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The first big step for many organizations is agreeing what key performance indicators (KPIs) to track for each function and for the organization overall. Without established goals and metrics, how can an organization measure performance and adjust to be most successful? Further, making this data visible to everyone is the path to accountability.
In our 2016 Metrics That Matter Survey almost 95% of ITSPs that participated measure at least one of 10 important KPIs, but only 6% measure them all. This means there is a huge opportunity to improve performance by measuring metrics that matter.
Here are three KPIs to begin measuring – if you are not already:
1. SLA first-response time
Twenty-four percent of survey respondents don't measure service response times, and about 31% don't know their actual SLA first-response times.
Technology has become crucial for daily operations and clients will not continue to work with providers who cannot meet SLAs. To increase retention, measure how well you are meeting customer expectations and act quickly to improve where you are failing.
More than half of respondents measure overall profitability, but fewer than half measure profitability by customer, contract and service.
It’s important to know where profits come from to improve profits through resource optimization. Think about all of the services you offer. What impact would it have on your revenue if you realigned to support only the most profitable?
3. Billable resource utilization
Lost billable hours leaves money on the table, but 24% of survey respondents don't even know how many billable hours are lost each week.
Not all downtime is a waste; some is necessary. By measuring, ITSPs can prevent unnecessary lost hours from creeping into an acceptable measure. Consider this: at $100 per hour, losing just six billable hours per week can cost $28,800 per year.
Through a study of our aggregated user data in 2015 we found that the use of dashboards improved median SLA first-response time by 23%. Metrics do matter.
Lastly, "improved customer service levels" was among the top three reasons ITSPs cited for rising customer-renewal rates.
To download the complete 2016 Metrics That Matter Survey report, go here.
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