With thousands of Key Performance Indicators (KPIs) to choose from, it can sometimes be difficult to keep track of everything. Gathering data, interpreting data, and turning the data into meaningful strategic advantages can be both time-consuming and risky. Thankfully, KPI management software has its own strategic advantages. Let’s take a look.
What are KPIs?
Key Performance Indicators (KPIs) help an organisation monitor their success. KPIs are varied, and can be extremely hard to measure. KPI examples include customer service satisfaction, process performance, cost metrics, and output measures. They also include more abstract and long-term figures such as Customer Lifetime Value (CLV) and the cost of acquiring new customers (CAC). The resulting information is known as the ‘performance scorecard’. KPI and scorecard data is important, but it can be very difficult to trust it without the correct analytical software.
How does software help with KPIs?
Software is primed to manage the high volumes of data that accurate KPI analysis requires. This is particularly the case when dealing with CLVs and CACs. This means that some of the difficult calculations - such as the value of a marketing campaign - can be worked out in a matter of seconds. This enhances the strategic decision-making process, long-term financial planning, and stakeholder engagement. In short, KPI software tells you whether a strategy makes financial sense.
Keeping everything connected
One of the traditional problems of calculating KPIs is the inherent disconnection within organisations. For example, customer service has traditionally been separate from supply chain management. However, companies are becoming increasingly aware that the best way for IT to join the dots and offer the most accurate KPI results is if all information is interconnected. This means that customer data can inform the supply chain, marketing feedback can tweak strategy, and human brains – which have traditionally had to do this type of analysis using a vast array of complex calculations and guesswork – can focus on more important things. Connectivity means efficiency, and efficiency means productivity.
How does Clearview help?
Being able to see your performance is important. That is why Clearview uses easy-to-view dashboards that allow companies to keep track of their metrics in real-time. Adjustments can be made at lightning pace, enabling a dynamic competitive edge. Our solutions are designed with efficiency and productivity in mind, with the goal of empowering organisations by unlocking information, connecting information, and translating information into results. To learn more information request a demo today!
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