GHY International recently released a new white paper examining how leading traders use key performance indicators (KPIs) to track a range of trade compliance variables.
What are KPIs?
In business terms, key performance indicators are simply measures of specifics activities that contribute or detract from a successful outcome for an organization.
To be relevant, these metrics must link meaningfully with crucial objectives that are material to business success, either in a direct or supportive role.
KPIs differ by organization, but always share a number of common characteristics: they must be measurable and attainable; have a specific owner; and be easily analyzed to arrive at insight that either affirms performance is acceptable or identifies gaps to address and take corrective action against.
Why use KPIs?
- Trailing indicators of performance gaps requiring corrective action.
- Leading indicators of trends that can help predict future consequences.
- Create accountability and co-accountability for outcomes.
- Increase the probability of reaching successful outcomes.
- Mitigate the risks of failure by providing windows to remedial measures.
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Click here to download the complete white paper.