A recent study from American SPI research found that companies that develop great processes and commit to improvement see their profits rise and pull ahead of the competition.
Great processes are driven by great workflows, and PerfectApps’ workflow software allows even small companies to develop world-class automated workflows across departments, so they can watch their KPIs go from good to great.
Let’s dive in to talk more about what KPIs are, and how workflow automation can help these increase.
What are KPIs?
KPI stands for key performance indicator, and these are used to determine how a certain process or strategy is performing.
There are many areas in your business that you might set KPIs to track success – marketing, sales, employee growth and happiness, and more.
There are no set KPIs that every business needs to focus on. Every business is different, therefore their KPIs, and what counts as high performance and success, are different.
How can workflow automation help your KPIs?
Automation is a great way to help your business complete processes more quickly and efficiently, without having to waste too much manpower. Because you’re then able to allocate your resources to other tasks, adding in necessary and helpful workflow automations can greatly improve your KPIs.
For example, let’s say one of your KPIs is the number of appointments set with your sales reps.
While there’s still a good bit of legwork they will need to do on their own, you can set up workflow automations on your website that allow users to learn more and set their own appointments without ever having to speak to a representative.
Common KPIs your organization needs to measure
Like we mentioned, every business will have different KPIs based on what success means for them. But here are a lot of common KPIs that many businesses need to measure.
These can help you get started, and also determine other industry-specific KPIs that your organization needs to be keeping an eye on.
- Deals Closed: You want to know how many deals your salespeople have closed, and how many sales you’re making, right? This is an extremely important KPI to focus on and can help ensure productivity when this number catapults above man-hours put into closing the deal.
- Revenue per Employee: This is another great KPI to keep an eye on. You’re paying your employees a salary and/or commission, and you want to ensure you’re generating enough revenue to cover them.
- Time to Process Invoices: You need to make sure your business is being paid in a timely manner. The time it takes to process invoices needs to be quick and efficient.
- Order Accuracy: This is extremely important. If orders aren’t accurate, customers aren’t happy. Be sure you’ve put together workflows to improve accuracy in all orders as much as possible.
- Overall Labor Effectiveness: This focuses on your staff and your sales, and can be found by dividing total sales by the number of employees. This KPI can help you find the perfect strategy for a good, high-revenue shift.
- Sales Growth: Track how your sales have been growing, or track your sales reps and how their sales have been performing.
Looking for KPI process improvement and automating your processes? Watch the demo to learn more about how PerfectApps can help.
