How Do You Measure Key Industry Success Factors?
Quality management programs are common among top manufacturing companies. They are used as a way to improve operations. However, it impossible to improve something without being able to measure it. One way companies do this is with Key Industry Success Factors, or KISFs. KISFs are metrics used by companies and industries to compare their performance against industry standards on quantifiable levels. Determine what you need to measure. This will help to define which KISF and metric to use. A metric is a means by which companies measure different processes. Most companies are measuring some function of time or money. You might also want to measure the productivity or the efficiency of a particular system. Define the denominator (bottom half of the metric, the base measure). Let’s say you are interested in improving your order fulfillment process, but you don’t know how the process goes or what you can measure to track an improvement. Create three metrics based on one fundamental process