Business Analytics Plan for BIAM300
Section 2: Critical Success Factors (CSFs) and Key Performance
Plan for Business Analytics
Business Analytics Plan for BIAM300, written by the student’s name and the institution.
Key Performance Indicators and Critical Success Factors (CSFs) are discussed in Section 2 of this report (KPIs)
2.1 Critical Success Factors and Key Performance Indicators for Product Innovation
2.1.1 Product Development and Innovation CSF number one
For Apple to achieve proper product innovation, strategic orientation is an important success factor that must be taken into consideration, according to the company. Whenever there is a lack of strategic orientation of activities related to innovation at Apple, this indicates that the company lacks a goal, a path, and an orientation. As a result, those involved in innovation at the company find it difficult to determine which innovation topics to prioritize and where and what to look for during the assessment of the innovation topics. This makes it difficult to make decisions about which innovation processes to incorporate during the decision-making process. The innovation strategy that should be implemented should be based on a number of different factors. Apple’s corporate strategy, risks and challenges, opportunities, and future trends are all discussed in detail.
2.1.1.1 Product Innovation KPI #1 (Key Performance Indicator) CSF number one
Financial metrics can be used as a key performance indicator of product innovation’s strategic orientation as a key performance indicator (Jackson & Weaver, 2020). Its components include cost, profit, LOB revenue compared to target, cost of goods sold, days of sales outstanding, sales by region, and LOB expenses compared to budget, among others.
2.1.1.2 Product Innovation KPI #2 (Key Performance Indicator) CSF number one
When it comes to product innovation, process metrics are yet another key performance indicator that can be used to evaluate the effectiveness of strategic orientation (Jackson & Weaver, 2020). Customer support tickets, the percentage of product defects, and the efficiency of the LOB are some of the components of this key performance indicator.
2.1.2 Product Innovation CSF Number Two
Apple should also recognize that collaboration is a critical success factor in the company’s efforts to promote product innovation in the future. When it comes to ensuring the success of innovation processes and projects in any organization, collaboration is essential. This is due to the fact that most of these innovations are created by interdisciplinary teams, which necessitates extensive collaboration among a company’s various employees. These employees, on the other hand, must work together in order to achieve a common goal. Cases of project stalling or failure may occur when the employees involved in the innovation processes and projects hold opposing viewpoints. As a result, Apple should take steps to ensure that all of its employees who are involved in innovation processes and projects are working toward a common goal.
2.1.2.1 Product Innovation KPI #1 (Key Performance Indicator) CSF No. 2
Satisfaction among stakeholders is one of the key performance indicators that the company should consider when evaluating the effectiveness of collaboration in the pursuit of product innovation. The levels of satisfaction with product innovation held by the company’s management, employees, and investors serve as a guide for determining these satisfaction ratings.
2.1.2.2 Product Innovation KPI #2 (Key Performance Indicator) CSF No. 2
The level of client satisfaction is another important performance indicator that should be used to evaluate the role of collaboration in product innovation at Apple. When it comes to client satisfaction, it refers to the degree to which the company’s customers are pleased with a new product that the company has introduced. When customers express high levels of satisfaction with new products, this indicates that the products have positive characteristics.
2.2 Customer Service Frameworks and Key Performance Indicators (KPIs)
Customers’ Intimacy CSF No. 1 2.2.1
Customer satisfaction is a critical success factor in Apple’s quest to build customer intimacy with its customers. Customer satisfaction is a metric that measures how satisfied a company’s customers are with the products, services, and capabilities that the company has to offer. Apple can obtain information about customer satisfaction ratings that are relevant to the company by collecting feedback from customers and conducting surveys. It is anticipated that the information gathered through these ratings and surveys will aid in the company’s efforts to either improve or change the products and services it offers.
2.2.1.1 KPI #1 for Customer Intimacy CSF #1 (Key Performance Indicator)
Customer retention rates at Apple are one of the key performance indicators that the company should consider when measuring the levels of customer satisfaction that are critical for building customer intimacy at the company (Willott, 2019). This key performance indicator measures Apple’s ability to retain a paying customer over a specified period of time.
2.2.1.2 Customer Intimacy CSF #1: KPI #2 for Customer Intimacy
Another key performance indicator that can be used to account for customer satisfaction, which is a factor that influences customer intimacy at Apple, is the customer satisfaction score (Willott, 2019). This score is calculated by taking the average of all of the company’s customers’ responses to questions about the products and services the company provides.
2.2.2 CSF #2: Intimacy with the Customer
In order to maintain customer intimacy at Apple, excellent customer service is another critical success factor. It is the processes that are involved in attending to the needs and wants of customers at a company that are referred to as customer service. This includes providing high-quality, helpful, and professional Helpance and services before, during, and after the customer’s requirements are met, as well as following up with them. Respect, patience, self-control, concern, attentiveness, empathy, flexibility, and proper communication skills are just a few of the qualities that are required for effective customer service practices at the company.
2.2.2.1 Customer Intimacy KPI #1 CSF #2 2.2.2.1 Customer Intimacy KPI #1 CSF #2
Apple can use the net promoter score as a key performance indicator in order to assess customer service ratings and their impact on customer intimacy within the company (Willott, 2019). Using this score, you can determine how likely it is for Apple’s customers to recommend the brand, as well as the products and services the company provides, to other people.
2.2.2.2 Customer Intimacy KPI #2 (Key Performance Indicator) CSF No. 2
First contact resolution is another key performance indicator that can be used by the company to account for the contribution of customer service to customer intimacy at the company (Willott, 2019). This KPI measures the efficiency in which, at first-time contact, the customer service calls are dealt with at the company.
2.3 CSFs and KPIs for Operational Excellence
2.3.1 Operational Excellence CSF #1
Integrated information systems are among the critical success factors that contribute to operational excellence at Apple. These are the company’s and business application systems, which allow Apple to document the procedural and organizational structure of the company comprehensively.
2.3.1.1 KPI #1 for Operational Excellence CSF #1
Asset condition is a key performance indicator that can be used to measure integrated information systems, which is key for operational efficiency at Apple. The ability of the company to ensure that the equipment used in the company remains in good condition would translate to the effectiveness of operations at the company.
2.3.1.2 KPI #2 for Operational Excellence CSF number one
Time spent on reactive maintenance is another key performance indicator that can be used to account for the effectiveness of the company’s integrated information systems. Operations in the company cannot be efficient if scrambling to address recurring service requests, and emergency repairs happen constantly.
2.3.2 Operational Excellence CSF #2 Productive processes is another critical success factor for operational efficiency at Apple. Ensuring that the operations at the company are beneficial to the company is essential for maintaining the operational efficiency of the company.
2.3.2.1 KPI #1 for Operational Excellence CSF #2
Sales growth is a significant key performance indicator for measuring the productivity of processes at the company. The more productive processes at Apple are, the more the number of sales the company is due to achieve. Sales growth can be measured by tracking the individual performance of sales employees at the company while comparing them to their targets.
2.3.2.2 KPI #2 for Operational Excellence CSF #2
Overall labor effectiveness is another key performance indicator that can be used to measure the productivity of processes at Apple. This measure is vital for the human resource department at the company since it provides information required to answer complicated staffing questions.
References
Jackson, T., & Weaver, J. (2020). 18 Key Performance Indicator (KPI) Examples Defined. Retrieved 28 May 2020, from https://www.clearpointstrategy.com/18-key-performance-indicators/ Willott, L. (2019). 7 Customer Service KPIs You Need to Track – Customer Thermometer. Retrieved 28 May 2020, from https://www.customerthermometer.com/customer-service/7-customer-service-kpis-you-need-to-track/
