10 key attributes of establishing Key Performance Indicators (KPIs)

1. Key stakeholders- involve key stakeholders in selecting KPIs
2. Visibility- create a KPI dashboard visible to all parties
3. Adding value- ensure KPIs add value to your business and highlight opportunities for process improvement
4. Customer focus- selected KPIs should add value to your customer’s business and ultimately improve the consumer experience
5. Financial impact- always keep in mind the bottom line
6. Direction- by evaluating key KPIs, you can determine the direction your business is heading
7. Education- it is important to train your employees and services partners so that they have a clear understanding of each KPI and how it adds value to your and their businesses.
8. Focus- limit KPIs and don’t try to track too much; you are likely to lose focus.
9. Baselines- Create clear baselines you can measure your business against and track progress
10. Eliminate- evaluate the usability of each KPI and do not be afraid to eliminate KPIs that are not adding value to your business