Business Impact is a powerful tool that allows you to evaluate your business performance, and take into consideration the role of your training program.
As an Admin you can:
- Evaluate the impact of training on your business or employees’ performance
- Estimate the quality and direction of your training
- Assess the level of knowledge and skills associated with successful results
- Explore other factors that may affect performance
In order to set up and use this feature efficiently you’ll need to first understand how Business Impact works, and how data is interpreted. Let’s start with the basics.
How to measure business performance
An organization’s performance and targets are measured with values called Key Performance Indicators (KPIs). These indicators show whether or not specific targets are achieved. KPIs can refer to the overall performance of the business, or the performance of certain sectors, e.g., sales, customer service etc.
You, as an admin, can set up the KPIs for your business, based on your measurable goals.
First, you need to set some categorizing criteria that will facilitate the filtering process. To do so, go to the Academy Control Panel, select Business Impact, and then Categories.
Here you can set Categories or specific subcategories, called Areas in Schoox by typing a selected name, and clicking Add.
For example, Sales and Customer Service are Categories, whereas Upselling and Call Center could be their Areas respectively.
How to set up KPIs
To set up your KPIs select Set up KPIs. In this section of the Business Impact Panel you can:
- Add new KPIS
- View and edit data
- Import Data
- View Trends
1. Add new KPIS
To add a new KPI click Add KPI. Type its title, select its category and area if applicable, and finally, click Save.
There are two types of KPIs: Cumulative and Average. Cumulative KPIs represent the total scores of different units.
Example: Unit 1 has 100 $ monthly sales revenue and Unit 2, 200$. The cumulative KPI will be 300 $ (200 +100) for the monthly revenue of the Above Unit.
Average KPIs, on the other hand, represent the average score of units. This type of KPI provides a way to measure KPIs, such as customer satisfaction or customer engagement, by calculating their average.
Example: In a scale from 0-10 to rate Customer Satisfaction , Unit 1 was rated with 7/10 and Unit 2 with 9/10, the average KPI represents the average of both which is 8 (7+9/2=8).
Please note that it is mandatory to select the type of KPI in order to have it calculated across the organizational structure of your academy.
2. View and Edit Data
If you select View/Edit Data you can edit the data for a specific KPI, Unit/Above Unit and date.
Past data is displayed as Executed, whereas any future goal is displayed as a Target.
3. Import Data
You also have the option to Import Data from your computer. Once you click Import Data you can download, and fill in one of our sample templates. To upload the relevant spreadsheet from your computer, then, click Import.
4. View Trends
Click Trends to add known fluctuation of your KPI values due to, e.g., the seasonal nature of your business. For example, you may always have an increase of about 30% in sales in December compared to November. If you add this trend, the system won't recognize this increase as being the result of a good training. Instead, it will first decrease your sales of December by 30%, and then correlate it with the training data. In order to show a relation between an increase in sales and the training performance of your team, sales increase in December will have to be higher than 30%.
You can add these patterns as a percentage that reflects the known difference from the previous month.