S.M.A.R.T. Metrics and KPIs to Monitor When Making Strategic Decisions
To be of value, key performance indicators should follow the SMART goal format which means they are Specific, Measurable, Attainable, Relevant, and Time-bound. Procurement, lab managers, and business strategy teams continually seek methods to make their organizations more cost effective, compliant and productive.
Below are key areas organizations should be using to help develop their KPIs:
- Downtime and response times
- Service churn which identifies repeatedly repaired, problematic instruments
- First time fix rate
- SLA compliance
- Tail spend analysis which highlights the tail of low volume suppliers in the interest of consolidation leverage
- Asset utilization and injection throughput
- Capital planning and asset productivity
- Maintenance operating costs
- Fleet instrument age profile and distribution
- Benchmarking against global peers performance of like equipment
When operating/service metrics are correlated with instrument age and utilization, the below value drivers can be optimized: