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Review top 6 leading KPI software in 2021

Setting and managing KPIs is the most important task for any business, regardless of a startup, SME, or MNCs. A good KPI software will be the "key point" for this problem.

<h2 style="text-align:justify;">I. What is KPI and their role?</h2><h3 class="indent-1" style="text-align:justify;">1. What is KPI?</h3>KPI stands for Key Performance Indicator, which is a tool to measure and evaluate work performance through data, ratios, quantitative values to reflect the performance of organizations or functions or individuals.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/fc5de2c7-0244-41f5-aa8e-5069656431fa" alt="KPI is a job evaluation index expressed through data, ratios, and quantitative values."><figcaption>KPI is a job evaluation index expressed through data, ratios, and quantitative values.</figcaption></figure>Organizations and businesses often use KPI at many different levels to evaluate their success with a pre-set goal. High-level KPIs will focus on indicators and common goals of the whole company. In contrast, low-level KPIs are used for individuals and departments to evaluate the performance of specific jobs and processes.<h3 class="indent-1" style="text-align:justify;">2. The role of KPI</h3>For companies:<ul><li style="text-align:justify;">Monitor employee performance intuitively, transparently, accurately</li><li style="text-align:justify;">Propose appropriate salary, reward and discipline regimes</li><li style="text-align:justify;">Improve the efficiency of the acceptance testing</li><li style="text-align:justify;">Ensure goals and visions can be completed as expected</li></ul>For employees:<ul><li style="text-align:justify;">Understand the level of completion of the work compared to the set goals</li><li style="text-align:justify;">Motivate to work towards achieving goals</li><li style="text-align:justify;">Detecting defects if the task is behind schedule for timely improvement</li></ul><h3 class="indent-1" style="text-align:justify;">3. KPI is important, but why do enterprises often fail to achieve it?</h3>Although they understand KPI well, not all firms can achieve the target KPI. Take a look at some of the reasons below. Does your business face one of these challenges?<ul><li style="text-align:justify;">The goals are unclear, inappropriate and not SMART enough.</li><li style="text-align:justify;">KPI is not transparent enough, which means target KPI does not receive the consensus of employees, causing harmful consequences for the whole system.</li><li style="text-align:justify;">The KPI is unrealistic, failing to meet the actual capacity of the business.</li><li style="text-align:justify;">Lack of qualified managers to monitor and give timely warnings when implementing the KPI system.</li><li style="text-align:justify;">The KPI development process is cumbersome but does not focus on the primary goal of the whole enterprise.</li><li style="text-align:justify;">The actual ability of the staff is not good enough to achieve the decided KPI.</li></ul>Only one reason is enough to make the whole KPI system ambiguous and unfeasible. Make sure that before embarking on KPI implementation, the enterprise has all the necessary resources.Read more: <a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/news/en-3-ways-to-convert-from-kpi-to-okr-objectives-and-key-results-36">3 Ways to convert from KPI to OKR (Objectives &amp; Key Results)</a><figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/b9ed9187-7e4d-461e-afe5-cb1ce7eb35cb" alt="It is necessary to have a qualified manager to monitor the implementation of KPIs."><figcaption>It is necessary to have a qualified manager to monitor the implementation of KPIs.</figcaption></figure><h2 style="text-align:justify;">II. So, how should companies build and implement a KPI system?</h2><h3 class="indent-1" style="text-align:justify;">Step 1: Identify the department or person who builds KPIs</h3>There are two main methods:<ol><li class="indent-1" style="text-align:justify;">A department directly builds a KPI system for positions in that department. The human resource team only plays a supporting role to ensure that the KPIs comply with the whole organization's direction.