Category: KPIs & Metrics

Though an old institution to be sure, banking, in the modern sense of the word, can be traced to medieval and early Renaissance Italy. The increased economic activity of the Middle Ages allowed money changers and merchant bankers to rise in stature and power in the city states of Florence, Venice and Genoa.

Let’s take a moment to look at a few Key Performance Indicator examples for the banking industry you should add to your benchmarking and business intelligence efforts, taken with a historical perspective.

Professional liability, workers’ compensation, cyber liability, crime coverage – if you can dream of some type of risk, there is an insurance policy that covers it, and someone looking to buy that coverage.

Today, many insurance companies focus only on business Key Performance Indicators (KPIs) related to total dollar amounts of transactions processed and the high-level expenses that it took to process the work without diving into operations focused KPIs at the forefront of the business. Consequently, many productivity metrics tracked at the front line employee level are often overlooked by different departments at large insurers.

The Accounts Payable Department manages and pays the bills of a company. From processing incoming invoices, and ensuring that all of the company’s suppliers are paid in full and on time, the Accounts Payable Department does it all.

So how can your company make sure your Accounts Payable Department is working at tip top shape? By measuring accounts payable productivity and performance metrics, of course! Let’s take a look at a few important examples of accounts payable metrics.

Ultimately, for finance department managers, executives, and senior management, it’s always about the bottom line. The Key Performance Indicators for the Finance Department that matter most to them always involve money – revenue, expense and net income. They get paid to count and analyze the flow of the mighty dollar through their businesses.

In reality, however, the modern Finance Department more closely resembles a factory than a giant money counter with dollar bills raining down from the ceiling.