The KPIs (Key Performance Indicators) form the basis of dashboards. Typically the top management in the company monitors the business using just the dashboard numbers, that too these get reviewed typically over a month or may be over a quarter depending on who is reviewing them.
Therefore it is very important, what you choose to measure as your KPI and how you measure
KPIs insight or oversight?
Does your KPIs give you the required insight into the working of your company or does it lead to oversight and incorrect or delayed decisions?
Measurement of performance is often subjected to both objective and subjective interpretations. Typically these are collected periodically and manually but many times these may not be authenticated values just authorized values. Thus the data we have is realized data neither guaranteed real nor real-time!!
Thus, KPIs derived from these data points obviously suffer from the lacunae that are neither leading indicators nor 100% authentic. Therefore decisions tend to get taken either incorrectly or knowing the unreliability of data, many times decisions are taken using subjective feedback instead of an objective data-oriented approach making them tacit.
IoT a shot in the arm
There are very few systems out there that do consecutive management of continuous data feeds and ensures business activities are considered from all angles. Now using the Internet of Things (IoT) this becomes feasible, it is not only the data streaming of the relevant data – we could now look at even the contextual data around the data points being monitored posted by the related IoT devices.
The fact that there was low productivity in the last month is not the only data one would have at hand, it would also be available that the capacity was lowered with two machines having breakdowns in this period.
Data going further will no longer be isolated, it would huge, it would numerous and it would be connected. This kind of IoT data, mesh feeding into the KPIs, perhaps there may be a new set of KPIs that may get measured in the new context. Therefore, the KPIs and dashboards will become more proactive with all the bells and whistles that never were possible.
Live and Ground Zero
Armed with such IoT cloud systems which combine all the IoT data points and bring them together in a multi-dimensional way to build the complete virtual context around the activities, tomorrow’s KPIs and management decisions are surely going to be more strong footed, data-oriented, and proactive than ever before!!
Read How Productivity Improvement Achieved Using IoT to understand how productivity improvements can be fostered using IoT to help achieve the KPIs.