What kinds of performance indicators are there besides KPIs?
Key Performance Indicators (KPIs) are a cornerstone of modern management. KPIs are typically set as ideal numerical or currency targets, which have to be matched or surpassed within a certain timeframe to be considered successfully met. They are frequently used in businesses and charitable organisations to monitor cash flow, sales, productivity, developmental progress, advertising, and PR engagement.
However, not everything relevant to success can be quantified as a solid number or measured on a line graph. KPIs come in a lot of different varieties, each suited to a special task. 'Set date' KPIs can also take a relatively long time to report back on any progress or regression in a business. There are a variety of alternatives to traditional KPIs that might be better suited to monitoring your progress in different areas.
Operational performance indicators
Operational Performance Indicators (OPIs) can still be numerical. However, they're not linked directly to set targets to be assessed by a later date. OPIs measure the performance of staff, equipment, and production chains on a day-to-day basis in real-time.
Through the use of active sensors and collected figures, an OPI overview can provide an early warning system for any problems in your workflow chain or indicate if an emergency is about to occur. An OPI overview also allows for fine-tuning of both processes and productivity, as complex operational performance readouts can show where productivity is speeding up and slowing down.
Common OPIs include time taken per item, current workshop temperature over time, employee attendance, revenue per hour, software usage time per employee, and day-to-day outlay. OPIs are typically set up and managed via a combined software dashboard that gathers data from a wide array of connected sources, including standard KPIs.
Project performance indicators
Project Performance Indicators (PPIs) aim to show how well an individual project is progressing, showing critical milestones the project needs to pass, as well as customer and staff satisfaction with the project itself. While project indicators can incorporate standard organisation-level KPIs (such as anticipated budget overrun and projected completion dates) PPIs can also include qualitative questionnaire responses and subjective appraisals of the project's success (or otherwise). This feedback allows for the project to be modified, redirected, and improved while it's still in progress, rather than waiting for KPI feedback data after full implementation.
Individual performance indicators
Individual Performance Indicators (IPIs) are used to track individual staff progress, attainment, and morale for both commercial and pastoral reasons. IPI progress can be assessed through numerical metrics and written feedback. They are aimed at monitoring the personal progress, attainment, and failures of a single employee and are often included in performance reviews.
Customer satisfaction, sales made, and workflow rate is tracked on a person-by-person basis to highlight employee strengths and weaknesses. Data feedback can be used to set individual sales targets, manage training and shop floor deployment, discipline problematic employees, and set targets for personal improvement.
IPI results can also be combined, analysed, and translated into metadata. Tallying individual IPI feedback produces an overall outlook on staff performance, absenteeism, company satisfaction, morale, and the rate of staff turnover.
Risk Indicators (RIs), also known as Key Risk Indicators (KRIs), are a subset of KPIs that monitor personal and organisational threats in a wide variety of areas. RIs are usually triggered by a singular event such as expected profit dipping below a certain level on a certain date. They essentially provide an alarm system for organisations to take remedial action.
If the risk criteria are met and the RI trips, a pre-agreed action plan is automatically put into place. Emails and dashboard messages are sent, warning stakeholders to take action. A good RI plan will contain additional criteria as to how much of a risk the RI threat is to the business, and how much of an impact it will have on future operations.
RIs can also be applied to assess personal criteria and deal with personal issues, such as the risk of injury at work, or an individual’s employee satisfaction rating. Personalised RI data can be factored into personal and global decisions made by a business – influencing organisational KPI setting.
KPI and indicator monitoring from Clearview
At Clearview, we specialise in making software that tracks and presents your KPIs and other metric-based targets clearly, efficiently, and with a top-down approach in mind. If you're looking for performance management software, our best-selling Clearview Strategy and Performance Suite can be adapted to monitor whatever your business needs to track. Call, message, or email us for a free demo.
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