We live in times of immediacy. There is so much information available that we can know things almost instantly. We are getting spoiled, as our grandmothers would say (we don’t even have to remember phone numbers anymore because our smartphones do it for us). They are right, technological advances have simplified our lives, making us more practical, more “spoiled”. Since this is our reality, we expect to have things ready and NOW.
But certainly not to anyone’s surprise…customers also want companies to respond immediately and accurately to their needs. Some call this the Age of the Consumer; a new era where the consumer basically calls the shots. Businesses need to adapt and they need real-time information on any factor that may affect the business’s processes and/or the consumer’s behavior.
These factors have a name: KPIs. Key Performance Indicators are quantifiable measures that a business uses to determine how well it meets the set operational and strategic goals. They keep the business on track. KPIs are vital to help businesses improve their performance. They give managers insights of what is happening at any specific moment and allow them to see in what direction things are going.
Determining Your KPIs
KPIs need to be actionable, measurable, and related to your strategy. It is important that everyone in the organization should be able to read a KPI and see the same results. That’s why they need to be quantitative. It should be clear to anyone whether the business is below, on target, or above the objective. Clear and actionable KPIs can help key players in the organization to change course when needed and to identify opportunities.
Key Performance Indicators are unique to each business depending on their own performance criteria and priorities. Some can be similar to other businesses if they are in the same industry. Necto 16 is a business intelligence tool that can learn through algorithms which data is important to you. You can manually enter your known KPIs and it will monitor them for you. But it can also learn what data you usually monitor, what interests you, and then if it notices a change or anomaly in that data, it will suggest you to take a look at this data.
How do we monitor KPIs?
In the past, companies would use normal reports. But it was very time consuming and static. It would take days to prepare a report and it would end up showing data of how the company did in the past. Traditional reports were not dynamic and could not show real-time information.
Luckily, today there are many business intelligence tools that help us track KPIs. These tools, unlike reports, are dynamic. They show the data in dynamic dashboards.
Necto 16 is capable of providing real-time KPI monitoring. It can send you automatic notifications to your email every time the data for a specific KPI changes. This is more comfortable for you, since you don’t have to constantly access a workboard to see if there happened to be a change. You can be doing anything else and get an alert that data changed and now you should take a look in the workboard. Necto helps you save time and keeps you updated all the time. You can also tag a colleague to a specific data cell so that they can also receive alerts and notifications. You can start conversations with colleagues and create an action group to react to a specific issue. Necto uses state-of-the-art technology and algorithms to help businesses track their KPIs and receive insights on their data. With Necto, you never miss a beat.