Metrics vs KPIs
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Welcome to this 365 Data Science Tutorial where we will be discussing the differences between KPIs and metrics. In literature the terms metrics and KPIs are often used interchangeably which is not always correct. Remember that all key performance indicators (KPIs) are metrics but not all metrics are KPIs. KPIs are primarily non-financial, and they measure quality efficiency and cycle time.
Some examples are percentages of invoices without errors which tracks the accuracy of your billing department. Other KPIs are number of journals performed per person, per FTE or per Full Time Equivalent, percentage of journals booked automatically and so on. When a metric is primarily financial in nature, we call this metric a Key Business Indicator (KBI).
Besides KPIs which are primarily process orientated and KBI metrics which are financial in nature we can also have Key Risk Indicators (KRIs)- measures that have to do with the risk level of a certain activity. Ideally these metrics give us an early warning regarding a risk situation that can harm company performance. KRIs can be orientated towards external and internal risks
Watch till the end to find out about KRI examples and the real-world applications of compliance metrics.
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