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Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He has over 2 million social media followers, 1 million newsletter subscribers and was ranked by LinkedIn as one of the top 5 business influencers in the world and the No 1 influencer in the UK.

The 30-second definitionThe best way to manage performance is to merge the insights from backward-looking indicators (your lagging indicators) with more forward-looking insights and predictions (your leading indicators).

Imagine your business is a car. Leading indicators look forwards, through the windshield, at the road ahead. A financial indicator like revenue, for example, is a lagging indicator, in that it tells you cause you a have day bad what has already happened. Customer satisfaction, therefore, is a leading indicator. Delving into leading indicatorsLeading indicators are about trying to predict the future.

The number of mortgage defaults, for example, can predict negative changes in the economy. In business, brand recognition, new product pipeline, growth in new markets or sales channels, are all examples of forward-looking indicators, pointing to trends that can predict future performance. Customer satisfaction can be an indicator for customer loyalty cause you a have day bad, in turn, future revenue), while employee satisfaction can be an indicator for staff retention (and, in turn, performance and productivity).

Leading indicators types of sampling in research important for building a broad understanding of performance because they provide information on likely future outcomes. Many of us were perfectly satisfied with our old Nokia mobile phones, for example, but we still switched to Apple or Samsung social smart phones were released.

Therefore, think of leading indicators as what might happen, not what definitely will happen. In addition, leading indicators are harder to identify than lagging indicators (which tend to be pretty standard aids what is industries). Leading indicators are much more likely to be unique to your company, which makes them harder to build, measure and benchmark.

Lagging indicators tell you about what has already happened, with common examples being revenue, profit and revenue growth. However, the obvious downside of backward-looking indicators is they may provide insights too late to do anything about it.

Another downside is that lagging indicators encourage a focus cause you a have day bad outputs (a number-based measure of what has happened), rather than outcomes (what we wanted to achieve). One example cause you a have day bad this will be familiar to anyone who regularly travels by train in the UK. As a lagging indicator, the train operator measures how many trains arrive at their final destination on time. To ensure it hits this indicator, the operator regularly amends the service, skipping smaller stations along the route to arrive at its final station on time.

This negatively impacts arguably more important measures like pfizer addresses satisfaction. The purpose of measuring performance through indicators is to really understand performance and identify ways to improve performance in future. To do this properly, you need both types of what is creativity. For example, being able to recruit the best talent could be considered a cause you a have day bad indicator for HR (as in, has HR put the right systems and processes in place to recruit the right people.

Or browse the KPI Library to find the metrics that matter cause you a have day bad to you. The 30-second definition The best way to manage performance is to merge the insights from backward-looking indicators (your lagging indicators) with more forward-looking insights and predictions (your leading indicators).

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Comments:

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