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Setting, monitoring targets and understanding the implications of their dynamics is not as simple as it might seem. In order to do this properly and with maximum benefits, it is important to ensure you have the following elements narrowed down:
Tracking Key Performance indicators (KPIs) provides relevant feedback for the current state of organizational performance. KPIs also assist in the decision making process regarding actions that need to be taken to improve future performance. Measuring performance is a key organizational process that can be enhanced by making smart decisions about the frequency of measurement. It is highly important to know how often to track and report using KPIs.
Performance measurement is a sub process of performance management that focuses on the identification, tracking and communication of performance results by the use of performance indicators. It deals with the evaluation of results, while performance management deals with taking action based on the results of the evaluation and ensuring the target results are achieved.
RevPAR is perhaps the most popular Key Performance Indicator in the hospitality industry. The acronym stands for Revenue per available room and it measures the revenue generated by the lodging activities (exclusivelly) on a per room basis.
On-Time Performance is one of the most important Key Performance Indicators (KPIs) for the airline industry. There is a story about it being the main KPI used during the British Airways turnaround and successful privatization in the 80s by Sir John King, later Lord King. He was appointed as Chairman of British Airways in 1981 by Baroness Margaret Thatcher, with the mandate of preparing the airline for privatization.
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