How can you improve Key Performance Indicator reporting?
Reporting is an important stage in the performance management process, although managers can sometimes fall into the trap of considering it as the end of the performance cycle. However, just reporting performance data will not ensure the improvement of results. Improvement is only possible when decisions are made based on the insights provided by data.
Common issues in reporting are the overload of information, which makes it hard to focus on what is important, the unavailability of information in due time or the inaccuracy of data.
By following these 10 pieces of advice, you can solve the above-mentioned problems, ensure a better reporting and, consequently, improve your decision-making process.
1. Ensure data timeliness by clarifying the responsibilities of data custodians and the data gathering process. Sending reminders also helps in receiving data on time;
2. Verify for data accuracy by requiring for raw data as well and analyzing it before compiling the report. Frequent data audits ensure better accuracy;
3. Make sure performance results are accompanied by comments. Data custodians should also provide the context in which either high or low levels of performance occurred;
4. Display data in tables and graphs by maintaining a simple and appealing visual design of the report;
5. Send the performance report to all stakeholders at least 3 days in advance of the performance review meeting, in order to ensure data is reviewed before the discussions;
6. Inform all participants about the performance review meeting agenda and make sure you stay on topic, in order to ensure the important issues are solved in due time. Should you be interested in conducting efficient and effective performance review meetings, make sure to include topics such as:
- Presentation of results;
- Discussions on the KPIs that are far from reaching targets;
- Analysis of the possible causes of underperformance;
- Review of the portfolio of initiatives;
- Decisions upon the next steps.
7. Discuss the KPIs on red should with priority and identify the root cause of the problems;
8. Avoid finding responsible persons for poor performance. Instead, focus on finding solutions and assigning accountability to make sure the initiatives agreed upon will be implemented;
9. Keep it short, by assigning a meeting coordinator to keep discussions on the right track! A performance review meeting should not last for more than 2 hours;
10. Send a follow-up email with the meeting minutes and all initiatives established, along with their responsible persons and deadlines.
When it comes to KPI reporting, improving this process represents the base of a better, more informed and efficient decision making process! To track your progress, use our GPA Unit’s free tool, which offers maturity level assessments via its performance management audit!