Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast discusses digital analytics and the role of key performance indicators (KPIs). He defines these two terms and how they impact a company's bottom line. He also highlights three categories for selecting the right KPIs to track business success.
- Digital analytics is the collection and analysis of information about a business.
- KPIs demonstrate if you and your business are moving in the right direction. They provide a measurable value for accomplishing your key business objectives.
- There are three categories to consider when it comes to setting up KPIs. These include increasing revenue, decreasing costs and increasing satisfaction.
- Increasing revenue is impacted by the number of leads and qualified traffic on your website. You can boost revenue by upping the number of orders or increasing product price.
- Reducing costs means reducing expenses, minimizing process complexity and decreasing the time it takes to deliver your product or service.
- Increasing satisfaction is achieved through increasing stakeholder engagement, including customers, investors, employees and partners.
- According to cognitive psychologist George Miller, an average person can track and remember up to five – plus or minus two – elements. Therefore, consider starting with three KPIs to get started.
3 KEY POINTS:
- Through digital analytics, companies can track massive amounts of data on internet users, including demographic information and online activity.
- KPIs are measurable values demonstrating whether a business is achieving its key objectives. These “endpoints” often fall under three categories: increasing revenue, decreasing costs and increasing satisfaction.
- KPIs should be simple, relevant, timely and useful.
“Know what your key business objectives are.” – Jason Duprat
“Pick KPIs that matter the most to your business.” – Jason Duprat
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