Monitoring key business performance metrics will allow your company to plan ahead, make strategic adjustments and improvements, achieve goals, and keep up with market trends.
What is Business Performance?
Business Performance refers to a set of methods, processes and metrics that enable a better understanding of how a business is functioning, considering also market conditions and its customers, with the ultimate goal of optimising commercial performance.
There are several key performance indicators (KPIs) to consider when determining commercial effectiveness – among them are revenue, brand awareness, customer satisfaction, and employee engagement.
Also known as Business Performance Management (BPM), this concept requires constant tracking and an ability to make adjustments as needed. Alter Solutions provides several software solutions to help your business keep track of all those performance indicators in real time.
Business Performance with Alter Solutions
Keep your business in top shape with the services we provide:
Ensure software license compliance, get advice to improve your product, and ensure proper implementation.
Define exactly what your software should do and how it should be built.
Automate and optimise software development while ensuring high-quality standards.
Get a complete tailor-made development team to work on your software, from developers to designers, testers or project managers.
Develop application software to support business functions and user requests.
Analyse and resolve software issues related to performance, reliability, security, compliance, and usability.
Monitor software performance, upgrade as needed, and resolve any emerging errors or faults.
- Revenue (total earnings)
- Profit margin (revenue minus expenses, resulting in how much net profit was made)
- Return on Investment – ROI (how much profit is earned after a specific investment)
- Customer acquisition cost (how much needs to be spent to convert potential customers into actual customers)
- Brand awareness (the ability of a brand to be recognised and recalled by consumers)
- Qualified leads (potential customers who fits the criteria to become real and valuable customers)
- Website traffic (the volume of visits to your website help measure your business’s online presence)
- Campaign Return on Investment (how effective a marketing campaign is in generating revenue)
- Customer satisfaction (based on feedback)
- Customer retention (loyal customers who use and trust your services over an extended time frame)
Human Resources metrics
- Employee engagement (well-being, motivation and commitment are keys to success)
- Employee retention (ability to keep employees happy)
Infrastructure and Security metrics
- Server and network efficiency (how server availability and network latency impact end users)
- Cybersecurity incidents (number of cybersecurity issues and how they have impacted the business)
Increased efficiency and profitability
Keeping track of important KPIs will give you a chance to reduce inefficiencies and unnecessary costs, as well as to improve performance, which will ultimately bring financial results.
Both managers and employees will have a clear vision into how the business is doing and what they can collectively do to improve it. This also contributes to higher motivation and commitment levels.
Higher sense of control
By tracking relevant KPIs, you get a much deeper understanding of all aspects of your business, which will help you evaluate progress over time and get ahead of potential issues.
Automation and real time analysis
Dashboards and reports are automatically generated by business performance software, which will help you get real time insights and make faster decisions regarding your business and market trends.
Reduced risk exposure
By keeping track of your business’s health, you can anticipate and prevent (or at least minimise) problems and threats that may impact your company’s overall performance.