The Professional Retail Store Maintenance Association (PRSM) has released a white paper, “Key Performance Indicators: Best Practices for Creation and Implementation,” that gives retailers and suppliers a comprehensive overview of how to create and implement key performance indicators (KPIs).
KPIs, used to examine factors necessary to the success of an organization, can help users understand critical measurements and identify where retail facilities managers can increase value rather than cutting costs, and quantifiably gauge the current state of business performance.
The paper reveals how KPIs can impact profitability, brand allegiance, customer acquisition and employee engagement. The five most used KPIs in retail facility management are: normal response times, emergency response time, average work order/invoice cost, not-to-exceed compliance and interactive voice response usage.
“The relationship between suppliers and retailers is complex and dynamic, but KPIs can strengthen the relationship and lead to the creation of integrated solutions that result in higher levels of client satisfaction,” said PRSM CEO Bill Yanek.
KPIs can also enable suppliers and retailers to identify where communication breakdowns occur, and develop solutions that enhance customer satisfaction. Well written KPIs are: specific, measurable, achievable, relevant and time bound, also known as SMART goals.