It’s important to be as clear as possible what you’re measuring and how you are measuring it so that everyone can help achieve the goal, understand their role in helping achieve it, and help measure it.
How could you apply it to your business?
The cycle is a systematic series of steps for gaining valuable learning and knowledge for the continual improvement of a product or process. These four steps are repeated over and over as part of a never-ending cycle of continual improvement.
Key Performance Indicators (KPIs): a unit of measure against which progress is checked.
Management Information Systems (MIS): an organised approach to collecting and analysing the information needed in a business at every level in making operational, tactical and strategic decisions. The objective is to design and implement procedures, processes and routines that provide suitably detailed reports in an accurate, consistent and timely manner.
Metrics: a quantifiable measure that is used to track and assess the status of company processes.
Monitoring: to observe and check progress of operational activities over a period of time.
Return on Investment: a measure of the profitability that indicates whether or not a company is achieving specific company objectives.
Review/Evaluate: a formal assessment of information with the intention of making changes if necessary.