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What is KPI? Step-by-Step Guide with KPIs Examples That Work
Is it hard for you to know if your business is getting to the level it should be? That’s where key performance indicators (KPIs) come into play. KPIs indicate how well your strategies are performing. When you don’t have the right KPIs, you could be guessing on every business decision you make and hoping for the best.
KPIs take guessing out of growth. They show you what is and isn’t working to shape your plan of action. KPIs communicate specific overall metrics like sales performance, customer satisfaction, and team productivity by making them specific and actionable.
In this blog, we will help you understand KPIs — what is KPI their types, KPIs examples, best practices for KPIs, and how to choose KPIs for your business. We’ll cover everything you need to know so that you will be prepared to track, measure, and report on performance like a professional.
What is KPI Meaning, and Why Do You Need Them?
In business, KPI stands for Key Performance Indicator. A KPI is a measurable value that demonstrates how effectively an individual, team, or organization is achieving key business objectives. In the simplest terms, KPIs are a business’s navigation system; they help show whether you are headed down the right path towards your goals.
