Key Performance Indicators help enterprises measure progress towards strategic goals and benchmark against historical performance. KPIs enable business users to better understand where process management and performance can be improved, allowing them to take action and better meet their objectives.
Monitoring KPIs is important across industries and can be done with JReport. For example, within the retail industry, stores often depend on supply chain & SKU based KPIs. Keeping an accurate count of stock allows merchandise to arrive just-in-time, critical to keeping the supply chain in check. KPIs let the stores see which items are selling best, how much inventory is on hand, which items aren’t moving and require discounts etc. JReport empowers end users with online operational data so that decisions can be based on the most accurate information updating every hour or even as frequently as every minute so that enterprises can maintain a competitive advantage by having access to the best information available. JReport also allows summary reports to include detailed drill downs so that end users can look into details for example quarter by quarter or month by month to gain a more granular view of the data and identify any problems. Many different chart types can also be used in JReport to help users compare trends in their data, see if they are on track to making outlined goals, and determine performance level.
Another example of an industry where KPIs are critical is the travel industry because commodities assume a zero value once a certain date has passed. In travel, pricing is time sensitive and therefore extremely volatile, requiring KPI data to update in real time so that airlines, hotels, etc. can determine which flights or hotel locations need the most attention in terms of discounts and advertising. Making comparisons to historical data is also critical within this industry. End users need instant access to operational data for exact inventory of things like flight seats, hotel rooms, or rental car availability to help determine plane sizes, staffing, and routes, all of which can be based on capacity. With JReport, reports can be built quickly and intuitively to display and monitor a number of KPIs so that users can instantly see how things are going without having to do much analysis. By setting conditional values JReport can also trigger a notification to the appropriate users if a KPI reaches a certain positive or negative threshold so appropriate strategic actions can be taken.
KPIs can also be used to measure customer value. For instance in financial services, representatives need to know what relevant cross-sells or up-sells to make to different customers, the lifetime value of the customer, if fees can be waived for certain things. etc. to help them to better allocate time and resources to customers that are valuable rather than money losing customers. JReport allows for these types of information to be immediately accessible even from basic reports containing customer credentials.
It’s easy to see that monitoring Key Performance Indicators with reports and dashboards built in JReport can help to establish better business intelligence in addition to helping users make better informed business decisions.