Top Important Ways To Improve Your Kpis With Business Intelligence

By Author: Bappaditta Jana
Total Articles: 79
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Benchmarking and contrasting your key performance indicators (KPIs) with industry norms and rivals is one technique to leverage business intelligence (BI).

KPIs are quantifiable metrics that demonstrate your progress toward attaining your company's goals and objectives. You can determine your strengths and weaknesses, create reasonable goals, and enhance your performance by benchmarking and comparing your KPIs.

In this post, we'll outline steps you can take to use business intelligence (BI) to benchmark and improve your KPIs.

Determine the Core Business Objectives and Related Metrics

Using business intelligence to gauge KPIs has the advantage of enabling users to dig deeper into specific measures to assess an organization's performance. Service call satisfaction, renewals, clicks, site traffic, and conversion rates are a few examples of these KPIs.

Determine what stage of growth your organization is currently in before choosing the KPIs to utilize. Businesses ought to concentrate on the metrics that support their business models. An enterprise business should concentrate on ...
... metrics that take into account historical developments, including customer lifetime value analysis.

Find reliable sources of information

Finding trustworthy data sources that can be used to measure and compare your KPIs is crucial. You can leverage internal data from your own tools and systems, such as analytics platforms, CRMs, and ERPs.

Additionally, you can leverage external data from independent sources like databases, industry reports, polls, and benchmarks. Make sure the data you use is accurate, reliable, and pertinent to your KPIs and sector. Additionally, you should make sure the data sources are reliable and current and refrain from using inaccurate or biased information.

Represent KPIs in an Effective and Accurate Way

After you have identified all of your KPIs and developed a plan for your business intelligence strategy, think about how you will communicate your KPIs to your users. Dashboards are an excellent example of how to represent measurements. By giving consumers clear visual representations of trends, they enable everyone to understand an organization's performance.

Additionally, creating an interactive BI dashboard enables users to investigate their own inquiries and areas of interest. Users should be able to execute fundamental analytical operations on an interactive dashboard, such as filtering views, going deeper, and looking at underlying data.

All of this ought to be doable with only rudimentary technical knowledge. Your firm will be able to readily monitor KPIs and acquire a clear understanding of your organization's performance once your data visualization plan is in place.

Compare your KPIs to those of the industry and your rivals.

This involves leveraging BI insights to compare your KPIs to industry norms and rival companies. To compare your performance to the industry standard, best practices, or your direct or indirect competitors, you can use a variety of comparative approaches, such as benchmarking, gap analysis, SWOT analysis, or other comparison tools. Instead of making unfair or deceptive comparisons, you should employ pertinent and accurate criteria and measures. Along with highlighting your competitive advantages and weaknesses, you need also to pinpoint the variables that affect your performance.

These are some of the ways you can leverage Business Intelligence to improve the Key Performance Indicators in your business and steer your organization toward success.

Bappaditta Jana is a blogger who loves to spend his free time engaging in sports or gardening. Based in Kolkata, he is currently working with EasyReports an IT firm that has developed a BI reporting tool that can easily integrate with Tally ERP and many other applications.