into two different categories: the growth side and the efficiency side...
 |
Click this screenshot to view a three-minute demo and get an overview of what InetSoft’s BI dashboard reporting software, Style Intelligence, can do and how easy it is to use. |
Technology, Employees, and Organizations - Now, one of the things that is a bit surprising is that almost as many organizations are using smartphones as are using laptops. Some of the organizations using smartphones who are using Mobile BI are also using laptops and Mobile BI, too. Something else that’s apparent is that the use of all four devices here - laptops, smartphones, tablets and notebooks. The best performance companies have the widest mix. And I think it's clear that many organizations will be using multiple device types for mobile BI for the foreseeable future. So a mobile BI solution that works on multiple devices is going to be key to achieving a successful and uneventful rollout. If we look at smartphones in particular, I think there are probably four points to make. First, despite all the buzz around the Apple devices, one year from now there will still be more organizations using BlackBerry for mobile BI than Apple. And I think that’s true in part due to their strong corporate presence RIM already has and also due to the robust security those devices have already had built in...
Technology for Performance Management - InetSoft’s innovative performance management system and tools have delivered and continue to offer management reporting, scorecards, and dashboards that are easy to configure and deploy. Its business intelligence software platform, Style Intelligence, focuses on enterprise reporting and performance management...
The Information Value Chain - Companies picking embedded BI approach will have higher levels of user satisfaction when it comes to business intelligence, something that really helps them arm those users with the analytical capability that they need and generate those business opportunities as a result. So what is it that separates these embedded BI users? Why are they achieving these improvements in operational performance and some of those metrics that we just looked at? From a process standpoint, from an organizational maturity standpoint, what are the things that they have in place, what are they more likely to do that enables them to leverage business intelligence to the fullest extent? What are the things that’s interesting, again frequently comes up as correlating with improved performance is the concept that these initiatives are driven by the line of business managers themselves rather than having the technical leaders take the solutions and deliver them to the business users without really understanding what the needs are, the business users are generating those requirements organically and going to IT with, you know hey I need the ability to optimize my trucking payloads, I need all of these different analytical capabilities...
 |
Read how InetSoft saves money and resources with deployment flexibility. |
Tip For Successful Performance Measurement - OK, the last tip for successful performance measurement: we don’t institutionalize the initiative. Okay. When I say institutionalize, what does that mean to you? It’s how you do business, right? It comes woven into the very culture of the organization. And I spent a ton of time thinking about this, folks. And here’s why I think we have a hard time making performance management part of our culture. Number one, we let the budget override the effort. Is that happening in your organization? Is it? As a manager in your organization if you think this entire nation has been driven by the budget office, what’s the embedded message to those managers? What’s that? It could be code speak for cuts, what else? If you don’t hit your mark, what? There could be financial consequences, right? You’re sending an incorrect message to your managers, folks, because they believe that if this is a budget game, it’s all about efficiencies and cutbacks, and if they do not hit their mark, there will be cuts. So guess what’s going to happen? They are always going to hit their mark. Have you seen this? Yeah? Are they sand bagging...
Tips for Selecting the Right Marketing KPIs - You can't improve what you don't measure. The first step to driving growth is understanding which marketing KPIs (key performance indicators) you should track. But with all of the options out there, how do you choose the right metrics for your business? Here are 20 tips to help you select the most important KPIs for your business. 1. Make sure your KPIs are measurable It's important to select KPIs that you can actually measure. There's no point in tracking a metric if you can't accurately track and report on it. When in doubt, err on the side of simplicity and choose a KPI that you can easily track and report on without too much hassle. Measuring KPIs involves more than just data collection. You also need to have a way to analyze and interpret your data so that you can take actionable steps to improve your marketing efforts. Make sure you have the tools and resources in place to properly measure and analyze your KPIs before you start tracking them...
Top 10 BI Mistakes - InetSoft presents to you a special webinar on the top 10 business intelligence mistakes that organizations commonly make. What I am going to talk about is some of the dumber things I have seen organizations do when they are trying to measure performance, and I've narrowed it down to these top ten business intelligence mistakes. There are more than that, but I am only going to talk about ten! And this is not going to take the full time that we have on the schedule so I have time for questions if you want to discuss any of these things or challenge my opinions about these things feel free. By the end of the session I’ll probably manage to offend just about all of you, so just be warned! So the first big mistake that I’ve seen companies make is when they measure most of their performance on the past, lagging indicators in the process. They are judging the health of our enterprise by looking at the past...
 |
View a 2-minute demonstration of InetSoft's easy, agile, and robust BI software. |
Top Performance Dashboard Demo - Are you looking for a demo of the top performance dashboard software? Since 1996 InetSoft has been making dashboard software that is easy to deploy and easy to use. Build self-service oriented dashboards quickly. View a demo and read customer reviews from some of the 3,000+ happy customers...
