Conquering Deadlines With Time Management Kpi

Time management is an activity or a tool that deals with the limited time resource. This is particularly helpful to students and professionals alike. In the business world, there is a need to make sure that each and every project or task is delivered on or before a certain period in time. Otherwise, there are risks that will be encountered. Time is a valuable asset and thus it should be used wisely and efficiently. If you are a project manager, you cannot afford to waste you and your teams precious time. This is why if you need help in this area, you can always seek the assistance you require with the help of time management KPI.

With time management KPI, you will be able to get rid of activities that are hindering you from attaining your goals. In addition to that, it is easy to manage both professional and personal time as it offers you with the advantage of concentrating on your objectives individually. Therefore, you can set your mind and focus on the activities that will aid you in accomplishing those objectives. The time management KPI can be used as a project management indicator wherein your biggest opponent is time. You should be able to make the most out of the period that you have been given so that you will be able to organize the significant issues in the best possible method.

Time management is also implemented on our actual lives but it is more complex to put down the time management KPI for the business. This is because there is a need for a more analytical and logical approach since time is a limited resource. In order for you to start with the selection of the right key performance indicators for the corporate time management BSC, you should first know the goals of the project. Establish them so that you will know the KPIs that you will be using. After you have the right indicators, you can transfer the process of monitoring to the balanced scorecard itself. It will provide you with the numbers that will aid you in determining if you are properly using the time that is allocated for the activity that you are involved in.

Because of the time management KPI, there is no need to keep track of the things that worry you. Instead, you can focus on the good matters that will help your business improve in the future. You will also be able to deal with time carefully. This is because you are using the balanced scorecard system that allows you to make use of a strategy that is potent and sharp. To deal with time better, you should not only align the indicators with the goals that you have. You should also link it to the interruptions and both the office hours and the time you or your personnel spend out of the office. This way, you will be able to allocate the time needed for the project or the task that has been assigned to you or your team.

Examples Of Hotel Management KPI That You Can Use

There are literally thousands of hospitality business indicators that you can use right now. These indicators are commonly known as the hotel management KPI. When you have an effective KPI set for your hotel business, this removes the guesswork when it comes to managing the hotel business. What this does is that it checks the performance of your business through the numbers or the figures so that the managers will be able to use the data in telling what is really gong on within the hotel. Before you get around and research about the hotel management KPI, you should know the difference between that and the hotel KRIs. These two are often compared to each other but they are quite diverse. The hotel KRIs do not focus on the good side of the performance of the company; instead, you will obtain data about how risky your hotel activities are. Having said that, they are also very useful when it comes to tracking the health of your business.

Now, when looking for the best hotel management KPI for your business, you should not only focus on the entire organization because it would be very difficult to do so. You will need to divide the KPIs into different groups or classifications so that it will be easier for you to keep track of them. Among the types of KPIs that you can utilize are the KPIs for reception or front desk efficiency, housekeeping, kitchen, sales, restaurant, store, maintenance and purchasing among others.

Many hotels nowadays offer housekeeping services for their clients. If the hotel that you are managing provides such to your guests, it is essential that you keep track of its performance. This is because many clients are meticulous when it comes to the cleanliness of their surroundings especially their rooms. They are on a vacation so they expect themselves to be pampered and not to be responsible for the task of cleaning their rooms. You can measure the efficiency of your housekeeping services through KPIs such as the number of available staff members for cleaning, the feedback of customers based upon the housekeeping services they have acquired and the total amount of time required for cleaning among others.

Of course, you cannot deny the fact that it is important for you to know how well your business is responding when it comes to the sales department. Cash flow is very significant especially in this type of business. Your hospitality business indicators may vary here according to the different sales efforts that you put out. For instance, if you have a website, you can check the number or the percentage of inquiries that have turned into sales. You can also use KPIs that will tell you about the number of sales per head on your restaurant or your bar. You can also measure the gross profit on sales, the stock turnover, the carrying cost of the stock and the stock value.

Aside from the financials and the customer sales, it is important that you are well aware of how your employees are performing. Always ensure that you have a set of good hotel management KPI that will aid you in monitoring the behavior, the professionalism and the demeanor of your workers.

