Key Performance Indicators (KPIs) - Ryan King Indianapolis
Running a business or an organization is not very easy with so many things that need to be managed, measured and evaluated. One such way to manage your business is to establish a way to measure current results against forecast expectations or budgets. One way to do this is to establish a system for collecting metrics and Key Performance Indicators (KPIs). Key performance indicators (KPI) are a set of quantifiable measures that a company uses to gauge its performance over time.
These metrics are used to determine a company's progress in achieving its strategic and operational goals, and also to compare a company's finances and performance against other businesses within its industry. By tracking your KPIs, you know exactly how your business is performing and can evaluate the success of your company in an accurate, relevant and timely manner. If you have a strategic business plan, it’s critical to identify the KPIs you will track in your business and put them in your plan prior to implementation.
Some of the most common KPIs revolve around revenue and profit margins. The most basic profit-based metric is a net project. Simply put, net profit represents the amount of revenue that remains as profit for a given period after accounting for all the company's expenses, taxes and interest payments for the same period.
Current Ratio is a common financial KPI and is calculated by dividing a company's current assets by its current debts. A financially healthy company typically has more than enough cash and cash equivalents on hand to meet all its current (non-long-term) financial obligations for the current 12-month period.
Not all KPI metrics are related directly to a company's cash flow. A business' success depends on more than its balance of cash and debt; it depends on its relationship to its customers and employees. Often success is simply the repeated, periodic achievement of some levels of operational goal (e.g. zero defects, 10/10 customer satisfaction, etc.), and sometimes success is defined in terms of making progress toward strategic goals. Accordingly, choosing the right KPIs relies upon a good understanding of what is important to the organization.
Since there is a need to understand well what is important, various techniques to assess the present state of the business, and its key activities, are associated with the selection of KPIs. These assessments often lead to the identification of potential process improvements, so performance indicators are routinely associated with 'performance improvement' initiatives (like a Kaizen or other 6-Sigma event).
Who can help you with establishing effective KPIs?
Ryan King is an extremely knowledgeable, talented and experienced professional in the Indianapolis-area. He has provided consulting services to his clients across a variety of different industries.
Ryan graduated from Virginia Tech with a Bachelor of Science in Accounting. He completed his MBA at Middle Tennessee State University. He has also obtained the prestigious 6-Sigma Black Belt Professional designation.
Ryan King, Indianapolis also served in the US Army for 10 years as an Airborne Paratrooper (Infantry) and achieved the rank of Staff Sergeant (E-6). Ryan’s honesty and the willingness to help his client by explaining the process clearly is what sets him apart. His deep need of understanding the organization makes him the best at what he does.
Welcome to ellenNation, The Nation of Ellen DeGeneres, where you can showcase your submissions, add videos, images and receive opinions from other ellen fans & the members of the community. - ellenNation