Tool for Monitoring a Marketing Budget - Most businesses can have trouble when it comes to monitoring their marketing spend, and this is mostly because of a lack of budget organization in the company. Although this might seem like an easy problem to solve, letting it go on without doing anything may harm your marketing and sales approach, especially nowadays when everyone's average marketing spend increases almost every year. If you don't organize your budget immediately, you might have difficulty monitoring your additional marketing expenses for the year. It may even cause you to lose money on marketing instead of using it to gain more revenue. As a rule of thumb, marketing strategies should start with a clear and well-informed budget. If you can't come up with a value, you can use historical data from your company or competitor analysis. This will help you understand how much you should set aside for your marketing campaigns. It's also important to continue monitoring your expenses as the year goes by. Doing so will allow you to see how well your strategy is performing and make changes whenever necessary. Here are some ways to effectively monitor your company's marketing budget...
Tracking and Improving Performance Measures - I ask myself what that business is doing today. Organizations should always be trying to improve their current status and capabilities. Most organizations are currently at a level one capability, meaning the level of measuring productivity. They would measure themselves, and they’d be at level one. The level one capability has a level one technical capability so ultimately the production is in the people and the knowledge at the given level. What I’d like to see though are the results from improvements. So there is an improvement paradigm here that says I want to target two or three years out to get to this level. It’s necessary that you ask yourself what the measurements and results are, and make some recommendations on how to make basic changes in the way business is done. Using a real life example on how to use performance measurements to show the view of what the world would like in the new business scenario, we’ll work with carriers and ships. The FAA has a traffic flow management system around the country. Their plan helps traffic flow ease in the air, but they hate it when there are issues with traffic flow. In those situations, it seems appropriate to find ways and prepare for similar future problems. These things make me prefer being on the ground than flying in a congested air space...
 |
“Flexible product with great training and support. The product has been very useful for quickly creating dashboards and data views. Support and training has always been available to us and quick to respond.
- George R, Information Technology Specialist at Sonepar USA
|
Transitioning into Collaborative Scorecards - So what I did was find an overall approach to it in order to continue collaborating in an organization’s business model, performance model, and used data sets to create a business path. Regarding the people aspect of creating a business strategy, you have to ask what your current state is and where you would like to go with everyone in your organization. Additionally, the governance policies that are present in the business world require you to have a strategic scorecard and roadmap. Whether that business path is improving some number by 15% in your organization or adding new performance methods, somebody is always watching them, whether it’s a governor or somebody else. There is always somebody doing oversight and policy and so this enterprise architecture concept tells you where you want to be in four or five years down the road. So the initial vision is figuring out an agenda and seeing where the gaps are located. Then you ask yourself, how do we get it done? How do you use performance measurements and some high level tracking system to get it done? In this process, I am tracking the innovation and getting those strategic transformations into somebody’s action plan, whoever is responsible for them. Afterwards, it would grow and ultimately become part of the organization. This would obviously be all done using technology to get people online to do it...
Twelve Service Center KPIs - First Response Time How quickly (in minutes and seconds) an agent responds to their first time a customer contacts the center with anissue. 2. First Call Resolution The percentage of customers having their issue resolved during the first phone call into customer service divided by the total number of resolved issues in a period (day, week, or month). 3. Average Handle Time Time spent on customer calls divided by number of calls answered in the same period of time. It does not include ring and queue time. 4. Average Speed of Answer The the total waiting or hold time divided by the total number of answered calls during the same period of time. 5. Abandon Rate The percentage of calls where the customer hangs up before resolution or conversation closure. 6. Call Transfer Rate The percentage of calls that need to be transferred from one agent to another...
