What Is Some Advice for the Process of Defining KPIs?

Below is the continuation of the transcript of a Webinar hosted by InetSoft on the topic of Best Practices for Key Performance Indicators. The presenter is Mark Flaherty, CMO at InetSoft.

Mark Flaherty (MF): When you are getting down to the departmental level, the metrics become very specific. And sometimes they need help figuring out what those performance metrics are. Some industries like government, education, and healthcare share this kind of information, what the standard metrics they are using, because they’re not in hyper-competitive marketplaces. It’s a little more challenging for other businesses such as in financial services. Sometimes a key metric can be a secret way for tracking the performance of their business or their marketing campaigns, so they’re reluctant to share that knowledge or methodology.

How do you find leading indicators, ones that will indicate future performance?

There is no easy answer. I think once you get started measuring and tracking the obvious performance indicators, and you immerse yourself in them, begin to puzzle in your own head what else could be measured, what other event or activity might cause the indicator you’re already watching to go up or down. That will lead you in the direction of the leading indicators.

Performance Management More Strategic

The historical reasons for using BI were to disseminate information. Now companies are thinking about performance metrics and performance management more strategically. Everybody is creating management dashboards. That creates a higher visibility for today’s BI technologies, but there are places where you can get even higher ROI.

The highest ROI on a BI project is down in the operational areas. Especially those areas that link out to the supply chain, or the customer directly. So call center metrics are extremely important. One of our major insurance industry customers just went through a major initiative to gather all these metrics and disseminating the data through dashboards so that from management to the call center reps, anyone who interacts with a customer, can see all the customer-related activity measurements.

Those include metrics for behavioral problems among employees, representative work performance metrics, too. And that has had a dramatic impact on reducing the number of customer complaints. So it is the publicizing of data, certainly internally, and sometimes also externally.

“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 and Metrics Are Tracked by the Endpoint Clinical Industry?

The endpoint clinical industry, which encompasses clinical trials and research conducted to evaluate the safety and efficacy of new medical treatments, drugs, and devices, tracks various key performance indicators (KPIs) and metrics to ensure the successful execution and completion of clinical trials. These KPIs and metrics help stakeholders monitor progress, assess performance, identify areas for improvement, and ensure compliance with regulatory requirements. Some of the essential KPIs and metrics tracked by the endpoint clinical industry include:

1. Patient Recruitment and Retention Rates: These metrics measure the efficiency of recruiting eligible participants for clinical trials and the ability to retain them throughout the study period. Low recruitment rates or high dropout rates can prolong the trial timeline and increase costs.

2. Enrollment Timelines: This metric tracks the time it takes to enroll a predefined number of participants in the clinical trial. Delays in enrollment can impact the overall timeline of the study and may result in missed deadlines.

3. Protocol Compliance: Protocol adherence metrics assess the extent to which participants and investigators adhere to the study protocol, including following the prescribed treatment regimen, attending scheduled visits, and completing required assessments. Deviations from the protocol can affect data integrity and the validity of study results.

4. Data Quality and Integrity: These metrics evaluate the completeness, accuracy, and consistency of clinical trial data collected from participants. Data quality issues, such as missing or inaccurate data, can undermine the credibility of study findings and may lead to regulatory concerns.

5. Adverse Events and Safety Reporting: Monitoring adverse events (AEs) and serious adverse events (SAEs) is critical for assessing the safety profile of investigational treatments and ensuring participant safety. Metrics related to AE and SAE reporting track the frequency, severity, and timing of adverse events and the timeliness of reporting to regulatory authorities.

6. Study Milestones and Timelines: Tracking key milestones and study timelines helps ensure that the clinical trial progresses according to plan and remains on schedule. Milestones may include protocol submission, regulatory approvals, study initiation, interim analyses, and study completion.

7. Data Monitoring Committee (DMC) Reviews: DMC reviews assess interim data analyses to ensure participant safety, study integrity, and ethical conduct. Metrics related to DMC reviews track the frequency of reviews, actions taken based on DMC recommendations, and adherence to predefined stopping rules.

8. Regulatory Compliance: Compliance with regulatory requirements from authorities such as the Food and Drug Administration (FDA) or the European Medicines Agency (EMA) is essential for the successful conduct of clinical trials. Metrics related to regulatory compliance track adherence to regulatory guidelines, submission of required documents, and inspection readiness.

9. Cost and Budget Management: Monitoring trial costs and expenses against budgeted allocations is crucial for financial planning and resource management. Metrics related to cost management track actual expenditures, cost per participant, cost per site, and variance from budgeted amounts.

10. Investigator Performance: Assessing the performance of principal investigators and study sites helps identify high-performing sites and potential issues that may require intervention or support. Metrics related to investigator performance track participant enrollment rates, data quality, protocol compliance, and participant retention.