Business Intelligence Tools assist organizations to improve their overall performance by helping them to plan, track, monitor, analyze and report the business activities. These tools improve customer relationship management thereby increasing company's profitability significantly. Below are the few guidelines which may be of help while working with BI tools
Key Performance Indicators, commonly referred to as KPIs, are a list of measurements that are identified as critical factors in achieving the organizational goals or mission. KPIs are often identified in a business to help them drive a business towards its success and are associated with a number of business activities like Customer Relationship Management(CRM), Supply Chain Analytics or any other activity that is happening within the organization.
There can be a number of factors related with the success of a company; All of these factors cannot be chosen as the indicators; Only those that are mission critical, strictly adhering to the organizational goals and accurately measurable should be selected as the company's KPIs. It is always better to keep the number of KPIs to a minimum to make sure that greater focus can be given to each of these indicators. So the important factors to be considered in selecting a KPI are as follows:
A KPI may reflect regional sales by sales person, supply chain statistics by supplier, productivity by units, customer satisfaction, customer growth or it may reflect employee turnover. In either case, it should give a high-level, real time information to the top level managers enabling them to concentrate in the company's success.
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