Understanding and Learning Corporate Performance Management - The knowledge assets that are available can be hard to rank and rate because of an influx of information. In any large organization, they will have tremendous knowledge assets, especially if we add in web-based assets. Ranking and rating content is extremely important. Normalizing ranking and rating is one of the challenges. Something like Google, for instance, ranks content based on a very simple rhythm. It’s called their page rank checker, but that’s only appropriate for one type of content and we all know that anybody who gets 57,000 hits on a search knows that the ranking system is being used to sort large amounts of content to make it easier for humans to search through the information. We can be much more effective in terms of the ranking and rating of the information if we’re able to employ semantic models that take into account why the metrics have been selected, how they related to each other, what the knowledge assets are, and how they relate to each other. In simpler cases, we can use a very simple data mining tool that can be tuned to a particular organization and its particular needs...
University Graduation Metrics - The University Graduation Metrics dashboard below is an example of InetSoft's easy-to-use and interactive dashboard solution. By amalgamating a collection of visuals into one dashboard, InetSoft's software combines prestige with power for users of any industry, education included. The interactive application below demonstrates the degree stats of the made up Lingonberry University from 2005 to 2009. With multiple filtering options like the year, school type, and degree, users can take advantage of data mashup capabilities to compare and analyze different statistics. Comparing and analyzing is made easy at InetSoft with our large collection of charts, like the area graph and bar graph shown below, and our user-friendly interface that features easy drilling tools for closer observation. The capabilities of InetSoft's visualization softwareare is top-notch and can be used easily by anyone looking to create dashboards, reports, or visuals while maintaining a focus on elevating organization efficiency, effectiveness, and long term goals...
Using KPIs to Monitor Usage and Make Improvements - Even at a simpler level that tracking usage by person, you should be asking questions about usability of your KPI software. Are the ways that these dashboards are presenting these key performance indicators, are they being presented in a useful way? It’s one thing to do a short survey or just talk to your dashboard users, it’s another to create metrics on them. How many clicks does it take to for somebody to get to a particular metric? Are people spending more time really looking for information rather than using the information. That’s a great indicator of a well-designed performance management system. Are people trying to refresh their metrics to get the latest data, and then they are giving up and close the dashboard because it takes too long to load. So all sorts of very specific BI usage metrics about the use of the metrics software can be used to make their dashboards more effective. We’ve added a great deal of emphasis on this in our latest release. We’ve added a usage monitoring facility in our BI and performance management application. In a lot of cases, whether it was IT or the business that drove the initial roll-out, sometimes emphasis is placed on certain metrics and certain data elements. The monitoring capability can tell you that those elements that you put most of the emphasis on are or aren’t being utilized. And conversely you can learn what data or dashboards people are using the most that might lead to surprises or point to areas for future development...
Using Data, Not Strategy Maps - Although strategy maps can be a useful tool in organize a business, it comes without substantial data and more possibilities without solid conclusion. Number six. I know I am going to offend some of you on this one. Strategy maps, I think for the most part, are a waste of time. What they are good at is generating consultant billable hours. So if you are a consultant, you love strategy maps because that means you are going to have a lot of meetings and draw in a lot of circles and arrows on flip charts and ultimately sending out a lot of bills to your customers. The problem with strategy maps is that not everybody knows what it is. Will you start from the end and try to achieve a specific sales growth or will you want to achieve a certain target and work back from it and slot the measures into your categories or whatever sounds logical? The problem with the best majority that I’ve seen is that there is no data supporting any of those arrows that are drawing on the boxes. They say, well I think in order to get this increased loyalty from our customers we need to reduce the defects in this. To get that to happen, we need to improve employee morale. In order to raise employee morale, we need to do more training so everybody sees it. The best way to do that is to create a team. I’ve been in the business for 20 years and I’ll say it sounds good to me but the thing is nobody checks these assumptions and all these arrows are based on assumptions, not on data...
Warehouse Management KPIs - Warehouse management can become very difficult if you aren't properly handling each process. They must be properly devised and their performance must be evaluated regularly. But there can be hundreds of processes to evaluate and it might become tedious. So, it is best to develop a KPI (Key Performance Indicator) for warehouse management that can measure how every process is performing and achieving its goals. These are the important KPIs you need to apply in your warehouse to actively measure and evaluate the processes. Major KPIs of a Warehouse are: Inventory KPI Receiving KPI Putaway KPI Order Management KPI Safety KPI. A warehouse is for stocking products which are known as inventory. The inventory KPI deals with how much you have stocked and how much is being dispatched. So, the important KPIs in inventory are: Inventory Accuracy - The products present in the warehouse must match the products tracked by the inventory tracking system. If there is a mismatch, it means that there is a miscalculation, theft, damage, or any other fault from the supplier. So, this Inventory accuracy helps to find out the difference between the physical stock and the tracked stock...
