The Power of Key Performance Indicators in Events Management
Friday, September 19, 2014
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| Photo Taken from Finistics |
What you cannot measure you
cannot achieve. Activities are trivial what is important are the results. These
wise adages in the management circles are often heard but seldom practiced.
Event Management Companies
who love data but do not know how to make sense of it is doom to failure or are
searching miserably on how things that are so lacking with their companies but
fail to notice that it is right at the tip of their nose.
Key Performance Indicators
(KPI) is very important. It establishes the important data that event
management professionals need to check and monitor. In events, some KPI for
financials would be Net Profit and Gross Margin, in sales and marketing would
be Market Growth Rate and there are a lot of KPIs that are available online
which you can choose from to create your own business intelligence and
dashboard.
Even during operations,
event management professionals can use these KPIs. One would be Time to Finish,
Capacity Utilization Rate and Quality Index.
Again, there are a lot of
KPIs to choose from and in accordance to what fits to an event management
company’s needs.
Lastly, in our event
management company it was observable that the moment KPIs are established and
agreed upon a surge of quality outputs were achieved, proving that KPIs help
members of the organization become focus and accountable.
Herein lies the power of
KPIs that not only event management companies must use but other companies as
well.
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