From the course: Building KPIs for Data-Driven Strategy
Join today to access over 25,500 courses taught by industry experts.
Benchmarks for KPIs
From the course: Building KPIs for Data-Driven Strategy
Benchmarks for KPIs
- [Host] Your KPIs dashboard has launched and you have a gathering to celebrate and check it out. Your boss looks at the screen and yells the ABC KPI is 873. Woo-hoo. Everyone looks around the room. No one wants to say it, but everyone's thinking it. What does that mean? Is it good or bad? What are we supposed to do now? There are a variety of reasons this might happen, like if you've chosen the wrong things to report or if you've reported a value when you should have used a rate. But one thing that can fix it in many cases is benchmarking. Let's face it. When you're measuring stuff, ultimately it's a comparison game at some level, how are our sales compared to our competition? How does the infection rate with our vaccine compare to the rate without it? How does our retention rate compare to the industry average? All of these comparisons are benchmarks we can use with our KPIs. The key things to consider are should you incorporate benchmarks? Which benchmarks are most useful, and how…
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.