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Use of Key Performance Indicators For Your Business Sucess

Implementation of a Key Performance Indicator can help a company monitor their performance and identify where changes need to be made. These metrics are primarily aligned to business objectives, targets or goals and track how well an organisation manages against these measurements.

If you are looking for a service to help you make sense of your company’s KPIs, don’t look any further! Whiz Consulting can use our years of expertise and knowledge to gain a deep understanding of your business and the issues it has. We will use this to accurately trade in detailed reports that will resolve many problems in your company.

Objectives of KPI Report:-

Monitor Company Health
Measure Progress
Analyse Patterns Over Time
Solve the Problems or Tackle Opportunities
Make Adjustments & Stay on Track

Process of Establishing your KPI report

  • Define company vision and goals
  • Break down company goals into Key Performance Questions
  • Select KPIs answering Key Performance Questions
  • For each KPI, set the target for evaluating each KPI performance
  • Select date sources for KPIs
  • Produce KPI report measuring actual performance Vs targeted goals
  • Identify the reason for variance between the actual performance and targeted goals

KPI reports which are crucial in understanding your business performance:

Financial Performance Review Report:

Reports which shows the following financial metrics-
  • Gross Profit Margin Percentage
  • Operating Profit Margin Percentage
  • Operating Expenses Ratios
  • Net Profit Margin Percentage

Financial Business Operational Efficiency Report:

Reports which shows the following operational efficiency metrics-
  • Inventory Holding period
  • Debtors Collection Period
  • Vendors Payable Period
  • Cash Conversion Cycle
  • Working Capital Turnover

Sales Performance Review Report:

Reports which shows thefollowing sales metrics-
  • Sales Growth
  • Sales Target
  • Average Revenue Per Unit
  • Customer Acquisition cost
  • Customer Lifetime Value

Sales conversion review Report:

Reports which shows the following sales metrics-
  • Lead-to-Opportunity Ratio
  • Opportunity-to-Win Ratio
  • Lead Conversion Rate

How KPI Reports are Beneficial:

Measures Budgeted Sales

Using KPI (Key Performance Indicator) can help you analyze budgeted sales over the achieved sales during a specified period. That data will assist in finding discrepancies.

Consumer Product Satisfaction

Companies need reliable performance metrics to ensure that there are no dissatisfied customers. Tracking KPI for customer service helps address consumer concerns and improve retention ratios.

Human Resource Satisfaction

It helps to monitor the satisfaction level of workers, which will help to retrain from high staff turnover; this is useful for smoothly operating your organisation.

Reduction of cost

It helps businesses reduce costs, thus helping manage their finances and stay on track with developing a profitable line of work.

Decision Making

KPIs provides you with facts and figures of your business performance which allows you to take quicker yet informed decisions for your business.

Improving Operational Quality

KPIs help companies identify their strengths and the corresponding weaknesses that they need to focus on to grow largely and efficiently.

Some of the industries where we are consulting on developing KPIs reports:

Whiz Consulting provides KPI services that help identify business strengths and weaknesses and help concentrate on business processes. With an understanding, we relieve the tensions of your industry-specific KPI reporting service. Although every industry has different KPIs, Whiz Consulting’s KPI services can cater to aggregated reports for every industry. We are transparent with our reporting businesses can track progress and stay competitive in their respective industries.

KPIs for a Retail Store
KPIs for Health Care Business
KPIs for Home Care Business
KPIs for an E-commerce Operator
KPIs for a Real estate Business
KPIs for a Software Company
KPIs for Call Centre Business
KPIs for Consulting Business
KPIs for Media & Marketing

Frequently Asked Questions (FAQs)

A KPI report is a tool used to analyze a business and its processes performance. KPI reports help businesses track progress against targets and goals. There are different KPI reports, and you can even have customized KPI reports based on your specific requirement.
KPIs are derived from company vision and goals. These goals are broken down into key performance questions, and then KPIs are set accordingly. Various existing KPIs might solve your specific business issue while developing customised KPIs as per the business need. Doing so enables the KPIs to be effective.
Every business is different from other businesses, and it will have various issues and objectives which they want to track. Apart from the standard KPI reports, you can also develop customised KPIs which cater to your specific requirements. Although for customised KPIs, it is suggested to hire a professional as we have experience creating customised KPIs for various businesses of different industries.
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