KPIs assist you in understanding how your organization, business unit, or team is performing. Should they be derailed, these indicators will warn you well in advance. You know you have the right KPIs when you can explain to the team their purpose. You can measure them and channelize the team to achieve goals. In this article at ClearPoint Strategy, Jenna Weaver shares 3 templates to track these very KPIs.
Tracking Down KPIs
You have already selected KPIs that fulfill the S.M.A.R.T criteria—specific, measurable, attainable, relevant, and time-bound. The following templates will help you track their performance well as per your comfort:
- The Standard Template: This template is the most straightforward of all the templates. If you are a beginner, have less data or working on it, want stakeholder buy-ins, this could be useful. So, the standard version basically has three features—a description of the KPI, the measure owner, and the formula to measure it. In the description column, state the purpose and goal of the measure. Next, announce the individual that is going to gather the data and be the go-to person. The third feature will have the goal of the KPI and what you have achieved till date.
- The Mid-Level Template: Use this template if you already have enough data to categorize them under KPIs. It becomes easier for the team this time around to find the reason behind establishing the KPIs in question. This template retains the three features from the standard version along with some additional questions. For measure owner, you must also add the individual that is going to provide the context for the KPIs. For formula, add the reliable data source from where people can regularly collect data for analysis. The fourth feature is RAG status (Red, Amber, Green). Set the tolerance level for each level. For example, the KPIs for work statuses that turned green have reached the targets fully or above it. Amber can stand for work statuses that are about to complete. The red status warns that the work has not even reached 90%.
- The Advanced Template: To make the KPIs presentable or allow people to track their status easily, use this template. The features include a description, owner and data gatherer, formula, charted data, and RAG status. The formula feature should also add benchmark information and YTD total along with the mid-level template questions. The charted data feature allows the stakeholders to understand the progress by displaying the data in an easily understandable format. For the RAG feature, you can become a bit detailed.
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