APPLICATION OF KEY PERFORMANCE INDICATORS TO IMPROVE THE EFFICIENCY OF MONITORING OF THE ORGANISATION'S ACTIVITIES: THEORETICAL APPROACH
##plugins.themes.bootstrap3.article.main##
Abstract
Key performance indicators (KPI), if properly used at an enterprise, can demonstrate the progress achieved by the enterprise in its pursuit of strategic objectives. The main goal of this research was to develop a model for the application of KPI process with the objective to improve the efficiency of monitoring of the organisation’s activities. Literature review, systematic and comparative analysis of literature, academic literature synthesis, content analysis, monitoring and modelling were carried out. KPI are these particular indicators which best reflect the key/fundamental processes of the enterprise activity. In order to draw maximum benefits from the selected KPI, they have to conform to certain characteristics: achievable, owned, timely, relevant and measurable. The authors suggest a model of the process of KPI application which would help to improve the efficiency of monitoring of the organization’s activities. When the strategy of an organization has been established and the key objectives have been outlined, four stages of KPI application are enumerated: 1) identification of the function of an indicator; 2) data mining; 3) use of data; 4) indicator relevance validation. The model recommends selecting the optimal number of indicators and checking whether the costs of tracking a single indicator do not exceed the benefits of the monitoring process.
##plugins.themes.bootstrap3.article.details##
Authorship Responsibility and Authors' Statements
The authors must submit the Author's Guarantee Form, declaring that the article submitted to Public Security and Public Order is an original work and has neither been published nor is under consideration for publication elsewhere. More so, the work has been carried out by the authors and the article does not contravene any existing copyright or any other third party rights. The AUTHOR'S GUARANTEE FORM could be found HERE
Authors contributing to Public Security and Public Order agree to publish their articles allowing third parties to share their work (copy, distribute, transmit) and to adapt it with a condition of proper referencing; the authors contributing agree to transfer all copyright ownership of the manuscript to the Public Security and Public Order.
