Posts tagged "KPIs"

50+ KPI Templates, Scorecards, and Dashboards for Measuring Business Success

October 22nd, 2021 Posted by KPIs, Research 0 thoughts on “50+ KPI Templates, Scorecards, and Dashboards for Measuring Business Success”

KPI templates are developed to help organizations find the right key performance indicators (KPI) for their business.

With over 17 years of research on KPI best practices, The KPI Institute emphasizes that KPIs and their value are defined and perceived depending on the industry, functional area, organizational focus, and public, private, or personal domain of application.

What is a KPI?

The KPI Institute defines KPI as a measurable expression for achieving the desired results in an area relevant to the evaluated entity’s activity. KPIs make objectives quantifiable, providing visibility into the performance of individuals, teams, departments, and organizations and enabling decision-makers to act on achieving the desired outcomes.

Typically, KPIs are monitored and communicated through dashboards, scorecards, and other forms of performance reports.

In performance management, a dashboard is used for monitoring data daily. It is characterized by visual representations of data that enable a fast and easy understanding of the performance status.

Measuring performance with dashboards and configuring it requires using enough KPIs, aligning KPIs across the organization, and establishing accountability. To design an effective dashboard, an organization should choose the most relevant KPIs, ensure the presence of precognitive attributes in the visuals, make the features interactive, and regularly provide updates.

A balanced scorecard is a tool in strategic planning and performance management that shows the four dimensions of an organization: financial, customer, internal processes, and learning, and growth. Some of the benefits of using a balanced scorecard are integrated strategic planning, the alignment of KPIs with strategy at all levels of an organization, and a comprehensive view of business performance.

The KPI Institute has put together KPI templates and a platform where you can download scorecards, dashboards, and other performance templates.

key performance indicators

For inquiries, email us at office@kpiinstitute.org or call T: +61 3 9028 2223 M: +61 4 2456 8088.

The Future of Production: Top 25 KPIs to Track for Efficiency and Quality

October 1st, 2021 Posted by Research 0 thoughts on “The Future of Production: Top 25 KPIs to Track for Efficiency and Quality”

KPIs production

Production KPIs matter now more than ever as businesses recover from the shocks brought about by the pandemic. When the global crisis slowed down production processes, companies were forced to make difficult strategic decisions.

Market shifts, movement restrictions, and material scarcities stemming from supply chain disruptions have affected several areas of the production process.

For instance, chemical manufacturers worldwide had to trim down capital and operational expenditure and shrink their operations to 40-60 percent capacity. This is due to insufficient manpower, dwindling demand, and inadequate raw material supplies, according to the data published in Manufacturing Tomorrow.

To meet contractual obligations and increase productivity, companies are encouraged to rethink their processes, explore new opportunities, and adapt to trends.

Digital connectivity is among the trends that will dominate industries as the 5G coverage worldwide continues to expand. Sustainability is also seen as a critical factor that will shape business operations and investments. The global market for green building materials is expected to grow from US$238 billion in the year 2020 to US$425.4 Billion by 2027.

Developing a new production strategy

However, the future of production is not just about the what and the why but also the how.

The potential of innovative technologies and business models can be further realized if their application is based on data-backed decisions. Such decisions help companies minimize risks, carry out relevant strategic plans, and see what works and what doesn’t.

With this, decision makers and managers should pay attention to their production KPIs, which aim to guarantee the quality of the production process, from efficiency to productivity as well as the quantity and quality of output.

The KPI Institute has released “The Top 25 Production KPIs – 2020 Extended Edition” to provide companies an international perspective on the most popular production KPIs. It is designed for organizations and professionals who want to measure the components that contribute to the successful implementation of a production strategy.

With over 100 pages, the report presents the most viewed KPIs based on the information gathered from smartKPIs.com, a database of over 20,000 documented KPIs.

You can download the “The Top 25 Production KPIs – 2020 Extended Edition” to access the profile of each KPI and learn its potential impact on your production strategy. You will also find exclusive in practice recommendations and best practices for KPI selection and documentation.

Here is an overview of the top 25 KPIs categorized into five areas:

Production Efficiency – ensures that the production locations are always running at full parameters.

  • # Units per man-hour
  • % Production capacity utilization
  • # Ideal run rate
  • # Production capacity
  • # Unused production capacity
  • # Work in progress
  • # Production lead time
  • % Downtime due to operator lack of training
  • % Unplanned downtime in production

Production Timeline – indicates all the time-related aspects of the production process.

