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KPIs are a vital part of any Performance Management or Strategy Execution system. Yet how many times have you struggled to understand or to explain what is meant by “KPI”? On the surface, it seems simple enough – Key Performance Indicator.
British Petroleum (BP) is one of the world’s leading oil and gas companies operating in over 80 countries. Meeting the growing demand for energy in a responsible manner represents BP’s strategy to create value for its shareholders.
“Measurement is the first step that leads to control and eventually to improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it.”Therefore, measurement is the first step towards improvement, in all the dimensions of an entity: from time to processes and from inputs to outputs.
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Key performance indicator (KPI) reporting is an important stage in the performance management process. However, managers can sometimes fall into the trap of considering it as the end of the performance cycle. Merely reporting performance data will not deliver improved results—this is only possible when decisions are made based on data-driven insights.
Some common issues in KPI reporting are information overload (which makes it hard to focus on what is important), the unavailability of timely information (which hampers decision-making), and inaccurate data (which can lead to misinformed directives). By following these 10 pieces of advice, you can solve these aforementioned problems, ensure better KPI reporting, and consequently improve your decision-making process.
Read More >> Everything You Need To Know About KPI Selection
Read More >> How To Implement a KPI Measurement Framework
Improving the KPI reporting process leads to a better, more informed, and more efficient decision-making process. To track your progress, use our GPA Unit’s free tool, which offers maturity level assessments via its performance management audit!
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Editor’s Note: This article was originally published on January 7, 2015. It has been updated as of April 11, 2025.
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