KPI Library – We would normally advise that Key Performance Indicators (KPIs) are specific to businesses or organisations. However, There are KPIs that are so generic, between five and ten of them always get used in scorecards.
Developing your own KPIs
Any organisation that is looking for competitive advantage should develop its own KPI Library. These KPIs should be related to business objectives and ultimately to the organisation’s strategic priorities.
Using Existing KPIs
If you have just started your KPI journey, then you might want to look at some existing KPIs related to your organisation or industry. We have published a few lists to get you started.
Although we have provided this KPI library, you will notice that it is very small. It contains only 20 KPIs. This is intentional. As mentioned briefly above, to gain a competitive advantage it is important to develop your own KPIs and to do the job properly.
In reality, Key Performance Indicators in isolation will not give you a competitive advantage. However, if you develop them as part of a strategic process, then they most certainly will. A strategic process will force you to think about your business objectives and put the right measures place to measure the things that will cause the business to progress.
In our series of articles, Strategy 101, you will find all of the information you require to better align your KPIs to your business and the outcomes you desire.