  • % Production schedule attainment
  • % Production schedule adherence
  • % Production uptime
  • # Unit production time

Inventory – describes the amount of products on stock either from returns or demand, excluding the safety stock.

  • % Recovery yield rate of returned products
  • # Working stock
  • $ Work in progress
  • % Production delays due to raw material shortage
  • # Decoupling stock
  • % Boomerang return rate
  • # Frequency of production delays due to inventory shortages or supply delays

Maintenance – monitors the upkeep of the production plant and equipment.

  • # Production plants
  • % Machine utilization in production

Production Costs – refers to expenses implied by the production processes.

  • $ Penalties cost due to unsatisfied demand
  • $ Production costs per unit
  • $ Direct material variance

Read more about each of the KPI in “The Top 25 Production KPIs – 2020 Extended Edition.”  You can also sign up for the live online course offered by The KPI Institute to learn how to implement a KPI Measurement Framework in your organization.

For inquiries, get in touch with Cristina Mihăiloaie, Business Unit Manager – Research Division: cristina.mihailoaie@kpiinstitute.com, +61 (390) 282 223 or +40 (749) 424 517.

KPIs

KPI Library: What’s Inside the World’s Biggest Database of KPIs

September 8th, 2021 Posted by Research 0 thoughts on “KPI Library: What’s Inside the World’s Biggest Database of KPIs”

documented kpis

The KPI Institute (TKI) marks its 17th year of research on KPI best practices, with 21,264 KPIs documented on smartkpis.com to date. Smartkpis.com functions as an online KPI library built with performance cycle solutions and designed for professionals and public and private organizations who want to monitor the performance of key result areas of their business activities.

The KPI Database, a result of ongoing research activity managed by experienced performance measurement analysts, covers 25 industries and 16 functional areas, such as accounting, finance, CSR, human resources, portfolio and project management, sales, and supply chain.

More than 84,000 subscribers now enjoy access to a wide range of KPI examples that they can apply to their business environment, the global level, and even personal contexts, such as productivity and work-life balance. 

Members can find relevant KPI examples for their context, use them to design their own template, and get advice from experts about performance measurement.

They can also explore TKI’s Research Library, which virtually houses hundreds of resources and publications on performance-related research. 

Some of them are The KPI Dictionary series, which features definitions and calculation formula for more than 8,000 KPIs, and the Top KPI Reports series, which records the most popular KPIs used in different industries along with insights from TKI’s research analysts.

To those who would like to develop and upgrade their performance management architecture, TKI offers Toolkits consisting of pre-populated templates and examples to guide organizations in the process.

Apart from generating research reports, TKI remains committed to equipping professionals and organizations with the necessary skills in addressing KPI measurement challenges. Through the Certified KPI Professional program, they can achieve international recognition in the field of performance measurement, provide value for their business, and join esteemed peers in the Certified KPI Professionals Community.

Some of the organizations that have used TKI’s services are Accenture, Microsoft, PWC, BMW, Pepsico, Samsung, Emirates, IBM, Hilton Worldwide, and Petronas. Join the growing list of clients by choosing the subscription plan that suits your needs.

For inquiries, contact Cristina Mihăiloaie, Business Unit Manager – Research Division:  cristina.mihailoaie@kpiinstitute.com, +61 (390) 282 223 or +40 (749) 424 517.

Launching our 1st grad & postgrad diploma course – the Executive Education Program experience

May 4th, 2021 Posted by Press release 0 thoughts on “Launching our 1st grad & postgrad diploma course – the Executive Education Program experience”

Promoting excellence and improving performance happens at all levels. We oftentimes focus on employees, managers, and heads of departments, but we mustn’t forget about the upper echelon – directors, and executives. They represent the starting point for an organization’s vision, mission, and overarching goals.executive

If we were to take a look at many companies, a large percentage of the reason they became and remained successful is their leadership, specifically, the people positioned at the highest ranks 

However, a number of organizations also failed precisely because the individuals at the helm did not know how to steer them in the proper direction, oftentimes swaying too much to one side or going completely off-course. 

