Q: What top three key performance indicators (KPIs) should be considered to measure customer data initiatives (CDI) initiatives?
A: A KPI is key to measure the success of any initiative. These KPIs would be predefined goals, business objectives, and qualitative and quantitative measurements. To ensure improvements in customer servicing, organizational and revenue performance, a few CRM performance indicators are necessary to be charted out as KPIs for a CDI. The three KPI measures you cannot afford to miss are:
1. The number of records rejected: These refer to the mismatched entities while consolidating data from different systems. Define the master source system for each entity involved to achieve best results.
2. Service level agreements (SLA) for data: The more the time taken to make data available, the worse and more expensive is your data integration solution. Ensure you have a clearly defined availability figure as a KPI in your SLA. To explain, let’s consider that for real time analytics the marketing managers need the business intelligence (BI) to be available for a certain period of time. This period has to be defined right down to the second.
3. Daily customer reports: Number of systems and business units dependent on the business intelligence system for their daily needs have to be clearly prioritized at the level of KPI formation. Ensure you have given desired importance to your CDI efforts and found a convenient arrangement for the other reporting needs which are not mission critical.
This was first published in November 2011