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How
To Monitor Key Performance Indicators
By Dennis Sommer (www.dennissommer.com)
Monitoring key business and performance indicators, value
metrics, and executive dashboards are all the rage. These
business tools are helping companies make better decisions,
quicker. IT departments are now able to provide this information
to top management very quickly using tools and technology
currently in-house. Implementing a real-time monitoring
system can be completed quickly by following these best
practices.
Find
Primary Indicators
Work with top management to identify the most critical
business performance and value measurements. Determine
which key indicators are most important for each department,
business unit, and the company overall. These key indicators
may include; sales revenue, customer satisfaction, quality
measures, IT uptime, revenue per employee, etc.
Collect Key Data Points
Identify and collect all the required data points to calculate
the value measurements. Link to existing data sources
(business applications, data warehouses, etc.) to use
the information in real-time. To perform this data collection,
companies are utilizing in-house technologies like; data
warehouses, extract - transform - load (ETL) tools, business
intelligence tools, portals, and integration services.
Monitor Anytime, Anywhere
Monitor the value measurements continuously, any time
of day, anywhere in the world. Track the measurements
by geography, department, business unit, etc. A portal
provides an easy to use dashboard that is web browser
based, easily customizable by each individual, and shows
measurements in real-time.
Real-Time
Alerts
Alert top management and managers when key indicators
hit individual, user set thresholds (example, daily sales
revenue drops 5% below target). Provide real-time information
for better, quicker decisions. Portal and business intelligence
tools will bring this information to your desktop, PDA,
or cell phone.
Predict
the Future
Predict future measurement values based on current and
historical data. The most proactive stance is to prevent
disasters and take advantage of future opportunities.
Predicting a dramatic revenue drop in a future quarter
while identify those key factors contributing to this
drop can dramatically change the way a company does business.
Predictive analysis and neural network business intelligence
tools are becoming mainstream and might be in your technology
portfolio today.
SWAT
Team
Implement a virtual SWAT team of company experts that
can quickly analyze information in more detail and take
action when necessary. Using portal and collaboration
tools, this team can be spread around the world working
on key business issues, 24 hours a day.
About The Author
- Dennis Sommer
Dennis Sommer
is the founder and CEO of Executive Business Advisers,
a management consulting firm specializing in business
growth, sales and profit improvement. www.executivebusinessadvisers.com
Dennis helps companies increase sales revenue, reduce
sales and marketing costs, improve marketing ROI, and
drive new business growth by improving and optimizing
their sales, marketing, company strategy and financial
health.
Dennis is a highly sought after business keynote and seminar
speaker www.dennissommer.com
and author of several highly popular sales, marketing,
leadership and professional development international
articles and books www.advisersecrets.com
.
Contact Dennis at 800-627-6512.
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