With the competition in the automotive landscape, the stakes are often high. Digital transformation is a key strategy. What KPIs should my organization be regularly monitoring on its dashboard?” It is designed to serve as a handy guide that will bring you up to speed on the new metrics that will help your organization review digitization in supply chain, manufacturing, connected products, retail, finance, electric charging ecosystem, and new mobility solutions.
You can calculate your RGR over many periods, such as month over month, quarter over quarter or year over year. All can be important measures, depending upon the specifics of your business, it’s maturity and the volatility of your tech company’s market.
CRR measures how many of the customers that you’ve fought so hard to acquire remain with you during a specified period of time.
Lifetime value of a customer is a very important in understanding how much you can spend on marketing, sales and overhead per customer and still turn a profit. It can also be useful as a lever for understand how increasing marketing expenses may affect your total profit.
Companies in Industrial Machinery and Components Industries are facing a demand for high levels of automation and coping with the capacity to manufacture high end products within less time. Often these products involve complex bills of materials and seamless integration to vendors for contract manufacturing. In addition to this customers expect to be involved in the overall supply chain through close collaboration.
A consumer products KPI or metric is a measurable value that helps to monitor and accomplish pre-defined organizational goals. Key performance indicators for the consumer products industry consider branch-specific characteristics such as its fast-moving nature, high consumer demands and short sales cycles.
Here is the complete list of the most important consumer products KPIs and metrics, that we will discuss in this article in every detail:
Store owners usually check revenue, profit, number of visitors, average shopping basket... sometimes it is difficult to say what caused the increase in results or the increase in losses. Defining and following the correct KPI on a regular basis can be a good predictor of future changes.
Every retail store does not have a specific set of KPIs that must be used. Retail stores need to choose the right KPIs based on the results or strategic goals they want to achieve. For example, a retail store may want to better manage its inventory, so they will use KPIs such as inventory-to-sales ratio or inventory integrity. On the other hand, another store may want to enhance the customer experience, so they will choose KPIs (such as customer satisfaction and customer retention).
Retail stores need to choose the right KPIs when measuring their business processes or goals. Each KPI must have a specific purpose, must be measurable in quantity or quality, must have a realistic goal, must be related to the strategic direction of the store, and should be measured within a specific time frame. For example, increase monthly sales by 10% by the end of the month. The retail store will then measure its monthly sales and compare the growth rate to the 10% target.
Media features relates to the number of times that magazines, television programs or Internet articles refer to a fashion outlet's product. Many media outlets have fashion features as part of their program listings and use these media to introduce their customers to trendy and fashionable styles. A count of media features will normally be recorded by the public relations (PR) team working with the fashion business. It is also used to measure the effectiveness of the PR team.
A well-organized and -connected PR firm should have no problem getting key television shows, magazines or fashion websites to feature their client's products. The more airtime or magazine space fashion houses gets, the more awareness they get with their targeted customers, and this will usually translate to store (physical or online) visits and hopefully sales.
Net operating margin (NOM) is a measure (in percentage) of an organization’s income after deductions such as taxes, wages and materials have been paid for. It could also be defined as the ratio of operating income to net sales. It gives investors and stakeholders an idea of how much a company makes on every dollar of sales; the higher the margin, the better.
This is a key performance indicator which can be used to compare organizations in the industry for ranking purposes or profitability. The fashion industry is highly competitive and fluid, which means that organizations must work harder to reduce production costs; as a result, NOM is one measure which reveals how well they perform in this particular area.
Like-for-like sales compares a particular sales income performance after removing the effects of expansion and shop closures. This measurement is often used in the fashion industry due to its dynamic nature. Use of like-for-like figures ensures that data isn’t exaggerated or understated. It's also an important KPI not just for the organization but also for analysts and investors to establish real growth/reduction and help to possibly identify opportunities for buyouts.
Life Sciences sector covers a large variety of players. A number of parameters come into play when developing a new product: clinic trials, market demand, production process, ex-factory sales, the work of sales reps in the field… Each company in the sector must be able to measure, analyze and interpret each one of these parameters in as reliable a way as possible.
However, in order to progress further, more detailed analysis is required. You need to know why a given drug performs better in one region than another, rationalize quality control and production…
The challenge often resides in the rationalization of resources, efficiency and cost control. However, financial factors should not be the only ones taken into consideration. Product quality, respect for the environment and compliance with deadlines are also essential points that need to be continually challenged. All of the related data is difficult to process and analyze without the help of a pharmaceutical dashboard…
In the Life Sciences industry, as in others, competition is fierce between the various groups that dominate the market. This is why it is important to define clear, precise goals:
In a context of ever-growing competition among Life Sciences groups, it is essential to be assisted by a tool such as the fully customizable Life Sciences dashboard, which enables the optimization of costs and time management. With this tool, you will be able to:
While running a retail business, it’s easy to lose sight of goals and performance. Business owners have to keep track of a number of aspects such as invoices, inventory, payments, salaries, etc. When you get caught in the daily grind, your long-term goals can easily get nudged to the sidelines. Business owners may not even notice a gradual drop in their retail business’ performance until it is too late to fix things. That’s why it is important to keep track of essential retail KPIs. Key performance indicators track important metrics to determine if your business is on track towards your goals and achieving your overall strategy. A great way to keep track of KPIs and visualize them in relation to the overall business strategy is through Synapse.
