Over the next three weeks of #MSHUnderReview, I will be reviewing the what, why and how of KPIs in quick (it should take you less than 3 minutes to read) and easy-to-understand posts.
Without further ado, let’s get going with “the what”:
What is a KPI?
If you’re not familiar with the acronym, KPI stands for “key performance indicator”.
KPIs are “a set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their strategic and operational goals,” as defined by Investopedia.
In other words, KPIs help an organization evaluate its overall success, or the success of a specific initiative such as launching a new website, a marketing campaign, or a new product. By identifying how these initiatives fit into your organization’s goals, you can then determine how the outcomes of each affects your company.
Check back next week for Part II of the “What is a KPI?” series, which will cover why you should be measuring KPIs.