A business metric is a raw measurement of a business process. It's important to remember that metrics are a means to an end, not an end unto themselves. Measuring a metric is not always enough – you need to use that metric to guide business decisions and to ensure your business is on the right track.
Every department in your business should be monitoring key metrics – whether that's your sales and marketing team or your financial and inventory operations. Smart organizations strengthen business metrics by combining raw values with additional insight such as comparative values, anecdotal information, and objectives.
Check out the examples below to see what types of metrics key departments in your business should monitor.
Departmental metrics like inventory/supply-chain metrics are key to understanding your performance on a tactical level. To be successful, you need to ensure every part of your business is running smoothly. Monitor key inventory metrics like turnover, perfect order rates, and order status.
Learn more: Inventory Metrics & KPIs
Call centers provide the perfect example of using business metrics to improve operational performance. Monitor key metrics like service level, customer satisfaction, agent performance, and cost per contact to get a tactical view of your business performance.
Learn more: Call Center Metrics & KPIs