Process KPIs (Key Performance Indicators) are measurable variables that analyze and evaluate a process’s performance in critical areas (e.g. cost, time, labor). They reflect the process’s progress (or regress) towards realizing its objectives, through monitoring and measuring activities that define the process.
Process KPIs are statistical measures used in performance audit and appraisal to find out whether a given process has reached its objectives and with what performance. KPIs help evaluate processes against preset standards and rules, including:
KPIs allow identifying whether desired process outputs have been produced, what resources have been consumed, and what inputs have been available at the outset. They use math formulas and algorithms to determine performance gaps, detect process errors, and identify possible improvements. Here are some examples of process KPIs:
- Elapsed time for process completion
- Number of process steps completed
- Duration of each task in the process
- Percentage of tasks failed
- Process ROI.