How to use KPIs to achieve success
Simply hoping to make or save more money is no guaranteed way of achieving financial success (as much as we wish it were the case).
However, working towards incorporating Key Performance Indicators (KPI) into your financial reporting can turn those hopes into reality.
KPIs are a performance measurement tool designed to help you reach your organisational targets. Whether you are aiming to set financial targets or make informed decisions on how to manage your budgets, setting KPIs is a step in the right direction.
Benefits of setting and reviewing KPIs
- KPIs are a guide to achieving specific outcomes.
- KPIs can be used to motivate employees to work towards departmental objectives to drive success for your organisation.
- KPIs are vital in monitoring the performance of your organisation. Keeping track of performance is a crucial element in maintaining efficiency. For example, if you have achieved your intended revenue in half the time you assigned, it is reasonable to assume that you have set a low KPI or external factors are influencing your organisation.
Mastering KPIs with Calxa
With Calxa Premier you can create customisable key performance indicators based on the constraints and goals of your organisation.
Calxa can create charts so that you can review KPIs as a visual representation. Displaying KPIs in a chart is a great way to easily review the progress you are making towards your objectives.
Popular KPI reports that our customers use are:
- Financial KPI Comparison Chart
- Gross Profit Margin KPI Chart
- Comparison to Benchmark KPI Chart
Financial KPI Comparison Chart
Compare key ratios with each other in this visual chart.
Gross Profit Margin KPI Chart
Compare your figures from previous years in this chart.
Comparison to Benchmark Chart
Analyse how your business compares in a benchmark chart.
With Calxa Premier you can customise KPI formulas and input metrics to create the reports you need. You can enter actuals and budgets as well as the actuals for previous years. In 2019, we launched the KPI Builder in our online app, which makes creating bespoke KPIs even easier.
KPIs are an essential aspect of running an organisation and at Calxa we understand that. We invite you to watch our web chat all about KPIs so that you can see first-hand how Calxa can assist you with KPI reporting.
Stay on top
By setting KPIs you can benchmark against similar organisations and develop a cutting edge that sets you above the competition. KPIs are the perfect tool to reflect on the past and improve your organisation.