</li></ol>According to this method, the person who develops KPI is usually the Head of the department who has the best understanding of the positions &amp; tasks in the department. The larger the department, the more subdivided the KPI system is for subordinates.Advantages: KPIs will be highly feasible and clearly show the functions and tasks of the department.Disadvantages: If the department sets its own KPIs, there will often lack of objectivity, which sets the goal too low. The advice is that if using this method, it is necessary to well communicate with the human resources team and C-level team.2. The C-level team or human resources department will provide a set of KPIs for each department. Unlike the method above, this way ensures objectivity and logic. However, the given KPIs may not be realistic and do not correctly represent the functions and duties of the department. To overcome this problem, the KPI system, after being built, needs the appraisal and evaluation of each functional department.<h3 class="indent-1" style="text-align:justify;">Step 2: Identify KPIs</h3>The department's KPIs are mainly based on the functions and tasks of that department. The KPI builder will set a general index according to that department's characteristics, then create the detailed KPIs for each position and title.KPIs for each position and title: KPIs for employees are based on their job descriptions. At the same time, KPIs must follow the SMART model. In addition, the KPI evaluations need to be done on a monthly, quarterly or yearly basis.After you have agreed on the KPIs of a department or a whole business, the next step is to apply SMART criteria to evaluate each performance indicator:<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/ed6566fa-3857-41dc-b2a2-7620be84f8e8" alt="SMART model"><figcaption>SMART model</figcaption></figure><h4 class="indent-2" style="text-align:justify;">S - Specific: Specific goal.</h4>Each indicator parameter must be separated: Indicator Name, Calculation Formula, Source of Information, Weight, Unit, Plan Number and Implementation Number. Mixing all these factors makes it challenging to deploy and put in the software.<ul><li style="text-align:justify;">The Indicator Name: It should be brief but must reflect the nature of the indicator. For example: Revenue or Export revenue. It makes deployment more convenient, eliminating unnecessary controversy.</li><li style="text-align:justify;">Calculation Formula: It must be clear and agreed on parameters such as revenue, output, etc.</li><li style="text-align:justify;">Total Weight must be 100%</li><li style="text-align:justify;">Plan Number: It is a number or timeline, which clearly shows the goal. For example: With the revenue calculation, Unit = Billion USD, Plan Number = 150. Do not mix Plan Number and Unit.</li><li style="text-align:justify;">Implementation Number: It is a number reflecting the actual results when implementing. For example, the actual number for the period is 170 (billion VND) for the revenue.</li></ul><h4 class="indent-2" style="text-align:justify;">M – Measurable: Measurable goal</h4>KPIs must be measurable. Ideally, companies should get data from available management software such as ERP or CRM. If not, the data source must be specified. Has the indicator not been assessed before, a new measurement method should be added. For example, the customer satisfaction rate has not been measured in the past. So it is necessary to add an analysis technique such as a Customer Survey.<h4 class="indent-2" style="text-align:justify;">A – Attainable: Attainable goal</h4>Metrics should be within reach of the company or department. However, they are usually set to be more challenging than actual.<h4 class="indent-2" style="text-align:justify;">R – Relevant: Relevant factors</h4>Take into account factors that may affect your ability to achieve your goals. For example, the Covid-19 pandemic can significantly affect the ability of most businesses to achieve their goals, which should be considered when creating planning metrics.<h4 class="indent-2" style="text-align:justify;">T – Timed: A goal with a specific deadline</h4>KPIs must have a specific timeline. Usually by month, quarter, year, or a particular milestone of the year.Also, note that the performance metrics selected as KPIs will vary depending on the business type, employee-specific activities and departments. For instance, KPIs can be used to measure areas such as units sold, profit per item, product quality, customer service, the time needed to complete tasks, customers referrals, employee turnover.Even positions that seem not to contribute to the financial business growth need KPIs to align with the goals and future of the company. For example, the KPIs for the technical department is to improve the quality of the Internet connection.