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In a world where data represents a major competitive advantage for businesses, the need to monitor performance based on specific goals and targets is critical. It is not enough to track relevant customer or sales data. In order to really ensure you are growing and making the most out of your data-driven efforts, it is necessary to implement measurable goals that will allow you to efficiently assess your strategic efforts.
That said, there are various methods and tools businesses use to manage their data and optimize their performance. One of the most powerful ones being key performance indicators (KPIs). KPIs are a type of measurement that helps organizations evaluate their success in different activities and areas. With that in mind, setting KPIs targets and goals proves to be a very successful practice.