Learning to Collaborate on Performance Improvement - This brings me to my next point: how to collaborate on performance improvement with other business units in an organization. I personally would like to see more credit go to the things that are more on time and respectable than the negative aspects that get recognized. Part of that requires a governing body that’s out to change the environment. We’ve heard a number of thought leaders say why the environment needs to change and how it can’t be a serial process. You have to set it up and make it easy enough so there’s a parallel path for change. Each business area has to have their own piece of change, but in the end, they all have to fit together. So basically, you have to have a little bit of value and commonality for each of the business areas. So for a large organization, each business area has to be aligned with each other and produce their own results at the same time. This is pretty self explanatory, and then the repository can really link these pieces together. I would really like to create this. I still haven’t actually figured out how to design this so that there is a cluster of improved service capabilities for each area...
Library of Key Performance Indicators - Learn all the most important KPIs that organizations track either for a department type or an industry classification. InetSoft provides KPI tracking software that is affordable and easy to deploy....
Linchpin of a Good Performance Management System - Okay. Strategic objectives are the linchpin of a good performance management system because there is a lot of potential and a lot of energy associated with them. For one thing, they are tied to our strategy and our desired results. They are the building blocks of that shared vision. By having people accountable for objectives, we are building accountability for results in the organization. So we put owners next to the objectives. By tying initiatives to objectives, we ask ourselves what are the critical products that we have to do to be successful to continuously improve? By tying performance measures to the objective, we ask the simple question, how well are we doing against our strategy result that we want, the overall result. And finally, an important step that we have added after running into some difficulty early on is what we call objective commentary. What’s going to happen, folks, if you have workshops who are building the balanced scorecard? I guarantee you six months after the consultants are gone, and you’re left to your own devices...
Linking Performance Management and Knowledge Management Assets - To make sure that when we link a performance indicator to knowledge assets, it’s those knowledge assets that can actually help Jack fix this problem in the context he’s working in. We got beyond that in terms of the solutions we offer for clients because there’s additional knowledge assets associated with this problem that Jack and his team has. Because Jack’s going to come back with a plan for fixing this problem, we want to link Jack’s plan for fixing this problem to this key performance indicator...
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List of 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...
Making Performance Measurement Meaningful - This is why the title of the session is making performance measurement meaningful. A performance measure is a meaningless diagnostic tool, until you pick it up and start using it. It has no more value to you in organizational life than this stethoscope has value to a doctor if they are not using it because the value is not measured. The value is in the question that it forces you to ask about how we are performing. And folks, this is the key failure point that I see in organizations, and I travel all over the world. This is the key failure point. We do a tremendous amount of work creating our documents and creating our measures, and we have them printed up in four colors, and we bind them, and give them a cool sexy cover. I know you’ve seen it, right? And then we say look, we’re done. Look how well we are managed. Look at all these measures, and all it is, folks, is a meaningless diagnostic tool until you pick it up and start using it. So if I was going to use this on him, I’d pick it up, put it on my ears, and I would start asking him some questions, wouldn’t I? You have a family history of heart disease? What kind of medications are you taking? Do you diet? Do you exercise? And based on what I am learning from him, I am going to prescribe an intervention. I’m going to put him on Lipitor, and tell him to diet and exercise, whatever...
Measurement Transforms and Changes Business - With that though, I would like to say that there are still some technology gaps when it comes to measurement transforming and changing business. There are still some options that are done, but I think there’s an approach here where we could have a better way to have more of a value base. Volume versus value, I think that is really the key. The performance measurement should be telling you what the value of it is and telling you which things are most important and where you have to pay attention to. Even in simple things. Once I dug deeper into it, I said the check has to be done every day and every year. You have to know around the clock that there is supply available in case of an emergency. So the question of how much do we have in stock has to be processed. The whole country has only two days worth of stock so I said, well that’s pretty good. What system is that on? You have to learn to measure and be able to tell yourself where are we processing now? When do you think you want to measure that? The United States has grown and changes have occurred. So you have to ask the right question about measurement and how it can drive change. Understand the goals, ask the right questions about measurements, identify good indicators and bad indicators, and define the simple set of measures. Those are the things we need to focus on...
