Key performance indicators, also known as KPIs, are a specialized category of analytics findings that are distinguished primarily by their significance and meaning to the stakeholders who use the data.
However, the phrases key performance indicators (KPIs) and analytics are frequently used interchangeably. Which may cause your audience to become confused or even modify their opinion of you.
Throughout this blog article, we’ll go through the distinctions between analytics and key performance indicators (KPIs), compare learning KPIs to business KPIs, and apply all of this to the realm of learning and development.
What are the distinctions between key performance indicators (KPIs) and analytics?
KPIs are performance measures that indicate whether or not an organization’s goals are being reached. While additional analytics may reveal what is causing that performance to be achieved.
For example, the trend of scores on an onboarding pre-assessment may be considered an analytics result, whereas the percentage of workers who have completed your security awareness training may be considered a key performance indicator (KPI). The only difference between the two is the level of significance and meaning that has been assigned to the second.
Typically, this emphasis on a certain measure is placed on it for a valid cause. Stakeholders are informed by logic and experience as to which outcomes will best guide ongoing decisions that must be made.
Using sales results as an example, a business that has established a key performance indicator (KPI) is almost definitely basing forward direction, personnel decisions, and training programs on the ongoing, fluctuating value of this indicator.
What is the most common way that individuals use the term “analytics” when they truly mean “KPIs”?
“Not everything that can be tallied counts,” Albert Einstein once said. There’s more to the quotation, but the first section stands on its own as a powerful statement. If your team has 50 different key performance indicators (KPIs).
It’s possible that none of them are properly distinguished as important indicators. Instead, you are left with a slew of analytics results, each of which may be of varying importance and significance. However, key performance indicators (KPIs) are supposed to be both uniquely significant and summarizing.
What is the relationship between analytics and key performance indicators (KPIs)?
KPIs are typically supported by various types of analytics outputs. Several supplementary numbers or facts are required to explain the unexpected values or changes in a key performance indicator (KPI). For example, to fully comprehend a rise in sales results.
It is likely that additional measures, such as sales by product, sales by division, call volume, or staffing levels, will be required. A key performance indicator (KPI) can quickly lose its meaning if these additional measurements are not included, as the number will bounce about while being misinterpreted.
What is the difference between learning key performance indicators and business key performance indicators?
Learning KPIs are a subset of the broader category of KPIs. As a result, they have the same conceptual foundation as all key performance indicators, namely, that they are imbued with a specific amount of significance and significance.
Learning KPIs, on the other hand, are a subset of indicators that are specific to the learning area. They will be determined by what is most important to your firm. For example, typical learning KPIs include things.
Like the length of time spent onboarding, the time it takes to achieve competency, the compliance rate, the rate of knowledge retention, the level of skill, the level of credentials, the use of learning resources, and the use of learning pathways, among other things.
