What does "assess progress and readjust" involve in the context of KPIs?

The phrase "assess progress and readjust" in the context of Key Performance Indicators (KPIs) refers to the continuous evaluation of performance metrics to determine if an organization is on track to meet its goals. This process involves looking closely at the data collected to understand how well strategies are working and identifying areas that require improvement.

Evaluating performance entails analyzing various KPIs, which may include financial results, customer satisfaction, operational efficiency, and other relevant measures. Based on this analysis, you can make informed decisions about necessary changes to strategies or operations. Adjustments might involve reallocating resources, modifying processes, or even redefining goals to better align with current circumstances or market conditions.

This continuous loop of assessing and readjusting is vital for maintaining momentum towards organizational objectives, ensuring that the business remains agile and responsive to both internal and external changes. This is why the emphasis is on evaluating performance and making necessary changes, rather than solely focusing on financial results, ignoring original objectives, or simply documenting failures without taking action.