Key Performance Indicators: Let’s Get Tracking! 

Written by: Prachi Chhabria- Co-founder
Edited by: Team Lotss

We live in a data-filled world – every action, task, email, call, or communication is recorded, monitored and analysed – all to enhance the customer’s experience, and ultimately, secure the success of the business providing it.

This includes internal and external data, of course, because one must evaluate the existing relationship between the internal and external to evaluate performance and thereby set appropriate goals. Those goals, also known as Key Performance Indicators (KPIs) are metrics established for an individual or a team to achieve within a set amount of time.

External KPI’s within a service industry could be customer satisfaction levels, upselling products or services, customer retention scores, sales, average customer spend and many more within that range, depending on the type of business, of course. However, internal KPIs are more similar, regardless of business type.

Internal KPIs help managers achieve success through their business processes, through their teams and any inner workings within a company. Though, there remains a problem of quantifying these achievements towards accomplishing an ultimate goal – how do you track internal KPIs across departments and sub-teams?

Anticipating that, at Lotss, we have developed an internal connectivity tool that allows you to connect, communicate and track the number of internal KPIs, allowing for optimal usage of our platform and your time. So, let us discuss how you can use internal connectivity platforms to track various KPIs within the firms.

Internal connectivity platforms have the ability to increase the bottom line, such as sales, customer satisfaction and customer retention by linking together all staff within companies such as managers, sales teams, front-of-the-house and back-of-the-house. All your team members are made aware of these goals that may be communicated daily, weekly or monthly motivating them and eventually, succeeding together.

Below, are some KPIs that are common to most firms, and how they can be tracked and enhanced using internal connectivity platforms:

Productivity

Productivity within the service industry can essentially be quantified by saving time and money along with increasing knowledge. Having knowledge such as company information and product information at your fingertips could save time (instead of seeking it out to perform their tasks, optimising their work day as well). It could also increase their skills to serve customers better, permitting them to achieve the KPIs set out for them without deterring. As an example, using Lotss, you can measure said productivity by evaluating how long it takes members to complete their tasks via checklists and compare it on a weekly basis to analyse data. And that is just one of the ways Lotss is there for you.

Employee knowledge and skills
Internal platforms are built to connect all staff members where all kinds of vital communication can occur. But, did you know it can also be used as a training platform? By regularly sharing daily news, sharing goals and sending short training videos to improve skills, employees can retain that much more while remaining informed. Managers can also measure this impact on staff performance. This can be reflected in customer satisfaction levels, employee satisfaction and retention levels and even productivity. We also provide a tool for managers to assess staff knowledge and skills – this helps them actually understand what their team understands. This feature is also capped off with an opportunity for evaluation – well-rounded education, right?

Retention
Connecting your company via a common platform instils a sense of community and belonging, creating an aligned organisational culture. No one gets left behind! Replacing a staff member is far more costly (15-30% of annual salary) than retaining one.
By sharing news such as customer stories and reviews, it could motivate teams to work better and together, building that sense of community increasing employee retention. By increasing employee retention, it could directly impact customer retention, as service levels can enhance. Retained customers also have the ability to spend 31-67% more. This not only saves firms money but also increases revenues.

Engagement
An engaged employee is one that is involved in the day-to-day functions of the company, sharing the highs and lows both internally and externally. Measured by evaluating daily usage of staff members within the Lotss app, management can also check page views and time stamps. Engagement can also be denoted by sharing information, training, personal HR documents, security and safety videos and employee marketing campaigns.

Satisfaction
By consistently demonstrating to staff members that management is invested in their well-being, professionally and personally, it will lead to a higher level of employee satisfaction. Who does not like to be liked? Lotss integrates a feedback/survey function and management can conduct these more frequently on various topics to better gauge staff satisfaction levels. Moreover, satisfied employees lead to customer satisfaction, as they tend to perform better and are more motivated.

Thus, employing tools for internal communication are essential to keep a firm running smoothly, however tracking your KPIs, sharing them with the team and tracking them often ensures a profitable and successful business.

 

 

 

 

 

 

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