What Are The Financial Metrics That A Startup Must Track - Keeping close track of financial metrics is a crucial aspect of running a successful startup. Financial metrics offer entrepreneurs valuable insights into the health and performance of their startups, enabling them to make well-informed operational decisions. Startups are known for their groundbreaking ideas and disruptive business models, yet also have an alarming failure rate. One of the primary factors of failure is ineffective financial management. As a way to prevent this, startups should track financial metrics regularly to maintain financial stability. In this article, we'll discuss why tracking financial metrics is so important and understand how the metrics can assist startups to effectively manage finances...
What Are Some DevOps Key Performance Metrics? - Some of the key performance metrics used in DevOps include: Lead time: The time taken from code commit to production deployment. Mean Time to Recovery (MTTR): The average time it takes to resolve production failures. Change failure rate: The percentage of changes that result in failures in production. Deployment frequency: The number of times changes are deployed to production in a given period. Error rate: The number of errors per unit of time or per number of transactions. Resource utilization: The utilization of infrastructure resources such as CPU, memory, and disk space. Application performance: Metrics such as response time, latency, and throughput. User satisfaction: Feedback from users on the quality and availability of services. Compliance and security: Tracking compliance with industry regulations and security standards. These metrics are used by DevOps teams to measure the performance and efficiency of their systems, identify areas for improvement, and make informed decisions about future investments in technology and processes...
What Educational KPIs to Track? - Student academic progress is monitored by student accomplishment KPIs. Common Goals for student success include: a) Grade Point Average (GPA): A student's grade point average (GPA) is a gauge of their general academic success. It is determined by average the student's grades across all of their courses. b) Standardized Test Scores: Standardized test scores from tests like the SAT, ACT, and AP provide an unbiased assessment of a student's intellectual aptitude. b) Course Completion Rate: The proportion of students who successfully finish a course is reflected in the course completion rate. d) Retention Rate: The proportion of students who return to the institution for the next academic year is measured by the retention rate. KPIs for Student Behavior KPIs for student conduct keep tabs on how they behave in the classroom and around campus. Many typical KPIs for student conduct include: a) Attendance Rate: Attendance rate measures the percentage of students who attend classes regularly. b) Tardiness Rate: This statistic represents the proportion of students who regularly arrive late for class...
What Is the Process for Building a KPI Dashboard? - You should start with a top-down approach, work with senior management to find out what they think the key performance indicators are. “Key” is important in order to come up with a finite number of truly important metrics. Eight to ten is usually the right number. They should be chosen because the reflect “Performance,” and they are the ones that employees can affect with their actions and decisions. Once you have those, that will germinate the development of deeper level KPIs at the operational and departmental levels. You can then break those measures out and rank them on a couple of criteria. First which are the most important for getting the results they need to get? Second, you have to determine what is collectible. A lot of times companies start out having already a third of their desired KPIs being measured and monitored...
What Key Performance Indicators Do Hospital Operations Analysts Use? - Hospital operations personnel must report out on areas for improvement or correction for upper management. These professionals use key performance indicators (KPIs) and analytics to assess and track the performance of their hospitals in order to make educated choices. In this article, we will cover the key performance indicators (KPIs) and analytics that are used by hospital operations experts. Patient satisfaction is one of the most important KPIs for hospital operations experts. Because they gauge how successfully hospitals are serving patients' needs and expectations, patient satisfaction measures are crucial. Patient satisfaction may be measured in a number of ways, including via surveys, feedback forms, and other means. To assess the level of care and support offered by their hospitals, hospital operations professionals utilize these criteria...
What KPIs and Analytics Do Airline Operations Professionals Use? - Even the smallest inefficiency or delay may have serious repercussions in the highly competitive and sophisticated aviation business. As a result, experts in airline operations are always searching for methods to streamline their processes and raise their performance. Professionals in airline operations employ key performance indicators (KPIs) and analytics as crucial tools to accomplish these objectives. We will examine the KPIs and analytics used by airline operations specialists to manage their operations in this post. One of the most important KPIs for airlines is OTP. It calculates the proportion of flights that reach their destination on schedule. OTP is a critical component of customer satisfaction and is used by airlines as a gauge of their performance and dependability. An airline that continuously has a high OTP is more likely to draw in new passengers and keep up a good reputation...
