A key performance indicator (KPI) is a metric linked to a business goal and used to determine whether the organization is on track to achieve that goal. The organization will define and track key performance indicators (KPIs) to see if it is performing at the level required to meet its goals. If this is not the case, the Company will make necessary changes to its business operating processes to increase performance and meet the KPI’s goals.
This research entails a study of Slam Company, a company that sells tennis balls. Slam Company has outlined critical Company’s business objectives and associated KPIs to measure performance in its strategic planning. The business objectives of Slam Company include increasing the speed in which orders are available for delivery from five days to three days by December 31, increasing the number of return customers by 20 percent by December 31, and increasing revenue by 25 percent by December 31. The Company has set out Key Performances Indicators such as order fulfillment time, the number of customers retained, and revenue growth.
New product development, production, logistics, and distribution are operational processes, whereas administrative procedures include strategic planning, budgeting, and performance monitoring. Operational and administrative procedures have a lot in common. Both operational and administrative procedures require a succession of interrelated, interdependent acts to convert inputs into outputs. Clients are also involved in operational and administrative procedures, whether internal or external to the organization. The work processes approach is more likely to be familiar to managers. The quality movement and re-engineering principles have had a significant impact on it. Operational and administrative procedures emphasize the necessity to rethink processes to improve quality, reduce costs, shorten cycle times, or improve overall performance. The process of converting an organization’s inputs into finished items through a system of defined, regulated, and repeatable policies are referred to as operations management.
Slam Company can utilize a Six Sigma tool to revamp and enhance the company processes throughout the organization. Six Sigma is a tool for reducing defects and optimizing processes to increase profits. First, Slam Company should create a burning platform. Slam Company can implement an initiative to create a new operational process that requires ongoing collaboration between the marketing, sales, operations, and IT teams to transition more of the Company’s new and existing customers to place their orders through the existing e-commerce store. Second, Slam Company should assemble its resources. Slam Company seeks to assemble a project team to implement a new, faster online system for receiving customer orders and a cross-functional project team with members from the marketing, sales, finance, and IT. Third, educating the students on the methodology. Slam Company should be able to educate its interesting uses on the six sigma methodology tool. Four, set priorities for Slam activities. A company must have set company objectives. Slam priorities are achieving an order-fulfillment objective using the processes and tools available. Five, taking control of the situation. Slam Company should put into action controls to control the set processes. Six, taking the correct measurements. Slam Company should be able to take the correct measurements in determining the inventory lead time and revenue growth. Seven, organizing and managing the program. Slam Company should put into place a management control to oversee the whole process. Eight, acknowledging contributions. Slam Company should be able to acknowledge contributions from the stakeholders and Company advisors.
Six Sigma certification is a brilliant way for Slams Company to enhance its leadership skills. Slam’s company operations are being modernized with the help of Six Sigma. The Lean Six Sigma process has two primary benefits: customer satisfaction and cost savings. Increased income and productivity are two benefits of obtaining a Six Sigma certification. Six Sigma techniques attempt to improve production quality by identifying and removing flaws in manufacturing and business processes and reducing unpredictability. This is accomplished through the use of empirical and statistical quality management methodologies and the recruitment of Six Sigma experts. Six Sigma certification aids a firm in achieving Key Performance Indicators (KPIs) by assessing corporate goals, creating short- and long-term KPI goals, reviewing Slam Company progress, and making any necessary improvements.
A company’s business objectives are what it wants to achieve or accomplish during a specific period. In most cases, objectives will play a role in determining an organization’s policies and resource allocation. These could include, among other reasons, creating a profit to fund the Company’s growth and development, offering high-quality commodities to customers, and environmental protection. These are the Company’s goals. Managing your employees’ performance entails more than simply paperwork and time-consuming evaluations; it may also serve as a sound strategy for achieving your Company’s objectives. Business leaders have a growing misperception about how SMART objectives can be incorporated into effective employee engagement. These should include information such as how and when projects will be completed, the equipment and people used, and the financial impact. Employee goals are created to ensure that employees’ actions contribute to the Company’s business goals and objectives, even if it’s just improving customer service or response times.
Slam Company can achieve its KPI by first ensuring that the nature of KPIs is SMART. Slam Company can implement strategies to ensure the Company realizes and achieves its key performance indicators. First, KPIs are present in organizations to track progress towards the end goal. With this, it is prudent to see and link the KPIs with a personal achievement goal to increase motivation, focus, and drive. Second, speak with Slam Company seniors to understand the logic behind the KPIs. Slam Company should be able to explain to its employees the need for the Key Performance Indicators. Third, focus on how Slam Company will achieve the Key Performance indicators. Slam Company should put into place full attention to ensure it achieves its intended goals. Four, setting daily tasks. Five, Slam Company should constantly review its processes. Slam Company should ensure its strategic monitoring tools to ensure it achieves its Key Performance Indicators.
Key Performance Indicators help align business objectives to help determine whether the Company is on track to meet the purpose. This research sought to analyze Slam Company’s processes and tools to ensure it achieves its KPIs. Operational processes include new product creation, production, and logistics and distribution. Slam Company should utilize a Six Sigma control tool. A Six Sigma tool is characterized by defining, measuring, analyzing, improving, and controlling. The Six Sigma toolsets out guidelines for how Slam Company can use the tool to achieve its objectives. Six Sigma tactics aim to enhance production quality by identifying and eliminating faults and reducing variability in manufacturing and business processes.
The study also looked into how Slam Company’s business objectives will help the Company achieve its objectives. A company’s business objectives are what it wants to achieve or accomplish during a specific period. Objectives will usually play a part in setting an organization’s policies and allocation of resources. The research also sets out strategies that Slam Company can use to achieve the Key Performance Indicators. Slam Company can achieve its KPI by first ensuring that the nature of KPIs is SMART. Key Performance Indicators are essential for business performance, and hence Slam Company should put necessary measures to ensure there are set out into the business.