Vision and strategy drive growth, but it is also fueled by numbers and a concerted effort to boost a company’s competitive edge. To enhance every element of their business, an increasing number of organizations are embracing digital transformation and utilizing advanced technology. IT executives must demonstrate the results of these changes when a company starts to deploy and develop these technological solutions. Tech executives need to be able to convince their executive team, stakeholders, and clients of the real business benefits of digital transformation using the KPI results. How to assess the performance of a project using the right KPI results is detailed in this post at Invensis, Inc. by Lucy Brown.
What Is a Business KPI?
Identifying a project’s KPI is one of the greatest ways to gauge its business worth. Experts claim that the KPI results are used to assess elements that are essential to an organization’s success. To generate business value, one must comprehend the business drivers—the challenges, issues, or goals that the project was designed to address.
For a project to be considered successful or unsuccessful, a number of key questions must be answered, including:
- Are the advantages mentioned in business actually realized?
- Has the anticipated ROI been realized?
- Is the customer happy with the product or service?
- Can the solution supplier meet the needs of the client?
- Are the sales in line with what was anticipated?
- Is the market’s demand for the good or service in line with what was anticipated?
Types of Business KPI Parameters
Business Resource KPIs – Being a project manager, you might want to determine if resources have been used efficiently to maximize returns. When evaluating the success of a project, resources like raw materials, electricity use, and software licensing serve as measures.
Project Results as KPIs – Project managers frequently use process results as the most crucial KPIs. They successfully offer comparable or superior results for other projects by drawing on the techniques that were effective in previous initiatives. When used as KPIs, corporate procedures drive expansion, particularly when the tasks are automated.
Quality Assurance KPIs – To gauge a project’s performance, project managers look at measures including technical proficiency, personnel motivation, and subject matter expertise. Although it is a difficult undertaking, tools like surveys or questionnaires are used to measure metrics like team spirit or motivation levels.
To read the original article, click on https://www.invensislearning.com/blog/how-to-measure-project-success-using-business-kpis/