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Measuring the Performance of Your Explainer Video - In the ever-evolving digital marketing landscape, one strategy continues to rise above the noise and capture the hearts and minds of audiences: video marketing. With their unparalleled ability to convey messages, videos have been the cause of success for modern businesses. Explainer videos are at the forefront of many types of videos as one of the most favorable contents for marketing. Concise delivery with compelling visuals is key. They are an invaluable tool that educates, entertains, and converts viewers into loyal customers. Here's an example of explainer video: What Is Pinterest? | An Animated Video By Breadnbeyond If you use explainer videos for marketing purposes, you should also perform data analysis. In the following discussion, we've curated some video marketing metrics to help you estimate your explainer videos. Keep reading to learn more...
Measuring Realistic Viewpoints - There are many different viewpoints. Measurement is one of the viewpoints you have to have. Other ones include how to get people involved and not just the governance of those three or four level executives in the organization. How do you permeate that? How do you get it to action? How do you track that? That’s what I’ve been trying to do. You create spreadsheets and these PowerPoint’s, and then you go off and go “bye, I’m leaving. I’ve been here for four months, and I created a plan, left it on the desk of the guy whose team is supposed to track it.” Then they go, “you have 20 projects. It’s going to take four years.” You had the goals laid out, the questions, the metrics, and indicators of when things will go by, but you didn’t give us any business intelligence tools. That’s not a good system. Then at another pretty good company, they say, okay, let’s try to look at performance management tools and see where things are. That’s how I really got into finding performance stuff. That’s how I found out that performance metrics are real good at a high level in a dashboarding system because it puts it in the terms of what the executives said, and then we would get started on the design...
Mental Health Services Key Performance Indicators - The use of key performance indicators (KPIs) is crucial for assessing the effectiveness of mental health care. They provide a quantitative and unbiased tool to monitor development and identify potential areas for growth. KPI measurement may assist mental health providers maximize revenue, optimize resource use, and enhance patient outcomes. Key performance metrics for mental health care will be covered in this article. Patient Engagement Patient involvement is a critical KPI for mental health treatment. Patient engagement is the degree to which people are involved and take part in their medical care. Engaged patients are more likely to adhere to treatment regimens, produce greater results, and report higher levels of satisfaction. In order to evaluate the success of their treatment strategies, mental health providers must monitor patient participation...
Metrics Dashboard and Scorecard Application - Are you looking for metrics dashboard and scorecard solutions? Since 1996 InetSoft has been making business software that is easy to deploy and easy to use. Build self-service oriented dashboards quickly. View a demo and read customer reviews...
Metrics for Data Quality - List and Definitions - The data used for a purpose must satisfy its requirements. The quality of data determines how far data satisfies the needs of the purpose it is used. There are several metrics used to determine data quality and it is important to know them. Measuring data quality can be different for each business and it cannot be standardized. But there are metrics that can suit every business and they can choose to give importance according to their requirement. So, here are the top data quality metrics you must know. This is an important factor that determines the correctness of your data with respect to reality. It is measured by comparing the data of a known or verified source. You can choose a source specific to your domain and find out the accuracy of your data. Every information you consider as a data value must be accurate and verified...
Metrics for Vendor Management Analysts - By evaluating vendor performance and pinpointing potential areas for improvement, vendor management analysts play a crucial part in this process. These experts use a variety of Key Performance Indicators (KPIs) and analytics to gauge and track the efficacy of vendor management initiatives. This article offers a thorough summary of the KPIs and analytics that vendor management analysts often use. Vendor Scorecards: Vendor scorecards are a popular tool for assessing and contrasting vendor performance in comparison to predetermined standards. These scorecards often incorporate measures like on-time delivery, product or service quality, contractual compliance, and client satisfaction. Service Level Agreements (SLAs) Compliance: SLAs outline the performance criteria and anticipated service levels that suppliers must adhere to. To determine the vendor's capacity to satisfy predetermined goals, such as response times, uptime, or resolution rates, vendor management analysts monitor SLA compliance. Cost Performance: If suppliers are providing products or services at the rates agreed upon, it may be determined by evaluating cost performance. Metrics including cost variation, price competitiveness, and cost savings resulting from agreements provide information about how efficient a vendor is at controlling costs...
