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As the owner or manager of a company, you have goals. You are a 5-year goals or long-term goals, and then step on the way to achieve those goals, medium-term goals and short-term goals.
If you were a retailer you might have the following objectives:
Short-term: to sell a certain amount every sunny day, a certain amount every rainy day, certain unless every holiday, weekend work days.
Medium term :. Identify your best suppliers establish relationships with the most efficient, timely, reliable and innovative suppliers. Attract a greater number of baby boomers than your competition.
Long-term: Continue to create innovative market that can set you apart from competitors, such as innovative loyalty programs or bleeding edge point-of-purchase technology.
The business planning and performance management, key performance indicators (KPIs) are essential to know where you are on your way towards a certain extent .
This is what Wikipedia says about KPIs
A performance indicator or key performance indicator ( KPI) is a measure of success. Such measures are commonly used to help an organization define and evaluate how well it is usually in terms of progress toward organizational goals long term. KPIs can be specified by answering the question “What is really important to different stakeholders?”
Wikipedia mentions a long time, but it misses out on important short-term and medium-term goals, which I’ll explain shortly. The key term here is “stakeholders”.
Each goal, whether short term or long term, have different stakeholders.
If you are a retail daily limit, then the store to have access to data that shows him or her in real time what is happening in the store.
If you have quarterly or annual goals to Avis suppliers and your different audiences, then the business person or a sales director needs access to information that shows how you are doing with these routes.
If you are long-term plans to create new solutions and become a leader, the CEO or owner needs access to key data to know how you are doing against these plans.
Different time frames, different stakeholders, different goals, different KPIs.
What tools are available to help you on your way?
David Abdo wrote a post entitled “Business Intelligence Software: What is it actually” in which he argued for the democratization of business intelligence software across the enterprise.
The presence of multi-tiered objective structure as shown above includes the requirement for companies to implement business intelligence tool that is available to all persons within the company.
What do you think about the issue?
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Source by Fernando Labastida