A Key Performance Indicator (KPI) is a quantifiable measure of success or progress toward an end result or goal. A KPI is often measured with the SMART criteria, which stands for Specific, Measurable, Attainable, Relevant and Timeframe. This criterion evaluates whether a KPI is specific, measurable, attainable, relevant and can be achieved within a given amount of time. Businesses may set KPI goals to increase the accuracy of inventory picking or the efficiency of slotting.
See also: Scorecard