TKI Conference Presentation: From Key Performance and Risk Indicators to Predictive Analytics
Adrian Brudan, Director of Research Programs at The KPI Institute, delivered a one day workshop as part of the Balanced Scorecard – Strategy Leaders conference, which took place in Riyadh, Saudi Arabia, on the 16th – 20th of November 2013.
As data based decision making is at the core of better management practices today, tools such as Key Performance Indicators and Key Risk Indicators assist with the provision of critical business data for decision making. This workshop explored the relationship between metrics, KPIs and KRIs and how they can be deployed in practice.
The event was attended by over 100 professionals and practitioners interested in the Performance Management field, with backgrounds in the oil and gas industry, consultancy, health care, as well as construction, HSSE (Health Safety Security Environment), banking and local/state government administration.
During the workshop, sharing challenges of previous experience in working with KPIs was encouraged and some of them were:
- Designing and selecting relevant KPIs;
- Data collection;
- KPI definition, measurement and target setting;
- Streamline the deployment of performance management throughout organization;
- Overcoming the culture blockage;
- Linking incentive pay with performance;
- Knowing the value added by KPIs.
In expressing their learning expectations from this course, participants had the following areas of interest:
- Understanding KPI typology and terminology;
- Understanding KRIs;
- Discussing strategic and operational KPIs;
- Learn about BI Software for Performance Management;
- Approaching the topic of management support in using KPIs;
- Informing about predictive analytics.
The key topics approached during the workshop were the following:
- Understanding metrics, Key Performance Indicators and Key Risk Indicators
- An overview of predictive analytics
- Metrics activation: documentation and data gathering
- Reporting and communicating results
- Value generation: decision making and improvement
- Enablers for working with KPIs, KRIs and analytics
The workshop was well received by participants mainly due to the rich content and hands-on approach, many leaving the workshop with several new ideas on the to do list.
For more details about Key Performance Indicators and Key Risk Indicators, visit www.smartKPIs.com