What KPIs and Analytics Do Data Operations Professionals Use? - The efficient, precise, and secure processing of data is the responsibility of data operations specialists. They oversee data analysis, storage, warehousing, and pipelines. Data operations experts employ key performance indicators (KPIs) and analytics to assess the effectiveness of their operations and make wise choices. We will examine the most popular KPIs and analytics utilized by data operations experts in this post. Data consistency, reliability, and error-freeness are gauged by data correctness. Inaccurate data may result in inaccurate conclusions and judgments, which can have serious repercussions for a company. Data correctness may be measured by data operations experts using KPIs like data error rates, data completeness, and data consistency...
What KPIs and Analytics Do FinOps Analysts Use? - The importance of the FinOps (Financial Operations) professional has grown as firms continue to reap the advantages of cloud computing. These people are in charge of overseeing the financial elements of cloud operations, such as budgeting, cost allocation, and cost optimization. Key performance indicators (KPIs) and analytics are used by FinOps professionals to measure and evaluate their organization's cloud expenditures. We will examine some of the KPIs and metrics that FinOps professionals utilize most often in this post. Making ensuring that their organization's cloud expenditure is optimized to get the most value for the money invested is one of the main duties of FinOps professionals. They depend on KPIs and analytics to analyze expenditure patterns and pinpoint places where expenses may be cut in order to do this...
What KPIs and Analytics Do Project Analysts Use? - Understanding key performance indicators (KPIs) and analytics as a project analyst is crucial to making sure a project is successful. Project analysts may use these indicators to monitor progress, spot possible problems, and reach data-driven conclusions. We'll look at some of the most popular KPIs and analytics in project management in this post. The effort required to get the intended result is referred to as the project's scope. Project analysts may gauge a project's advancement in relation to its initial scope with the use of project scope KPIs. The most typical scope KPIs are as follows: Scope Creep: Any unauthorized additions or modifications to the project scope are referred to as scope creep. Monitoring changes in the project's scope over time will allow project analysts to assess scope creep...
What KPIs and Analytics Do Vendor Analysts Use? - Vendor analysts are experts who focus on assessing the goods and services provided by vendors in a certain market. Their objective is to provide companies information about these suppliers' performance so they can make wise investments in the goods and services they need. Vendor analysts employ key performance indicators (KPIs) and analytics as crucial tools to do this. We will examine the KPIs and analytics used by vendor analysts to evaluate the performance of vendors in this post. Competitive Analytics: Analyzing competitor data to understand their advantages and disadvantages, positioning in the market, and pricing tactics is known as competitive analytics. Competitive analytics are used by vendor analysts to assess how well vendors are doing in comparison to their rivals and to spot possibilities to achieve a competitive edge...
What KPIs Do Sales Operations Analysts Use? - Key performance indicators (KPIs), trends, and sales data are measured and analyzed by sales operations analysts. They are essential in fostering corporate development by offering perceptions and suggestions that boost sales results. We will examine the KPIs and analytics used by sales operations analysts to assist companies in achieving their sales objectives in this post. Any firm that depends on sales must have sales operations. It serves as the foundation of the sales department and is in charge of making sure all operations linked to sales function smoothly. Sales operations include a wide range of tasks, including controlling the sales funnel, predicting sales, controlling territories and quotas, as well as collecting data and offering insights into sales performance. Sales data must be gathered and examined by sales operations analysts in order to spot patterns and areas for development. They collaborate closely with sales executives to create plans and programs that boost sales. Their work enables companies to make choices that optimize profits and revenue...
What KPIs Does an Asset Operations Analyst Use? - An Asset Operations Analyst typically uses a variety of Key Performance Indicators (KPIs) to assess the performance and efficiency of asset operations. These KPIs may vary depending on the specific industry and organization, but here are some common KPIs that an Asset Operations Analyst may use: Asset Utilization: Measures the percentage of time an asset is used effectively or the ratio of actual usage to potential usage. Downtime: Tracks the amount of time that an asset is non-operational or unavailable for use due to maintenance, repairs, or other factors. It helps assess the reliability and availability of assets. Mean Time Between Failures (MTBF): Measures the average time between asset failures. It provides insights into the reliability and maintenance needs of assets. Mean Time to Repair (MTTR): Tracks the average time required to repair an asset once it has failed. It helps evaluate the efficiency of maintenance and repair processes...
