Key Performance Indicators (KPIs) are critical targets that allows an organization to know whether it is on or off track to achieving its mission. KPIs are also known as annual goals, measurable objectives, leading indicators, and metrics. Whatever the label, the concept of KPIs are the same, it is an attribute that is clearly defined in a succinct manner, aligned to the mission of the organization, and is measurable.
KPIs are often incorporated into an organization’s annual or multi-year strategic plan. Often tied to an organization’s fiscal calendar, KPIs are analyzed at the end of the fiscal year. The analysis leads to strategies that are implemented to enhance the efforts to achieve the organization’s mission and KPIs are tweaked or newly created for the next year.
Many organizations are seeing the end of their fiscal year come in range and with that all performance metrics are also approaching a timing finish line. Over the next 60 days, (November 15, 2017 -January 15, 2018) we will journey together through steps you can implement to facilitate the review of your organization’s KPIs. There will be two phases of this journey, the first will be the Key Performance Indicator Assessment process (KPIA) followed by the Key Performance Indicator Evaluation (KPIE). Each phase will take approximately 30 days (Figure 1.)
Regardless of your fiscal year start and end point, the strategies outlined can be used by any organization to help plan for the home stretch to the end of a performance period.
KPIs facilitate important conversations within organizations and this blog hopes to generate insightful conversation with those engaged in an organization’s end-of-year analysis. Each blog entry will end with a call to action question and a preview to the next day’s blog topic.
Blog #1’s Call to Action Question: Are you ready to engage in a process to gain insights from your organization’s KPIs?
Blog #2 sneak peek: KPIA Process Timeline