What are KPIs?
KPIs, short for key performance indicators, are quantifiable measures used to determine whether a business is achieving one or more strategic objectives. There are at least two applications for KPIs in operational excellence:
- Define KPIs and targets to measure the effectiveness of the OpEx team
- Help other business functions to define appropriate and aligned KPIs and targets
How are KPIs managed in the platform?
The EON platform makes it easy to do the following:
- Define KPIs for any strategic objective or improvement project anywhere in the business
- Track KPIs monthly against a predefined target in the well-known “bowling chart” format
- Assign ownership for individual KPIs
- Observe performance trends and create action plans with ownership and due dates and linked to proactive email notifications
Why manage KPIs using the platform?
Organizations use the KPI management feature in EON for the following reasons:
- Align the critical measures of organizational performance to the overall business strategy
- Create a “closed loop” system whereby sub-par performance translates to tactical action plans with clear ownership and due dates
- Reinforce a culture of transparency and accountability
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