KPI has been trending and being implemented by many companies. It has been an important strategy for many companies to achieve success.
What is KPI?
KPI means key performance indicator. It is basically a piece of work that is measurable. The measured unit must be relevant to the organization to be evaluated. A quantifiable measure over a particular period of time targeting one specific project or objective
KPIs are used to measure performance. It has been used for many years until the late nineties, when this term was officially announced. It is useful to assign goals and targets to measure success. The indicators vary for different organizations. IT to non IT to marketing and sales, recruitment to outsourcing, payroll to finance, and more This is useful to move your business rapidly toward a strategic goal.
KPI AND METRICS:
While key performance indicators and metrics are related, they’re not the same. Here’s a quick explanation:
- KPIs are used to target your business more specifically and achieve your goal faster. A key performance indicator is “how many job seekers did you contact per month”, could be a KPI for a recruitment and staff outsourcing agency.
- It could be the number of units prepared for a month. The success of every month is a cumulative outcome of number of days
MONTH TARGET = DAY TARGET * NO. OF BUSINESS DAYS
Here, DAY Target is called metrics, which are accountable for your monthly target.
It is a specific objective with realistic, achievable goals deriving from the organization’s growth within a specific timeframe.
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