Everything you need to know about KPIs for business services

KPI or Key Performance Indicator is a quantifiable measure of performance within a specific time frame for a particular business goal or objective. It provides achievable targets for the employees to meet within the given time frame. KPI also gives insights that assist people within the organization to make favorable decisions.

Many organizations use KPI management software to get highly reliable insights and real-time relevant data. But, they also need to understand some best examples of KPI for business services because in the end, providing ultimate customer satisfaction is the prime goal of every organization.

KPIs for business services

Customers are the most important assets for every business. So it is essential to treat them well, assist them effectively, and give them the desired level of satisfaction while they opt for products or services offered by the brand or business. For understanding the business support operations and objectives, it is crucial to set up business services KPIs and evaluate them effectively.

Here are some of the most relevant examples of business service KPIs that act as a success mantra for organizations.

Examples of KPI for business services

  1. Revenue churn rate

Revenue churn rate is evaluated by calculating the percentage of revenue loss for the business from its existing customers. , because of some steps of customers, such as – the cancellation of the order, ending or downgrading relationship with the business, etc.

  1. Investment in the training of every employee

Organizations calculate the amount of investment made in the training and development of every customer support executive. It is a lead indicator that every business must closely monitor to figure out the exact amount that the business is investing in training, especially in the business support department. It is essential to calculate this amount because it directly affects the business performance if the employees are not getting the accurate amount of training that is required.

  1. Cost per resolution

Cost per resolution is measured to calculate the total operating cost for the subject period, such as – licenses, salaries, training, overheads, technology, etc., and divided by the total number of tickets.

  1. Net promoter score (NPS)

Net promoter score or NPS is the evaluation of the willingness of customers to promote the products or services that the business is offering. Businesses can use a scale of 1 to 10 for measuring the customers’ willingness and can group the rater scale as promoters, neutral, and detractors. By breaking down the respondents into three groups, businesses will get the opportunity to understand the reasons behind the score provided by dissatisfied customers. In this way, they can consider neutral and dissatisfied people as an internal scope for improvement.

Key performance indicators are essential in the overall development of the business. They allow businesses to keep the teams aligned towards achieving the organizational goals, making adjustments where and when needed, holding the teams accountable, helping ineffective performance management, etc. Modern organizations these days are using hi-tech KPI management software like entomo that meets all the requirements of employee and business performance and growth.

entomo is a modern performance management software built for the ‘future of work.’ Powering 30mn+ users, entomo enables ‘enterprises of tomorrow’ to drive people engagement, performance, and growth by aligning goals and nudging actionable insights to manage distributed & remote teams and build a tomorrow-ready workforce. To know more, visit https://entomo.co/request-demo/

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