Metrics on Consumer Satisfaction - Now we found at that time that while executive management is still the most common user of Mobile BI, there were significant roles, specific activity in areas such as outside sales which was used by 47% of organizations, IT and also operations and field service. That is up from about one-third of organizations back in our survey from November and December saying 'we are currently using mobile BI,' with 10% planning to adopt it within a year and 25% planning in the years beyond...
Metrics to Monitor on Your SEO Dashboard - There are practically unlimited parameters you may monitor when gauging the effectiveness of your SEO strategy or performing an SEO audit. Here are the top nine SEO metrics and how to track them to assist you in focusing on the proper metrics, regardless of the nature of your organization. Key performance indicators for SEO are essential for a company that expands consistently. Let's begin with the most obvious. The traffic you receive from search engine results pages (SERPs) without having to pay for ad placement is known as organic traffic. Narrowing your emphasis to organic traffic demonstrates your website's presence in search for terms related to your business. Your overall traffic may come from a variety of sources (search engines, social networks, direct searches, and other sites). Therefore, if your SEO approach is effective, you should see a consistent increase in the number of visitors coming through search results...
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...
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More Performance Management Trends - Performance management will become more pervasive within organizations. If you’re old enough, like me, think back to the days when computers were first being introduced into people’s offices, when personal computers first came out. The senior managers at that time were not computer savvy, to put it kindly. Yet, they understood there were computers, and that they were these big refrigerator-sized boxes found in the back office and operations departments. But these managers didn’t have a personal relationship with their computers. But nevertheless, executives would get their PCAT, and they would put it in the corner, and it would have the green c prompt burned into the screen...
New Performance Management Tool Environment - In the real world though, we have to change our behavior and our design interactions. We need a new performance management tool environment. I also found out that every time I went in, I hear the same questions over and over again. We have built siloed organizations. We have stovepipes. We need to improve our network. These are just common areas we need to have built out. Maybe you might not have it, but because I’m around IT, some of the organizations in the ‘80s had all client server systems and you had an organization with 400 client server systems out there where none of them talked to each other. They now all have security problems. You also have to worry today about what I call continuous operations. Most of these organizations, after 9/11 and hurricane Katrina, worry about how the things operate. You have to measure these things and say these are my infrastructure measurements. Afterwards you have to go, I want to connect things together and have a more service oriented environment. I want to collaborate, and I want to share data. So I kept hearing these things...
Next Step in Building a Balanced Scorecard - The next step in building a balanced scorecard is strategic planning. Strategic planning and thinking starts at high altitude. This is a high altitude activity. Right, it’s around here, 10,000 meters, right, 30,000 feet. The first thing we want to do is talk about what do customers value. What do they need? I mean not what they do they want, but what do they need that we are capable of providing them? We always start with customer needs. That’s the high altitude question. Once we get that, we look at the mission. What's our purpose? What do we do? Then comes the vision. What do we want to be when we grow up? All right, what’s our picture of the future 3, 5, 10 years down the road? For a dot com company, it's a year right. So vision is in the eyes of the beholder. Then come the perspectives. We call them performance dimensions. What are the different lenses that you want to look at. As you look at your strategy, I want to look at through the lens of financial performance, through the lens of customer satisfaction, through the lens of process efficiency and through the lens of organization capacity. Those are the perspectives...
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Operations Support Analyst Metrics - Operations Support Analysts play a crucial role in ensuring the smooth functioning of businesses. They are responsible for analyzing and optimizing operational processes, identifying areas for improvement, and providing valuable insights to enhance productivity and efficiency. Key Performance Indicators (KPIs) and analytics serve as vital tools for these analysts, enabling them to measure and monitor performance, make data-driven decisions, and drive positive organizational outcomes. In this article, we will explore a comprehensive list of KPIs and analytics commonly utilized by Operations Support Analysts. Efficiency metrics focus on evaluating the effectiveness of operational processes, systems, and resources. These metrics help analysts identify bottlenecks, streamline workflows, and optimize resource allocation. Key efficiency KPIs and analytics include: Cycle Time: Measures the time taken to complete a specific task or process. Throughput: Reflects the number of units or transactions processed within a given time frame. Capacity Utilization: Evaluates the extent to which resources, such as equipment or personnel, are utilized effectively. Process Yield: Calculates the percentage of defect-free products or services produced during a particular process...
