Glossary Term
Key Performance Indicators (KPIs)
Definition
Key Performance Indicators (KPIs) are quantifiable metrics used to evaluate the success of an individual, team, or organization in achieving specific objectives. In the MedTech industry, KPIs track performance across product development, regulatory compliance, sales, and customer satisfaction to ensure alignment with strategic goals and industry standards.
Relevance to the MedTech Industry
KPIs provide actionable insights that drive decision-making, monitor progress, and ensure compliance with regulatory and quality requirements. They help organizations measure the effectiveness of processes, improve efficiency, and achieve business goals such as market penetration, innovation, and customer retention.
Additional Information & Related Terms
Related Terms
Quality Metrics: KPIs specific to quality management systems, such as CAPA completion rates.
Balanced Scorecard: A framework that incorporates KPIs across financial, operational, and customer-focused areas.
OKRs (Objectives and Key Results): A goal-setting framework that integrates KPIs to measure progress.