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A sure sign of a quality organization is the ability to measure its progress and success. “In business, words are words; explanations are explanations, promises are promises, but only performance is reality,” according to Harold S. Geneen, CEO of International Telephone and Telegraph Corp. With the continuous upward trend in productivity of the pharmaceutical industry, measuring performance has become more important. This analysis provides a total picture of its current progress and shows opportunities for further improvement.
Key Performance Indicators (KPIs) help the industry track progress and measure success. So, how do you know if you are using the right KPIs to help measure success at your Biotech Company? Here are a few signs of whether you’re utilizing the right KPIs within your company to maximize success.
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Decision-making with Insight:
A good KPI aligns with a focused business vision and strategy. It contributes toward the overall business objectives and its success. Decisions made with this insight help identify the knowledge gaps and take necessary actions. This KPI can help Biotech companies understand their current status and future goals.
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Data Generation:
Data generated through different studies, publications and presentations impact clinical practices. Current scientific data, best practices, and patient feedback can be a good indicator of key performance.
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Commercial Links:
Commercial links constructed with focus on attracting potential customers can be an asset for a Biotech company. This can help in interactions, product development, and possible transactions in your company. Such KPIs are trackable and useful for measuring the performance of the company.
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Technology Development:
The development of technology has made it possible for unlimited opportunities in the Biotech field. Experiments have expanded from the laboratory to field studies and pilot tests. Companies who have updated their business strategies and promoted technological advances are able to operate in the highly competitive Biotech industry comfortably.
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Leadership Development:
A team of highly qualified members adds value to any organization. To keep this team motivated, there is always a need for the right leadership. There is exponential growth in the company when the right leaders lead the key areas of the company. The quality of leadership is an important key indicator of the performance and success of the company.
KPIs help you evaluate the success of an organization, but they have their own challenges. It is important that KPIs within the Biotech industry are actionable, consistent, time-trackable, and have strong benchmarks to analyze the performance for the company.
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