by Shane Henson — December 21, 2012—The Professional Retail Store Maintenance Association (PRSM), an authority on retail and multisite facilities management, has issued a new white paper advising retail facilities managers on how the use of key performance indicators (KPIs) can aid them in the analysis and evaluation of their operations.
According to PRSM, the 20-page report, KPI Applications in Retail Facilities Management is derived from research and interviews conducted with PRSM members across a wide range of industry segments. Designed as a resource for both FMs new to the concept of using KPIs, and those who have established measurement programs, the report provides an in-depth analysis of the value of measurement programs and step-by-step detail on how to establish or upgrade an existing program.
The white paper also outlines how retail facilities managers can play an important role in driving corporate and operational results, especially when a KPI is used as part of that process, says PRSM.
The report categorizes KPIs useful in managing retail facilities:
- Financial—topping the list of most used because of their ability to help directly measure cost;
- Functional—indicators centered on the process; and
- Directional—most commonly used by big-box retailers helping to identify trends.
The primary attributes for all three, according to the report, are that these particular KPIs are both quantitative and actionable.
The white paper also outlines other aspects of using KPIs, including identifying and selecting KPIs; steps for instituting a KPI program; typical problems associated with KPIs; and keeping KPIs relevant and up-to-date.