What KPIs Does a Fraud Operations Analyst Use? - A Fraud Operations Analyst uses a variety of key performance indicators (KPIs) to measure the effectiveness of fraud detection and prevention efforts. Here are a few examples of KPIs that a Fraud Operations Analyst might use: Fraud Detection Rate: This KPI measures the percentage of fraudulent transactions or incidents that are detected and prevented by fraud detection systems. A high detection rate indicates that the fraud detection system is effective in identifying and preventing fraud. False Positive Rate: This KPI measures the percentage of legitimate transactions that are incorrectly flagged as fraudulent by fraud detection systems. A high false positive rate indicates that the fraud detection system is generating too many false alerts, which can lead to unnecessary investigation and decreased efficiency. Investigation Time: This KPI measures the average time it takes to investigate a fraud incident from detection to resolution. A lower investigation time indicates that the Fraud Operations Analyst is efficient in handling fraud incidents, which can lead to quicker resolution and less damage to the organization...
What KPIs Does an HR Operations Analyst Use? Human resources (HR) operations analysts constantly try to improve efficiency, productivity and morale. They accomplish this by using key performance indicators (KPIs) and statistics to objectively measure certain workplace characteristics, turning soft data into measurable metrics. What do they usually look for? Absence Rate and Cost How often do employees call in sick or skip work altogether? Analysts find this figure by dividing the number of absences by an employee's total number of days at work. They can use the data to create an HR report. They also look at the impact of absenteeism on the company, specifically, how much money it costs. HR analysts factor in salaries, the amount of lost work and the cost of filling in for the employee in their absence. It can be a crucial metric in workplaces with strong labor unions and employee rights...
What KPIs and Analytics Do Security Intelligence Analysts Analysts Use? - Security concerns have grown significantly for companies of all sizes. Nowadays, businesses spend money on effective security measures to safeguard their systems, networks, and data. They must have a thorough awareness of their security posture and dangers in order to do this. Security intelligence analysts can help in this situation. These experts are in charge of collecting, analyzing, and interpreting data to spot possible risks and weaknesses. They achieve this by using a variety of statistics and key performance indicators (KPIs). In this post, we'll examine in more detail the KPIs and analytics that security intelligence analysts use to safeguard the information assets of their organizations. The accuracy of their threat intelligence is one of the major KPIs for security intelligence analysts. This entails calculating the proportion of notifications that are reliable and suitable for action. High levels of precision show that the team is successfully identifying and addressing serious dangers. On the other side, low accuracy levels can mean that the team is spending time and money looking for false positives...
 |
Read what InetSoft customers and partners have said about their selection of Style Report as their production reporting tool. |
What KPIs Do Credit Unions Track? - Credit unions are member-owned financial organizations that function to provide their members financial services. Credit unions, like any other financial organization, must monitor key performance indicators (KPIs) to gauge their effectiveness and success. KPIs assist credit unions in determining their strengths and weaknesses, assessing their performance, and making defensible choices. The important performance metrics that credit unions monitor is covered in this article. Membership Growth One of the most crucial KPIs that credit unions monitor is membership growth. It tracks how quickly the credit union is adding new members. For credit unions to boost income and improve their financial condition, their membership base must be regularly expanded. Credit unions keep track of their pace of membership growth by keeping track of how many new members sign up each month, quarter, or year. Loan Growth By making loans to its members, credit unions make money. Due to the fact that it gauges how quickly the loan portfolio is growing, loan growth is a crucial KPI for credit unions. By keeping track of the number of new loans issued each month, quarter, or year, credit unions may determine their loan growth rate. An important sign of a credit union's financial stability and capacity to provide credit to its members is the growth of its loan portfolio...
What KPIs Do Law Firms Track? - All organization, including law firms, must use key performance indicators (KPIs) to assess its performance. KPIs assist law firms in determining where improvements may be made, gauging the success of their operations, and making data-driven choices. We will talk about the KPIs that law firms use to measure their success and track their performance in this post. Revenue One of the most important KPIs for law companies is revenue. It is the whole sum of money a company makes by providing its services. To assess their overall financial health, expansion, and profitability, law firms evaluate their revenue. Billable and non-billable revenue are two further divisions of revenue. Billable revenue is the cash the company receives in exchange for rendering services to customers, wherea s non-billable revenue refers to other sources of income, such as interest on the company's investments and accounts receivable. Utilization Rate Utilization rate is a KPI that gauges how much of an attorney's time is really spent on billable tasks as opposed to overall working hours. It aids legal companies in figuring out how productive their lawyers are and how well-equipped they are to manage more work. Although a low usage rate shows that the firm's lawyers may have capacity for further billable work, a high utilization rate indicates that the firm's attorneys are actively engaged in billable work...