<h3 class="indent-1" style="text-align:justify;">Step 3: Evaluate KPI completion</h3>After determining the KPIs for each department and job title, it's time to apply them in human resources and productivity management.Because KPIs are defined based on measurable criteria, there is undoubtedly a specific evaluation method for each KPI item. In general, every job and KPI can be divided into 3 main groups as follows:<ul><li style="text-align:justify;">Group A: takes a lot of time to implement, dramatically affects the common goal.</li><li style="text-align:justify;">Group B: takes little time to implement, affects the overall goal OR/AND takes a long time to implement, has little impact on the comprehensive plan.</li><li style="text-align:justify;">Group C: takes less time, less impact.</li></ul>Each of these KPI groups will have different weights, depending on their importance, such as A: 50%; B: 30% and C: 20%To evaluate the completion level of an employee, set 3 KPIs, including A, B and C.<h3 class="indent-1" style="text-align:justify;">Step 4: Relationship between the evaluation of KPIs and salary</h3>For each KPI completion level, the KPI system builder will determine a specific salary and bonus.This policy can be pre-determined by the enterprise's leadership levels, the department's top managers, the person who builds the KPI system, or the employees themselves who agree with each other.Usually, there will be an acceptance testing session to evaluate the work results at the end of each evaluation period. The evaluation should be objective and comprehensive by incorporating the boss, colleagues, customers and employees themselves.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/eb6f407a-9a23-4c8a-9369-c50f311a95e7" alt="Evaluate work performance objectively based on KPI."><figcaption>Evaluate work performance objectively based on KPI.</figcaption></figure><h3 class="indent-1" style="text-align:justify;">Step 5: Adjust and optimize KPIs</h3>KPIs can be tracked and adjusted over time.Initially, review the KPIs that have just been created to ensure that the metrics are consistent. It may take the first few months for everything to be optimal, but maintain them for at least a year once the final KPIs are in place.<h2 style="text-align:justify;">III. Some notes on KPI</h2>Before building KPIs, firms need to create some context criteria for each indicator. Only then can the implementer clearly understand the meaning of each KPI. Indicator names and metrics often have an implicit comparison with a particular benchmark such as industry average growth rate, annual growth, etc. For example, a 30% revenue growth rate can be built based on an industry growth rate of 25%. And businesses want to achieve a rate higher than the industry average.KPIs are often considered at the executive level. Therefore, it is not advisable to track every performance metric in more than one place. For example, at the strategic level, businesses should only track and measure the metrics that have the most significant impact on the company.<h2 style="text-align:justify;">IV. About Estuary Solution – Comprehensive KPI management software for enterprises</h2><figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/cf4bc256-2892-43a0-a54c-6e3bc8215454" alt="Manage personal KPIs anytime, anywhere on the Estuary's mobile app"><figcaption>Manage personal KPIs anytime, anywhere on the Estuary's mobile app</figcaption></figure>Estuary provides an <a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/services/internal-working-system">internal working system</a>, helping to effectively manage goals that meet all 6 criteria: consistency, inheritance, linkage, standardized measurement, commitment, and ease easy to execute. It is the right tool for businesses that want to manage KPIs, and at the same time, build an organization where all members connect and work towards a common goal.&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/contact?msg=Request+Demo+Internal+Working+System&amp;service_id=3">REGISTER NOW FOR A DEMO OF INTERNAL WORKING SYSTEM</a>&nbsp;

Understand & know how to build KPI in 5 minutes!

High-level KPIs will focus on indicators and common goals of the whole company. In contrast, low-level KPIs are used for individuals and departments to evaluate the performance of specific jobs and processes.