Here at The KPI Institute, our belief is that no business should ever fail or steer off-course if it benefits from proper management. Many of our courses focus on ensuring mid-tier level or intermediate-level leaders receive the knowledge they need in order to stabilize, improve, or maximize the performance of their organization. With that said, we felt it was high time we also focused on a business’s zenith, namely its uppermost executives. 

The Executive Program in Strategy and Performance 

The Executive Program in Strategy and Performance is the most complex educational program in The KPI Institute’s portfolio.

It is designed for business leaders who are interested in strengthening their skills in strategic planning, performance measurement based on Key Performance Indicators, data analysis, and reporting, strategy execution in dynamic markets. 

The Executive Education Program is split into two parts: a postgraduate diploma course and a graduate certificate course.  

  • The Postgraduate Diploma in Strategy and Performance spans over the course of 3 semesters, or 18 months, and covers 8 specialized learning experiences. Once you’ve finished all your studies, you are required to put together a practitioner portfolio that will focus on 40 assignments. This course also awards you 280 CPD points, for your CPD development portfolio.

  • The Graduate Certificate in Strategy and Performance only lasts 2 semesters, over a period of 12 months, requiring its learners to complete 4 specialized courses and put together a practitioner portfolio that will focus on only 20 assignments. This course also awards you 140 CPD points, for your CPD development portfolio. 

Out of the 8 specialized learning experiences, 6 are mandatory, while 2 are elective. The 6 mandatory ones are Strategic Planning, Performance Measurement, Performance Management, Strategy Execution, Performance Management System Audit, and Employee Performance Management. 

The final two are up to preference. You can choose whichever two options you wish, out of the following: the Balanced Scorecard, Objectives and Key Results (OKRs), Innovation Management Framework, Data Analysis, Data Visualization, or Benchmarking. 

Admission process 

The admission process for Executive Education Program is straightforward and only has 4 steps: 

  1. You schedule an initial discussion with us, expressing your interest in this program 
  2. You submit an admission file, which will contain your letter of intent (200-500 word), your CV, and all diplomas that reflect your educational background 
  3. We will review your admission file 
  4. We will schedule an interview with you 

After the interview is concluded, we’ll look to submit a final answer on your application process in up to 3 days’ time. 

Participant profile 

This course is primarily aimed at mid-tier and high-level leaders, from sales managers, chief accountants, production supervisors, and facilities managers, to directors, presidents, vice-presidents, and CEOs.  

Our intention is to focus on business leaders who wish to better their ability to plan ahead and strategize for the future, based on present data. We cover all aspects related to business improvement, from strategy execution, data analysis, and KPI measurement, to systems thinking, project management, and performance reporting. 

Competency framework 

Each of the courses covered in this program is intended to help you expand your competencies and capabilities so that you will become an integrated strategy and performance executive. The core of our Executive Education Program courses focus on the following:  

  • The Certified Strategy and Business Planning Professional will augment your strategic planning capability, whilst improving your strategic thinking, stakeholders’ engagement, and communication competencies.

  • The Certified Agile Strategy Execution Professional will advance your strategy execution capability, whilst refining your systems thinking, project management, and leadership competencies.

  • The Certified KPI Professional will amplify your performance measurement capability, whilst developing your KPI selection, data collection, and data visualization competencies.

  • The Certified Performance Management Professional will elevate your performance improvement capability, whilst enhancing your data analysis, problem-solving, and decision-making competencies.

  • The Certified Employee Performance Management Professional will supplement and boost your knowledge on employee performance management capability, whilst progressing your employee performance planning, employee evaluation, and feedback sessions competencies.

  •  The Certified Performance Management Systems Auditor will evolve your Performance Management System maturity model based-assessment capability, whilst intensifying your examination, analytical thinking, and solutions design competencies.

Through the Executive Education Program, we aim to build a new generation of executives, one that is ready to surmount any business trials or obstacles, much like a seasoned general.

In the 21st century, it is unacceptable for a business leader to falter in the face of adversity when in this day and age, there are more tools and tricks available than ever before. 

At The KPI Institute, we believe that through knowledge, dedication, and hard work, any challenge can be overcome. Even though some hurdles are greater than others and may cause setbacks, many of the greatest success stories in history came from failure. 

It is high time we addressed the high rates of failure in strategy execution so often encountered in organizations. It is time you shape the future, by knowing exactly what needs to be done and how to generate changes in the strategy and performance management practices of your organization.

It is time to become the best version of your professional self that you can be.