How To Create Your Time Management Metrics

When we speak of time management, this refers to the different skills, tools and methods that are utilized in order to deal with time. This way, it will be easier to accomplish various tasks including projects and even goals. There are several steps towards time management. This starts at planning the activity, allocating the time and the resources available, goal setting, delegation of the task, analyzing the time that has been spent on the activity, monitoring, systematizing, scheduling and lastly, prioritizing the activities. In business, the most valuable asset is none other than time. This is because time is needed in order to complete tasks and activities. In this case, time management is greatly required to deal with unnecessary tasks and finish everyday projects. To do this well, you may need the help of time management metrics.

With the aid of time management metrics, you will be able to increase the productivity of your company and also improve the quality of the activities that you perform. In general, this type of metrics is used for the project management report. As we all know, every project has a deadline and thus, there is a need for you to make sure that each of them will be finished right before the stated date. However, this may seem impossible particularly for large companies since they have to complete several projects at the same time.

Your KPI time management dashboard will show you how your organization is concerned with the maximum utilization of the time spent on tasks or projects. Since time is a limited or restricted supply, you should be able to use it wisely. There is a need for you to align this with the goals that you have for the activity that you are trying to accomplish. Depending on the project that you would like to finish, the time management metrics will vary according to it. For instance, if you would like to provide such metrics for the customer service department, you can check two important subjects in this area which are email and calls and the office hours.

In emails and calls, you can monitor the average time spent on responding to emails as well as the percentage of the questions that have been answered via email or call. In addition, you can add the call answering hours to determine if your customer service staff is able to make the most out of their time when it comes to responding to the queries, complaints or feedbacks of the customers. On the other hand, the office hours will help you determine if the hours for work are being used efficiently by your personnel in the said department.

To make it easier for you to come up with time management metrics, you should categorize them according to perspectives. You can add perspectives like interruptions, objectives and also the out of office hours. In general, the KPI time management dashboard has five perspectives and 14 indicators. You can have your own number of time management metrics but ensure that you keep things to a minimum so that you can keep track of the use of time in every department.

Starting A Retail Business Retail Key Performance Indicators (kpi) Maximise Sales

Starting a retail business means youre excited. Did you know by adopting Best Practice Retail Sales Performance Standards you can immediately increase your sales and profit expectations by as much as 30%!

Why because achieving sales objectives is more than just about whats on your shelves and what your store looks like its about having a customer focused mentality driven by key performance indicators (KPI) to inform staff at every level about the condition of the playing field.

Complicated? Not at all. Retail Sales Performance is just like Sports Coaching. How would sports coaches know how to focus their athletes without statistics? How would racing car managers know how to fine tune their engines and performance its all about statistics. When last did you watch a game on TV without them? They tell us about trends, behaviors, opportunities to increase performance, and they forecast the short to medium term future enabling us to understand why and where we are heading.

Statistical measurement of fundamental sales performance drivers for any retailer is a prime need. With all manner of spreadsheets, POS systems reports, Dashboards and Scorecards, we use Key Performance Indicators (KPI) to communicate the strategy of the shareholders to the individuals in the company and we employ feedback systems to report the results. It is common practice to compare what we have forecast with what has actually taken place statistically so we can make judgments, changes and plans.

It is important to recognise that the standard (senior level) business indicators such as profit margin and wage costs do not drive bottom line sales on the shop floor. You cannot walk up to a Salesperson and say We did 80% of budgeted sales please increase your performance. Thats like the manager of a football team saying to a player We lost the past few games you have to do better. To the salesperson or player the information is useless they cannot see a clear reason for their under performance.

What sports coaches do is take the Team Managers expectations (of winning) and filter them down to each individual player on the team so each player can win for them (and the team). The coach measures performance of a few highly enlightening KPIs that tells the players exactly in which areas to improve. In soccer it may be recording the number of times a player touched the ball, or number of attempts at goal. In baseball the coach could track number of players on 3rd base or number of strike outs etc.

It is common practice in retail to employ only five (5) KPIs to track individual performance and deliver the on-target information for coaching purposes more than five and the reporting system is too complex, confusing, and ambiguous. The five KPIs for retailers are:

Sales per hour – a statistic tells us about the speed at which each individual salesperson is selling or attending to customers compared to everyone else on the shift.

