Every business owner and C-Suite executive can hear the clock ticking as the end of the fourth quarter quickly approaches. For some companies, team leaders are sitting back, content they they will reach and maybe even surpass the numbers they set out to achieve during 2018, but other employees and teams are scrambling to make their goals.  The first day of January will arrive, regardless of where you stand, and there’s no better time to dive deep into the analysis of your key performance indicators, or KPIs as they are often referred to.

In an earlier article, I shared some forward-thinking and predictive KPIs to consider to help assess and manage your projects, but now I want to instead, flip the script and share some caveats that are just as important to keep in mind.

Four Important Cautions about KPIs

1. Keep things simple. Don’t waste time trying to make things too complicated. Make sure that the data you are collecting and analyzing provides valuable results, otherwise, move on to what analysis and conclusions do make sense.

2. Make sure the data still applies. Things can tend to change quickly in business, and you want to make sure that your data changes with it.  Not only can companies change sizes and processes, but the industry is constantly changing, as well. Make sure that the data your are collecting remains relevant to your company and situation.

3. Try to maintain a healthy speed when it comes to adding KPIs.  It’s never a good idea to try to track and analyze too many KPIs at once. The collection and analysis process can be timely and expensive, so it’s important to ensure that your KPIs are maintained trhough a reasonable effort and are always aligned with your goals.

4. Keep an open mind and listen to what your KPIs are telling you.  If there is every indication that your operations should change, then you should be open to change. Watch for warning signs and trends that something is amiss.  As long as the data analysis process that you have in place has been checked for accuracy, ignoring what is right in front of your eyes can lead to disaster.

Overall, it’s important to determine which key performance indicators are best for your company’s use when forming predictive analysis.  And ultimately, to be successful, KPI data must be measured and tracked with precision and accuracy. It’s true that data collection is not always easy and is often peppered with human error, but it’s made easier with technology.  For instance, digital applications like eesyQ reduce common mistakes made from paper inspections and increase general efficiency when it comes to reporting.  The app is installed on a smartphone or tablet with standardized inspection routines, one-click reporting and more.  Long gone are the days of clipboards and pens. The eesyQ application allows for real-time data entry including digital photos and more, allowing construction companies to perform advanced predictive analysis and save significant time and money.  

For more information on eesyQ’s digital inspection and compliance tool, visit our website and sign up for a free consultation to see how the mobile app can be customized for your company.