As the business dynamics of the competitive marketplace accelerate and the velocity of information increases, more and more companies are seeking opportunities to compress and streamline management decision making. Actionable information is now the required mantra for superior performance. This has elevated the importance of key performance indicators (KPIs) and their ability to measure, predict and manage the business health of a company in real (or near real) time. Since the mid-'90s, KPIs have morphed from static siloed measures to dynamic real-time enterprise metrics. Statistical modeling and data mining under the guise of predictive analytics have become critical building blocks in setting the new KPI standard for leading indicators. This journey to KPI maturity and its salient features are illustrated in Figure 1.
Figure 1: The Three Waves of KPI Development
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