Average Sale the average selling price of each individual salesperson compared to everyone else on the shift higher averages show a greater knowledge of product as the salesperson is able to sell higher ticket items. Low statistics reveal the salesperson lacks skill in either product knowledge or effective probing.

Items Per Sale tells us about the ability of the salesperson to add-on to a sale.

Conversion Rate tracks how many visitors to the store are turned into customers.

Wage to Sales Ratio compares a salespersons hourly wages to hourly sales. This KPI identifies your clear performers and underperformers and their value to you.

The most common reason retailers do not track the five vital KPIs at a staff (team player) level, is their inability to easily and quickly, record and calculate data, to create meaningful reports. After all, one needs to track hours worked, set goals, track planned versus actual performance, and somehow level the playing field for all Salespeople. It can be a lot of work.

In a sports match the playing field is level at all times because everyone is simultaneously on the field. In a retail environment some salespeople will work during fast periods and others during slow periods of the day. A salesperson working during the lunch hours should be expected to sell more than a salesperson working early morning or late afternoon. So any realistic reporting system is going to have to weight individual sales targets otherwise the data becomes ambiguous.

Critical to any Retail Sales Management Solution is the ability to determine the most deficient statistic of the five KPIs because it is logically understood that improving the worst KPI first will have the greatest increase in sales and staff motivation.

Imagine if you had a really simple to use Staff Roster (time and attendance software) that automatically assigned individual, weighted, sales targets to each salesperson, based on when they were working then integrated with your POS (point of sale) terminal to instantly calculate the five (5) key performance indicators, and figure out the most deficient KPI – on demand! What if that software went further by having integrated sales behavior coaching tips built right into the system?

Playing the retail sales game to win means knowing why you are losing and how to go about fixing problem behavior areas. It’s easier to improve retail sales skills than it is to re-stock a new product or brand.

To win in retail, measure the five principal KPIs using an affordable solution and put Best Practice in place for your fast track to success.

Good luck with your brand new store!

Customer Relationship Management And Crm Kpi

Customer relationship management or CRM refers to all of the processes that an organization makes use of to organize and track its contacts or relationships with prospective and current customers. Hence, CRM covers quite a wide array of activities, departments, and processes, from front desk or first line interactions to analytical and behind the scene procedures. These varied practices are sometimes tracked and monitored using so-called key performance indicators or KPI practices are sometimes tracked and monitored using so-called key performance indicators or KPIs. There will be a good variety of CRM KPI to consider, associated with the different aspects of the entire customer relationship management paradigm.

CRM can be more or less divided into four separate but interrelated aspects: front office operations, back office operations, business relationships, and analysis. Front office operations would refer to that part of the system involving dealing with customers directly, whether face to face or through the phone or the Internet. Back office operations, on the other hand, vary from business to business, and involve those processes necessary to provide the appropriate products or services to the customers. Business relationships, the next aspect of customer relationship management, involve, as the term implies, forming working relationships with other companies and organizations as opposed to clients or customers. That is, these would be the firms that a business finds itself working with, as a manufacturer would work with a distributor, and so on.

Key performance indicators refer to particular measurable quantities or metrics that serve as either the most relevant or most important signs of progress or performance in particular aspects. In practice, they are usually not chosen by themselves or out of nowhere. Instead, they form an integral part of a measurable, objective goal. For instance, such a goal may be Increase gross sales by 10% from 2008 to end of year 2009. The KPI in this case would be gross sales. Of course, this specific example would not be applicable or appropriate to all organizations. Other possible KPI’s could be net profit, customer satisfaction rate, return client percentage, employee turnover, and so on and so forth.

In customer relationship management, some performance metrics may be identified in general. Front office operations, for example, would want to process customers not only quickly, but also thoroughly. That is, not only average handling time or maximum customer capacity is important, but also customer satisfaction ratio and percent of cases fully resolved. For the back office and analysis aspects, on the other hand, other KPIs would be more relevant to consider, mostly relating to the speed and efficiency of information storage, processing, and analysis.

But, of course, CRM KPI would be useless without a solid strategic plan backing them up. It would not help much to measure an assortment of quantities if they are not integrated and considered as painting a whole picture of organizational performance. However, if they are used with the proper context and mindset, metrics and key performance indicators will be able to provide invaluable insight into often mis-estimated overall performance.