A Key Performance Indicator (KPI) is a quantifiable metric used to evaluate the performance and progress of an individual, team, department, or organization towards specific goals and objectives. KPIs provide a measurable way to track performance, identify areas for improvement, and make data-driven decisions.
To effectively use KPIs, they need to be clearly defined, measurable, and aligned with the organization’s strategic priorities. KPIs should be specific, relevant, achievable, and time-bound (SMART criteria). They should provide meaningful and actionable information that can drive decision-making and performance improvement.
If you cannot measure it, you cannot improve it, and what gets measured gets improved.