Operational Excellence KPI’s for a Law Firm - The operational excellence KPI’s, that's stage one. The market growth is stage two, and leadership is stage three at some level, okay. These are what a law firm needs to track in order to maximize performance. Ron: That's right. So we can see here cluster one. We can see there a stage one cluster, and we ask, well why is that? If we just look at their overall score for the moment, they are doing 5.9. They are in the middle. 5.8 is the average. So we calculated the average at about 5.8. These guys are doing 5.9. They are a little bit above average. The 5.4 mark, there would be the 25th percentile, the 6.2 mark would be the 75th percentile, and the 6.6 would be the 90th percentile. Most of the other KPIs work the same way. Some of the numbers are adjusted a little bit, but they are basically following the same kind of pattern as we work upwards. So this team, like I said, is doing a little bit better than average; they are 0.1 of an hour better than average. So they get a tick in the box for that KPI as being past stage one. If we just go up to the next row, profit per partner is $866,000. $950,000 is our benchmark for that. So they are little bit behind. The next key performance indicator is staff margin, and we can come to the detail of what that means in a minute, but 34% is the benchmark. That's got a red light to the left, and they are doing 25%...
Password and Permission Change Tracking at the Enterprise Level - Despite being able to sway policymakers and command vast physical resources, data remains an enterprise's most valuable commodity. After all, any enterprise that doesn't understand its customer base and make data-driven decisions can't compete on the world stage. Safeguarding data is, therefore, a top priority. It's also a challenging task since cybersecurity threats keep multiplying and evolving year after year. Unauthorized passwords and permission changes are common means of pursuing access. What steps should enterprises take to track them? Keep reading to get a complete picture. Enterprise operations generate and rely on vast quantities of data. Much of that data is sensitive, and unauthorized access could have dire consequences. For example, client databases can contain identifiable information such as names, (email) addresses, and banking info for thousands or even millions of people. With so much on the line, data breach costs can soar...
Performance Management and Analytics Vision - I recently read a research study where they asked a number of questions about where organizations are in realizing this whole performance management and analytics vision. And where are they at in evolving their finance infrastructure. They asked the question, does your organization and your senior management have a clearly defined strategy, and if so, how consistently and how well are you executing against that strategy? Nineteen percent of organizations said they didn’t have a clearly defined strategy. The other 80 percent said, yes we do think our management has a well defined and clearly defined strategy. Unfortunately of that 80 percent, only 14 percent said that they thought their organizations consistently executed against it. So that’s a bit troubling that over 60 percent of the organizations said that they did have a strategy, but they weren’t consistently executing against it. One of the reasons we see people struggle with that is not for lack of interest and not for lack of intent, but a lot gets lost in translation because of all the challenges that we’ve been talking about and because the strategy is being able to monitor and act and respond, because of the information infrastructure of complexity and challenges...
Performance Management Best Practices - Today we’re talking about performance management best practices. Organizations tend to follow similar patterns when it comes to performance management. They implement a performance management program, and it becomes structured into people’s daily routines. Then after some time people tend to get complacent and stop using those performance management tools. So the question before us today is how do we move beyond that? How do we keep using these business management tools? There are lots of different things that I could share with you today, but I thought the best way to start will be to share with you are what I call the six fatal mistakes in performance management. I think this is a very important conversation because if you are going to build a sustainable model of performance management, it is very best, in my opinion, that you know where you’re failing. You need to be able to identify where the traps are, and if you see yourself falling into one of these traps, you can avoid it...
Performance Management Company - Looking for a performance management company? Since 1996, InetSoft has provided performance management software that is Easy, Agile, and Robust - complete with interactive and monitoring dashboards, scorecards, and drill-down business reporting. Evaluate InetSoft's Style Intelligence for an afforably priced, quick to deploy, and easy to use performance management solution...