KPIs are important, with so much data available today, you may be tempted to measure everything. But for your KPIs, be sure you measure what matters–the strategic objectives that will help you reach the high-level goals of your organization. And, get the right tools in place to know the “why” behind your KPIs. Here are the ten steps for developing the right KPIs.
When defining the KPIs, I start with a set of questions that will help me through the process of defining and tracking the right key performance indicators for myself, the product team, and the organization.
Who or what are these KPIs for? State the person, project, product, department, or company which you’re developing these KPIs for:
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What are your highest priority objectives? State 3-5 specific, measurable goals for a particular time frame (month, quarter or year). These should be the key targets you track to make the greatest strategic impact on your business.
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For example 15 new customers in the US per month
How to confirm these are the right ones?
Answer the below questions to confirm that you have built the right APIs;
Q: Do your KPIs align with your company’s mission? State how the above KPIs align with your company’s mission and strategic priorities.
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Q: Are your KPIs actionable and attainable? State at a high level how you will work towards achieving these goals.
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Q: Are your KPIs trackable? (Do you have the data?) State where you will obtain the data to track each of your KPIs.
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Q: Got more KPIs in mind? Through this process, you may have thought of additional goals. You can list additional KPIs here but avoid “KPI overload” by focusing only on the most impactful measures.
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That is it for this article. I hope you found this article useful, if you need any help please email me at info@nabeelansar.com
👋 Thanks for reading, See you next time
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