In the evolution of Business models, Business Intelligence indicators are fundamental for a better perspective. Also known as performance key metrics, they help you establish precise criteria and incorporate technology to know what to measure. The 4 categories that we will mention below will be very useful.
What are the Business Intelligence indicators to develop your company?
If you want to determine the performance of the supply chain and detect flaws in your processes, you can make use of the Business Intelligence indicators. To take advantage of these parameters, there are IT solutions like ERPs. These make analysis, comparisons and reports easier for decision making.
Most used categories for Business Intelligence indicators
Whether you implement the Benchmarking, Balanced Scorecard o SCOR method the most used categories to develop Business models are often:
Also called key performance indicators. They are associated with the compliance of strategies designed for each department of the company. These can be measured separately as they are not related to the way business is managed. In addition, KPI’s have to do with applicable actions that will help substantially to increase performance.
These refer to Key Results Indicators. These indicate the effectiveness of the decisions that you are taking. These metrics reflect historical results. They give you an overview of what works and what doesn’t. In addition, they help communicate in an objective manner what has been achieved for a defined period.
Although they are not considered as relevant for the success of the Business, they complement the KPIs. These are parameters that help the staff and their departments to be aligned with the implemented strategies. Among the most common, are, grievances received, increase in the percentage of sales, total of visits, deliveries delayed, and more.
This category describes the achievement of the objectives established for the staff in the Business context. Based on measuring the performance of the staff, these metrics allow a better evaluation. Parameters such as responsibility, validating results, applying incentives and identifying who is failing. This way you obtain a deeper understanding of how the company is working.
Business Intelligence indicators represent a crucial help to take your business model to the highest levels of efficiency. With an ERP and other advanced information solutions, at FusionWorks we will guide you to get and process your most valuable data. Please, do not hesitate to contact us.