KPI, or key performance indicator, is specific metric that businesses use to measure their progress towards achieving their goals. KPIs are used to track performance and identify areas where improvements can be made.
KPIs can vary depending on the business and the goals that are being measured, but they are typically quantifiable, objective, and aligned with the company’s overall objectives. Examples of KPIs might include:
- Revenue growth
- Profit margin
- Customer satisfaction
- Customer retention rate
- Employee productivity
- Time to market for new products or services
- Website traffic and engagement
- Social media engagement
- Inventory turnover
Also read: How to determine KPIs for your business?
By setting and tracking KPIs, businesses can identify areas where they are excelling and areas where improvements can be made. KPIs can also be used to set benchmarks and goals for the future, allowing businesses to continuously improve their performance over time