“Everything that can be counted does not necessarily count; everything that counts cannot necessarily be counted”. – Albert Einstein
India is on the verge of entering another new financial year. With all the challenges faced in the last year, many of us have become a more optimized and crafty player in the industrial world. But progress is only noticed when one moves from one stature to a higher one with greater efficiency, more productivity and increased results.
Hence, the quintessential question here that is to be answered before we enter a new financial year is if it is ok to move into a new year with the same strategies and concepts which were being used and implemented last year?
The answer is obviously NOT!!
One should advance with a better and practical approach towards the challenges that will ultimately guide the organization to greener stats.
Replace your old bells!
Key Performance Indicators (KPIs) or Key Result Areas (KRAs) are the most critical measurement tools that allow the organization to track the growth and efficiencies of the processes and controls. The companies should introduce programs to educate the human workforce to be aware of the term KPI/ KRA and should be affluent in decrypting the information through the same.
Analysis of the data from various KPIs is a must to do the task. One should be able to note the important and effective indicators with the best results.
Data collection and management is the key to success in today’s modern industrial world. Assess which elements of the entire process can be collected easily and work towards it since you will lose interest in the process if it is too difficult or tedious to handle.
Make a habit of expressing KPIs in formulas since it is easy to remember and gives a sense of more comfort in implications when required. Moreover, expressing it in a formula gives you the flexibility to keep it intact and calculate in a same standard manner every time.
DO CREATE A DASHBOARD! Dashboards are the easiest and most efficient method to keep a track of the data and progress achieved in a particular time frame. A dashboard can also be used to keep track of goals in sync with the numbers and growth.
Discussion and feedback is the key element which takes us forward and leads to substantial improvement. Discussions also allow the organizations to gather insights of the team members and help them in keeping track of progress as per the employees’ and organizational point of view. Change your KPIs and its methods through these discussions after evaluating the progress whether it is up to the mark or not.
KPIs also provide you a detailed insight which can help one in creating a framework for the future plans and processes that might play a major role in the growth numbers.
Key Performance Indicators are one of the sharpest arrows companies can hone and possess in their arsenal. These can help one in a number of ways ranging from tracking data to prying on strengths and weaknesses. Furthermore, these play a very important role in decision making and can be very beneficial in influencing the decisions if used precisely. It is a modern and ever-evolving world, the KPIs are one of the best elements that come out of this evolution.
Team Faber Infinite has been delivering its unique Performance Management System (PMS) across industries to improve overall performance of people and systems. This objective based performance management system eliminates all subjectivity thus removes chances of favouritism and eliminates doubts from employee minds about the performance measurement.
Faber Infinite’s proven Performance Management System creates a framework to not only monitor the KPIs effectively (across the organization) but also gives 12 opportunities annually to improve the performance. This quality itself makes the framework distinctly valuable and builds high performance teams.
Please reach out to our expert team for further details and case studies.
Written & Compiled By Faber Kishlay & Faber Mayuri