Monitoring performance involves collecting and analyzing data to assess the progress of business activities. Below are some common methods:
1. Key Performance Indicators (KPIs): KPIs are specific, measurable metrics that reflect the critical success factors of an organization. Common KPIs include sales revenue, customer satisfaction, and employee productivity. 2. Balanced Scorecard: This tool provides a comprehensive view of organizational performance by analyzing financial and non-financial metrics across multiple perspectives. 3. Benchmarking: Comparing your business processes and performance metrics to industry best practices from other companies. 4. Performance Reviews: Regular assessments of employee performance through feedback sessions, appraisals, and evaluations.