While running a retail business, it’s easy to lose sight of goals and performance. Business owners have to keep track of a number of aspects such as invoices, inventory, payments, salaries, etc. When you get caught in the daily grind, your long-term goals can easily get nudged to the sidelines. Business owners may not even notice a gradual drop in their retail business’ performance until it is too late to fix things. That’s why it is important to keep track of essential retail KPIs. Key performance indicators track important metrics to determine if your business is on track towards your goals and achieving your overall strategy. A great way to keep track of KPIs and visualize them in relation to the overall business strategy is through Synapse.
Retail business owners with a physical sales area put in a lot of effort into product presentation. This can influence the customer’s purchase decision, which is why it is a good idea to track sales per square foot. You can calculate this by dividing your net sales by the sales space. This will give you a clear idea of how much it costs to maintain your retail space and the amount of revenue that space generates.
Tracking sales per employee can help you keep track of employee performance, investment, and revenue generated by the staff. Data from this metric can help you make decisions regarding training, compensation, promotions, and hiring.
Every customer that steps through your door or hits your site costs some money and has the potential to contribute to your revenue. It is important to keep track of how many visits convert to sales. You can determine this by dividing the total number of sales by the number of visitors. This gives you an insight into the efficacy of your sales process.
This tracks how many people walk into your store. Foot traffic also helps you determine if particular locations, ad campaigns, or products are successful. For example, if you open a branch in a different location and don’t get as much traffic as other locations do, it might not be the best place for your business. Foot traffic provides a lot of information regarding customer behavior and response.
Most business owners know that repeat customers are the foundation of any retail store. New customers cost the most to acquire and may not always return to make another purchase. That’s why it is important to track customer retention. It will tell you whether your business is able to hang on to customers and also help you make the right decisions to improve retention.
This metric correlates with retention since the level of service and/or quality of goods sold will have a direct effect on retention and foot traffic. This can be measured with NPS score and/or regular surveys delivered to the customers after the transaction. You can also look at your website analytics to gain a good insight into customer behavior. You can track things like bounce rates, dwell times, and other similar factors on the platform.
You can determine inventory turnover by using this formula – the cost of goods sold/average inventory. This will give you a clear idea of how much stock is used up in a given period. If this figure is too low, you’re not selling enough of the inventory and are at risk of overstocking or deadstock. If this figure is too high, you may be selling out because you aren’t stocking enough product.
GMROI gives you the real value of your inventory. It tells you how much revenue your inventory has generated over a fixed period, which can help determine if your business is making a profit. As this metric specifically measures different products and categories, it is easy to understand which products are profitable and which aren’t.
When you divide the number of units sold by the starting inventory and multiply that by 100, you get the sell-through percentage. This gives you an indication of how much of your inventory is being sold compared to how much you purchased. It will also help you understand which products are performing well and which ones may need further consideration.
Most businesses have started to invest in online platforms to keep up with the competition. If you have an e-commerce store and/or a bricks-and-mortar store, and an online marketing campaign, this is an important metric to track. You can compare the success of your online platform with your bricks-and-mortar platform and direct resources accordingly. Attribution will play a key role when measuring this KPI.
It is a good idea to track how much traffic your online marketing strategies are generating for your offline stores. This is especially crucial if you’re running a local SEO campaign. You can keep an eye on the traffic generated by paid and organic leads, calls from click-to-call buttons, etc. This will help you optimize your campaign effectively.
Business owners want sustained growth over time. They want their venture to bring in more customers and increased revenue each year. Comparing the current year’s performance with the previous year’s records can help provide some insight. If you see a downward trend in growth, you may need some remedial action to put the business back on the right track.
Gross profit tells a business owner how much money they’ve earned after deducting product creation and sales costs. Net profit is the profit earned after all business expenses are accounted for. Both of them provide insight into your expenses and earnings. The data from these metrics can help you channel your resources, plan cost cuts, and introduce business strategies accordingly.
This metric tells you how much people spend on your products on average. A high transaction value indicates that people are buying more products or higher value products from your store. A low value indicates that people are buying fewer items or lower-priced products from your store. This provides insight into the nature of how your customers interact with your business, and can inform pricing and product strategies.
In Wholesale, as in any business, keeping a keen eye on the past, current and future financial performance of the business is key to continued growth and ongoing success. However, owners are looking beyond traditional reports and KPI’s such as gross margin on items or inventory turnover velocity when it comes to making critical business decisions.
Modern Finance Managers are looking to use the data that is collected during marketing, sales, order processing and customer service and support to gain better insights into key business drivers and performance metrics. An example of this could be:
A metric to highlight which industry segments that a wholesaler deals with is the best when it comes to paying their account on time.
This information can help define marketing and sales strategies as well as highlight which industries might need different payment terms to help level out cash flow.
Traditionally, most sales departments are defined by one thing. Actual Sales against quota. However, because modern Wholesale Distribution software provides integrated Sales and CRM functionality, along with procurement/inventory management and accounting and financials, we can now do more with the information we have available.
Because Sales CRM and Accounting and Finance live in the same place, it is now easy to see exactly how marketing campaigns and the cost associated translate into closed sales orders.
By tracking lead source, when a new customer or contact is entered into the system, we can pull the total sales value of all invoices, and segment this by campaign, or campaign type, thus giving us accurate ROI for every marketing dollar spent. This leads to better decision making and more efficient use of marketing budgets.