BI Performance Metrics to Scrutinize Your Business Strategy

Aashish Yadav | August 4, 2022 | 506 views | Read Time : 02:00 min

BI Performance Metrics to Scrutinize Your Business Strategy
The top-performing companies use data to navigate their way, and there's absolutely no reason why you shouldn't do the same with your business choices. Key performance indicators (KPIs) in business intelligence enable you to get insight into the overall health of your organization, any of your departments, or even how your consumers view your company. And you don't have to play the BI game manually anymore. You only need to invest in a good business intelligence platform to weave the magic figures for you, a feat that was formerly extremely constrained or even forbidden. If you are knowledgeable enough, you should be able to determine which business intelligence tools are best suited to your particular requirements.

In this article, we will provide some of the most important business intelligence key performance indicators (KPIs) to give you a head start in analyzing how your company aligns with the objectives you have set for it at any point in time.

Business Intelligence Key Performance Indicators for Evaluating Business Strategies


Financial Metrics

The most important metric of all. To calculate your financial metrics, you must look at your cash flow, balance sheet, and income statement using a tool such as your accounting software. Any of these criteria should tell you whether your company is financially sound, which indicates it is producing income and managing its finances well. If you want to push your company on a new growth path or spark the attention of possible investors, you will offer them these financial KPIs as evidence of investment value.

Example:
  • Liquidity Ratio
  • Net Income vs. Net Earnings
  • Working Capital
  • Debt to Equity Ratio

Marketing Metrics

In terms of business effectiveness, marketing metrics rank second only to financial metrics. Marketing metrics show the data that tells you if your most recent marketing initiatives are achieving the results you expected. Capable marketing software tools must provide you with values, such as your new content strategy riding your most recent marketing initiatives across numerous platforms.

Example:
  • Customer Acquisition Cost (CAC)
  • Conversion Rate
  • Average Spend Per Customer


Project Management Metrics

If your finances and marketing expenses are in order, it could simply be because your production departments are working hard to complete projects on time or ahead of schedule, under budget, and while keeping both clients and employees satisfied.

But what should be measured to know where everything moved at the end of the day or year? As a company owner or business leader, you should consider your productivity, profit margins, ROI, customer satisfaction, and earned value, among other things—all of which can be easily obtained from any of the top project management systems.

Example:
  • Return on Investment (ROI)
  • Productivity


Customer Service Metrics

When you consider that 89% of U.S. consumers have moved to a company competitor after a bad experience, it is evident that any customer service metrics have to go beyond operational information and include how your customer service team engages with your customers. Experience data acknowledges the personal human aspect at the heart of company and customer relationships, enabling you to discover how your consumers value their interactions with your customer service executives.

Example:
  • Customer Effort Score (CES)
  • Net Promoter Score (NPS)


Closing Lines

Business intelligence is an essential technology that provides crucial information about a company's operations. Identifying which aspects of your organization are performing well is one thing; ensuring that they continue to do so while addressing those that are struggling to stay up and meet your aims is another. Business intelligence solutions allow you to assess performance, identify shortcomings, and develop plans to increase workflow effectiveness and customer engagement.

 

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CaseWare International Inc. is a leading supplier of software for accounting, audit, finance, risk and governance professionals. With over 250,000 users in 130 countries and 16 languages, CaseWare products deliver tremendous value across industries and continents…

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