What KPIs Do Management Consultants Use to Keep Track of Their Clients? - Management consultants use various KPIs to keep track of their projects and ensure they are meeting their objectives. Some of the KPIs that management consultants may use to track their projects include: Project timeline: This measures the time taken to complete a project, and whether it is on track to meet the agreed timeline. Project budget: This measures the cost of the project and whether it is within the agreed budget. Project scope: This measures whether the project is meeting the agreed scope and objectives. Project quality: This measures the quality of the project deliverables and whether they meet the client's requirements. Project risk: This measures the level of risk associated with the project and whether the project team is effectively managing risks. Stakeholder satisfaction: This measures the satisfaction level of stakeholders (e.g. clients, team members, etc.) with the project and its progress...
What KPIs Does a Compliance Operations Analyst Use? - Compliance Operations Analysts use various key performance indicators (KPIs) to assess and measure the effectiveness of compliance operations within an organization. These KPIs provide quantifiable metrics that help analysts evaluate compliance performance, identify areas for improvement, and track progress over time. While the specific KPIs can vary depending on the organization's industry, regulatory requirements, and objectives, here are some commonly used KPIs for Compliance Operations Analysts: Compliance Incident Rate: This KPI measures the frequency of compliance incidents, such as policy violations, regulatory breaches, or ethical misconduct. It helps assess the overall compliance risk and identifies areas where controls may be inadequate or where additional training may be required. Policy Adherence Rate: This KPI evaluates the extent to which employees comply with established policies and procedures. It measures the percentage of employees who follow the prescribed policies, ensuring consistent adherence to compliance standards...
What KPIs Does a Credit Operations Analyst Use? - Collection Effectiveness: This KPI measures the effectiveness of credit collection efforts. It can include metrics such as the percentage of outstanding receivables, the aging of receivables, or the percentage of accounts in collections. The analyst can track these metrics to evaluate the performance of collection strategies, identify areas for improvement, and optimize collection processes. Credit Loss Ratio: This KPI measures the ratio of credit losses (such as bad debts or write-offs) to the total amount of credit extended. It provides insights into the overall credit risk and helps the analyst evaluate the effectiveness of credit risk management strategies. Monitoring this KPI helps identify trends, assess portfolio performance, and refine underwriting criteria to minimize credit losses. Customer Satisfaction: While not specific to credit operations, customer satisfaction is an important KPI to gauge the overall experience and perception of customers regarding credit processes and services. Feedback mechanisms, surveys, or Net Promoter Score (NPS) can be used to measure customer satisfaction. The analyst can track and analyze customer feedback to identify areas for improvement and enhance customer-centricity in credit operations...
|
“Flexible product with great training and support. The product has been very useful for quickly creating dashboards and data views. Support and training has always been available to us and quick to respond.
- George R, Information Technology Specialist at Sonepar USA
|
What KPIs to Put on a Field Service Dashboard? - The most crucial KPIs that have to be on a field service dashboard are: First-Time Fix Rate (FTFR) The proportion of works that are finished during the first visit to the customer's site is known as the first-time fix rate (FTFR). A high FTFR shows that the field technician has the necessary knowledge, equipment, and supplies to address the problem at the first visit. Also, it indicates that the client is content with the service and does not need a follow-up appointment. Less customer satisfaction, higher expenses, and a negative effect on the company's image may all result from poor FTFR. Service Level Agreement (SLA) Compliance The proportion of tasks that are finished within the specified period is known as service level agreement (SLA) compliance. The SLA outlines the level of service that the company has committed to provide to its clients. For client retention and happiness, SLA compliance is essential. Low SLA compliance may result in fines, lost income, and a bad image for the company...
What KPIs Should Be on a Construction Project Management Dashboard? - 1. Downtime hours Downtime is one of the worst drivers of cost overruns. Downtime can result from outside factors, such as weather, waiting for shipments, equipment breaking, or internal ones such as work stoppages, sick employees, or accidents. Two main groupings of these metrics are equipment downtime and labor downtime. 2. Installation defect % Workers skill-levels, training, and supervision influence a construction team's workmanship. The percentage of improperly completed projects tells you how carefully they follow instructions and complete their duties. The installation defect rate can be measured through random audits or by having managers and team-leaders verify the quality of their direct reports' work. 3. Supplier defect % Conducting inspections of vendor shipments let's you count the defect rate among raw materials, equipment, tools and other supplies. Tracking this information tells you about the reliability and consistency of your construction suppliers. Having consistent materials is important for producing buildings that are structurally sound. This metric can help you make choices about where to purchase materials...
