Analytics and KPIs!

People analyze data to understand performance, to predict future results, and create goals and objectives. In a business, a team of upper-level management will likely determine Key Performance Indicators, also known as KPIs. KPIs are measureable goals that will define performance. In a company, the stakeholders will determine a few major KPIs that indicate success. Additionally, each department within the company will create their own separate KPIs.

             Within the marketing department key performance indicators may include open rate on emails, clicks to a landing page, likes or followers on social media sites, engagement on social media pages and so on. The sales department will have their own separate KPIs to determine success. These may include client acquisition, prospect engagement, and volume of sales.

Key performance indicators are established to understand how a company perceives success and realize where the company is succeeding and what areas need improvement. As a company evolves, each department will analyze data and determine the adjustments that need to be made to increase performance of KPIs. When defining key performance indicators, it is important that the entire company is on the same page. One person may portray success to be completely different than others. It is very common that colleagues are not aligned on major KPIs; therefore, success will have completely different meanings.