Paesh recognizes the relevance and importance of KPIs in maintaining a successful business. We use the MFRA approach to develop and implement a KPI system to foster a culture of continuous achievement. The MPRA framework is an effective strategy for implementing KPIs in a way that resonates with a brand’s strategic goals and helps them achieve business vitality. MPRA stands for Measure-Perform-Review-Adapt. Let’s find out how we apply KPIs to help brands track their business health and progress.
Measure
The foundation of a successful MPRA framework is laid by identifying a business’s strategic and operational objectives. After discussing both short-term and long-term goals with the brand, Paesh identifies the key areas of focus, such as sales performance, customer experience, and the like. After that, we select the specific metrics to effectively measure the performance for each objective. We define and document each metric to serve as a reference point for monitoring and analyzing performance.
Perform
In the Perform phase, we set benchmarks against which performance can be measured. They include industry standards, previous performance, and so on. Once the benchmarks are in place, we set specific targets for each KPI and metric. We set SMART targets that are Specific, Measurable, Achievable, Relevant, and Time-bound. Then, we identify data sources and classify collection methods to ensure smooth data collection.
Review
This is the crucial step in the MPRA framework for consistently observing performance and checking the relevance of KPIs. This step helps monitor progress and early detection of issues and enables us to adjust accordingly. Paesh establishes a systematized review process where we collect and evaluate data regularly. We identify the key factor behind the variance between target and actual performance.
Adapt or Adjust
The last step in this KPI implementation model is to Adapt. After thoroughly evaluating the review findings, Paesh makes essential adjustments to improve the outcome. We reconsider our action plans and update our strategies. We also adjust our performance targets and modify KPIs if needed. This process is ongoing and vital to promote continuous improvement and upgrade.
By constantly collecting and evaluating data in the form of KPIs and metrics, Paesh helps organizations stay aligned with their strategic goals and progress toward them. By activating the potential of KPIs, we enable businesses to make informed decisions, boost their performance, and achieve steady elevation.
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