In this article we are going to know KPI full form
KPI Full Form
What Is The Full Form Of KPI?
The Full Form Of KPI is a Key Performance Indicator.
Below We Are Going To Explain The Meaning Of KPI,
Meaning Of KPI
What Is The Meaning Of KPI?
The Meaning Of KPI Is
KPI stands for Key Performance Indicator. It is a business metric, which is a measurable value that shows how effectively a company is progressing towards achieving its key business objectives and goals. There can be many KPIs used by companies to evaluate their success in achieving their goals.
See This Also: What Is CSR Full Form? Find Out The Full Form Of CSR.
Below We Are Going To Explain The Abbreviation Of KPI,
Abbreviation Of Key Performance Indicator.
What Is The Abbreviation Of Key Performance Indicator?
The Abbreviation Of Key Performance Indicator Of KPI.
In simple words, KPIs are a set of quantifiable measures that supports your organization’s objectives and goals and allows you to put efforts in the right direction and monitor your progress over time. High-level KPIs generally monitors the overall performance of the business, while low-level KPIs focus on processes in departments such as sales, HR, support, marketing, etc.
KPIs vary between companies and organizations based on their objectives and performance criteria. For example, if a textile company’s goal is to have the fastest growth in its industry, its main performance indicator may be the measure of revenue growth year over year (YOY). Similarly, for a retail shop, its sales growth would be a key metric to measure growth.
Types of KPIs:
- Process KPIs: It measures the efficiency or productivity of a business process, e.g., time is taken to deliver an order. An order delivered in less time will show high performance.
- Input KPIs: It measures investment such as assets, resources, or money invested to generate business results. For example, money spent on employee training, raw material, research, and development.
- Output KPIs: It measures the financial and nonfinancial outputs of business activities and processes such as the revenue generated, the number of new subscribers, the number of new admissions, etc.
- Leading KPIs: It measures the progress of the activities that may affect future performance. These indicators offer guidance on future results.
- Lagging KPIs: It measures the success or failure of an event, e.g., financial KPIs measure the output of the past activity. These indicators tell you how you have performed.
- Qualitative KPI: These indicators are subjective in nature. It is a descriptive characteristic, a property, an opinion, or a trait. E.g., a company conducts surveys to measure customer or employee satisfaction.
- Quantitative KPI: It is a measurable characteristic that involves numbers. It measures a measurable characteristic through counting, adding, or averaging numbers such as number of sales, number of admissions, calls handled, etc.
Common Examples of KPIs:
- Market Share
- Customer Satisfaction Score
- Attrition rate
- Number of recruitments
- Manpower Cost
- Training Programs
- The average length of the service of employees
- Sales figures over a specified period
Frequently Asked Question:
What is a KPI example?
Examples of Sales KPIs
A number of New Contracts Signed Per Period. Dollar Value for New Contracts Signed Per Period. A number of Engaged Qualified Leads in Sales Funnel. Hours of Resources Spent on Sales Follow Up. Average Time for Conversion.
What is a key performance indicator examples?
Examples of Customer KPIs
Number of Customers Retained. Percentage of Market Share. Net Promoter Score. Average Ticket/Support Resolution Time.
How do you write a KPI?
Follow these steps when writing a KPI:
Write a clear objective for your KPI.
Share your KPI with stakeholders.
Review the KPI on a weekly or monthly basis.
Make sure the KPI is actionable.
Evolve your KPI to suit the changing needs of the business.
Check to see that the KPI is attainable.
Update your KPI objectives as needed.
What are the 5 key performance indicators?
1 – Revenue per client/member (RPC)
2 – Average Class Attendance (ACA)
3 – Client Retention Rate (CRR)
4 – Profit Margin (PM)
5 – Average Daily Attendance (ADA)
What are your top 3 key performance indicators?
There are two common sorts of performance indicators: financial and customer-focused. Financial indicators are the foremost commonly used metrics for performance including revenue rate of growth, net income, return on investment, among others.
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