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Key Outcome Indicators help measure the overall performance and success of an organization. Many companies use Key Outcome Indicators across departments to measure the success of specific groups and the organization as a whole. In addition, Key Outcome Indicators are a helpful tool in decision-making since they create visibility into the measurable success factors of an organization. They can also be used to understand where a team, department or organization stands with respect to the implementation of its strategies, goals and projects.
Description of Key Outcome Indicators
Key Outcome Indicators show clear indications of how an organization is doing as measured by quantifiable metrics. Outcome indicators allow managers and leaders to view the current results of the organization and take action that will cultivate change and improve performance.
The following guidelines can be used to develop Key Outcome Indicators:
- The first step in creating Key Outcome Indicators is to define your business strategy. By collecting feedback from all functions within an organization, one can start to understand the different and ideally complementary goals that exist, and then determine what to measure to quantify these goals.
- Depending on the specific strategies and goals, it can be important to identify the different time frames for each, to determine whether some outcome should be looked at in the short term (daily, weekly, monthly) or some should be tracked over the long term (quarterly, bi-annually, annually).
- Define specific Key Outcome Indicators by considering:
- The desired outcome
- The process by which to measure progress
- Ways to influence the outcome
- When to check in and review the progress leading up to the desired outcome
- Ensure the Key Outcome Indicators include both Leading Indicators and also Lagging Indicators in order to create a holistic picture of overall organizational performance
- Lagging indicators help measure past performance as an measure of what’s working, current capabilities that could be leveraged, and historic results.
- Leading indicators provide information that offer insight into future performance and potential actions.
Key Outcome Indicators can be used in various departments such as sales, finance, customer service, operations and marketing to measure the performance of a specific plan. For example, in sales, Key Outcome Indicators would measure the number of new contracts signed or the net sales-percentage growth. In finance, they would measure growth in revenue and net profit margin. Regardless of department, Key Outcome Indicators provide measurements to determine the current state, and then what is needed to reach desired results.
Implementing Key Outcome Indicators in an organization creates a structure of accountability and expectations that data should guide insights and decisions.
Praxie's Online Key Outcome Indicators Tools & Templates
Key Outcome Indicators (KOIs) can be used in a variety of different ways by various teams including sales, finance, customer service and strategy. Strategy teams that want to successfully implement KOIs across a business should use the new online Key Outcome Indicators template from Praxie to capture and report data. This type of template is usually built out of a spreadsheet, an online dashboard or other software platform. Key Outcome Indicators help measure the overall performance and success of an organization. Many companies use Key Outcome Indicators across departments to measure the success of specific groups and the organization as a whole.
Get started with our Key Outcome Indicators template.
How to use it:
- Complete the Key Outcome Indicators below by entering the business objective or strategy, description of indicator and quantifiable metrics.
- List any supporting Key Outcome indicators with owners and their own specific measures.
- Track progress and status using the status fields.
- Create an action plan based on defining your Key Outcome Indicators, gathering the relevant data, and tracking results.
Unlike most traditional Key Outcome Indicators processes, Praxie’s online Key Outcome Indicators tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.