What Is YOUR Definition Of KPI?
Key Performance Indicators (KPIs) are important parts of any retailer’s store budgeting plan. But a single KPI is simply a number of units counted over a time period. It’s the unique definition of what types of units being counted and which length of time the count is taken in that take a KPI from a meaningless number to an actual indication of performance. Analysis of many factors determines which performance indicators are key and deserving of being considered a KPI.
Decide What Is Important For Optimal Store Performance
A well-defined KPI is measuring behavior and activity. This automatically provides a place to start investigating corrective actions when the KPI is not where you would prefer it to be. Everyone that particular KPI is affecting should be aware of how it affects them, and what is actually being measured.
ChainDrive’s software allows you to determine what is key for your business performance analysis and define your unique KPIs. The Store Budgeting Dashboard provides a quick look at where each KPI is in real time. You can also look at historical data and compare growth.
The annotation feature provides a way to flesh out the numbers for an accurate view of what happened during the time reported. This is because a KPI is insufficient by itself — Key Performance Indicators are meant to indicate what is happening. The reason why it happened, and how to change what will happen in the future, are a matter of analyzing all the factors and deciding what to do about it.
With ChainDrive Store Budgeting, you define your KPIs the way that works for your organization and monitor them with the ability to analyze and strategize for improvement.