Define KPIs and what is the purpose of using KPIs in the industry.

Question

Accepted Answer

KPIs are Key Performance Indicators used to measure the success of an organization in achieving its objectives.

KPIs are specific, measurable metrics that reflect the performance of an organization or a particular process.
They help in evaluating the progress towards strategic goals and objectives.
KPIs provide a clear understanding of how well an organization is performing in relation to its goals.
They are essential for decision-making, performance improvement, and driving desired outcomes.
Examples of KPIs include revenue growth rate, customer satisfaction score, employee turnover rate, and production efficiency.

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