What Key Performance Indicators Does an Call Center Operations Analyst Use? - A Call Center Operations Analyst utilizes various key performance indicators (KPIs) to measure the performance and efficiency of call center operations. Here are some common KPIs used by call center operations analysts: Average Handling Time (AHT): AHT measures the average time it takes for an agent to handle a customer call, including talk time, hold time, and any after-call work. A lower AHT generally indicates higher productivity and efficiency. First Call Resolution (FCR): FCR tracks the percentage of customer inquiries or issues that are resolved during the first interaction with an agent. A higher FCR indicates better customer satisfaction and operational efficiency. Service Level Agreement (SLA) Compliance: SLA compliance measures the percentage of calls that are answered within a defined time threshold, typically expressed as a percentage or in seconds. It ensures that calls are answered promptly, reflecting the call center's ability to meet service level targets. Abandonment Rate: The abandonment rate calculates the percentage of callers who disconnect or abandon the call while waiting in the queue before reaching an agent. A lower abandonment rate is generally desirable, indicating better call center performance. Occupancy Rate: Occupancy rate represents the percentage of time that call center agents spend handling customer interactions, including talking to customers and performing after-call work. It helps assess agent productivity and workloads...
Why Is a Balanced Scorecard Good - Why is a balanced scorecard good though? Well I like it because it really allows you to translate strategy into objectives, and it really is a great tool to drive behaviors, to change behaviors and with that also drive performance. Of course, you know the four different categories, and I have said it here within the corporate values, vision and mission, which I think is the framework around it. I love the scorecard for two reasons. It develops a consensus within the organization if the process that’s associated with the development of the scorecard is actually exercised well. Best value of it all is it allows you to communicate to the organization what needs to be done. It's not a control tool and it shouldn’t be used that way. A balanced scorecard also allows you to align business units. And this is just from a metric standpoint, right. You have got your corporate values here. You can then list your business units. You can see what is the measure at the corporate level...
Worthless HR Metrics - Customers are important for any business but employees are as important to any business. Keeping them happy is important and requires thorough attention. Number eight, worthless HR metrics. These are even worse than the customer ones. What I typically see in the people section are balanced scorecards or dashboards. Most organizations track employee turnover attrition. Is turnover necessarily a bad thing? Do you ever have somebody leave and everyone went, man I am glad that guy left? Productivity went up by 28% when he left because everybody hated him and was a lousy boss but HR puts the same dot for turnover for somebody you are glad that left with someone you are devastated at the loss of, someone who’s been there for 28 years and irreplaceable. So I think that’s a pretty useless measure in most cases. The other thing we do employee satisfaction or the new buzz word engagement is surveys. Remember the client I told you about that had the culture problem? The medical device manufacturers are too cheap to measure employee satisfaction every year because it costs a lot of money for these surveys. As a result, they do it every other year. So every 24 months, they get a data point. This is a company that used to be listed in Fortune magazine’s 100 best employers in America. For a long time, they were in the top 50 but eventually dropped to 75 and then 82. After about a year and half ago, they just fell off the list. So they are no longer on the list of the 100 best companies to work for in America...
Wrong Behavior For Good Measures - Organizations these days use inaccurate and unethical tactics in order to promote their business as better than they seem on the inside. Lastly, with number ten, I am still seeing a lot of measures that drive the wrong behavior. These are measures that look good on paper but people do the wrong thing in order to make the draft go up, the needle move, or the metric turn green. A perfect example of that is JetBlue. Do we have anybody from JetBlue here? Okay. We can pick on that. They had one of the best balanced scorecards in America according to APQC. According to all the gauges on their dashboard that they have, they were doing a great job on Valentine’s Day earlier this year. Anybody remember what happened on Valentine’s Day, JFK? A lot of people sat out on the tarmac for eight or nine hours on JetBlue airplanes. Do you know how they measure on-time take off in the airline industry? It’s when they leave the gate. So as a result, all those airplanes according to JetBlue’s statistics, took off on-time. They really didn’t though...