Applying the OKR model brings more benefits to businesses. But how to convert from existing KPI to OKR?<a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/">Estuary</a> - For years, most companies have used the KPI model. However, as the business grows, the KPI system only meets a satisfactory level because KPI is an indicator of work control but not inspiring or increasing focus.<blockquote>Therefore, many leaders have switched to apply the OKR model. It gains success in the world's largest companies such as Google, Intel, Amazon.</blockquote><figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/a283cf59-6731-4f89-a1fa-99f914e06fdb" alt="3 Steps to convert from KPI to OKR (Objectives &amp; Key Results)"></figure><h2 style="text-align:justify;">Differences between KPI and OKR</h2>OKR (abbreviated by Objectives &amp; Key Results) has similarities with KPI. Still, OKR offers several benefits that traditional control processes do not have. The structure of the OKR model includes O - Objective and KR - Key Results to achieve that objective.According to OKR philosophy, governance is not a one-way, top-down assignment but a two-way interaction between leaders and employees, building and committing to achieving a mutual goal through specific key results. In an enterprise, it is crucial for workers to know their abilities and whether they can develop further or not. By setting goals, managers can exploit the potential of their human resources and help employees work with aspirations and be motivated to self-develop.Leaders use OKR to set quarterly and annual goals, which are guaranteed to inspire employees. They will then control and measure each step to achieve the key results. When the key results are completed, the organization is also moving towards its original goal.Read more: <a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/news/32-en-what-are-okrs-5-things-you-must-know-about-management-by-objectives-and-key-results-0795de5c">What are OKRs? 5 Things you must know about Management by Objectives and Key Results.</a>KPI (Key Performance Indicator) is an evaluation system to measure work efficiency through data, ratios, and quantitative indicators, reflecting the performance of organizations, functional departments, or individuals.Organizations often use KPI at many different levels to evaluate their success with a pre-set goal. High-level KPIs will focus on indicators and common goals of the whole business. In contrast, low-level KPIs assess the work performance of process systems, individuals, and departments.Read more: What are KPIs? Guidelines for building KPIs for employeesAccording to the description above, KPI and OKR have quite a few differences. KPI is a measurement method, but OKR is not.A KPI is an apparent number, but that number doesn't explain why or how to get there. For example, an employee is assigned a KPI of $200 million in sales/month, but why the target number is $200 million? And what does that number contribute to the company's big goal, and how to achieve $200 million? Well, the KPI does not explain it. In this respect, OKR does very well, and for the goal to come true, employees need to understand that goal.In an OKR system, the evaluation of Key Results helps to measure the achievement of inspirational goals. Due to such characteristics, the transformation between the 2 methods will be more complicated, not simply copying indicators from KPI.Suppose a company is using a KPI model and wants to switch to OKR. In that case, they will usually only consider KPIs as objectives at first. The complete transition between the two models takes time.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/d2fc6e8e-aa4e-431a-990d-a2b014a97664" alt="Manage OKRs and KPIs on Estuary Work Management Software"><figcaption>Manage OKRs and KPIs on <a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/services/internal-working-system">Estuary Work Management Software</a></figcaption></figure><h2 style="text-align:justify;">Here are four simple steps of the KPI to OKR conversion process:</h2><h3 class="indent-1" style="text-align:justify;">Step 1: Set objectives</h3>Objectives in OKR are not metrics, so they cannot be copied exactly from KPIs. You need to take a closer look at your current KPIs and place them in the group of inspirational objectives.<h3 class="indent-1" style="text-align:justify;">Step 2: Generate key results from KPI</h3>Once objectives have been established, you can set the KPIs as key results.Make sure there are no more than 3 KPIs for one objective to avoid being overwhelmed. Felip Castro - an OKR expert, advised that each OKR model should have no more than 10 key results. The smaller the number of critical results, the easier it is to understand and implement objectives.<h3 class="indent-1" style="text-align:justify;">Step 3: Identify the key results correctly</h3>The best way to set key results is to use the SMART model to evaluate established goals. Key results should be specific, measurable, achievable, relevant, and time-bound.It would help if you asked the following questions:<ul><li style="text-align:justify;">S (Specific): Are the key results clearly defined and understandable to members?</li><li style="text-align:justify;">M (Measurable): Can the success or failure of key results be measured?</li><li style="text-align:justify;">A (Achievable): Is this crucial outcome achievable in practice?</li><li style="text-align:justify;">R (Relevant): Are these key results significant to the goal?</li><li style="text-align:justify;">T (Time-bound): Have you set a deadline for the objectives to be completed? The usual timeframe for the OKR model is one quarter.</li></ul>Read more: <a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/news/34-en-3-steps-to-identify-the-right-key-results-in-okrs-11feb71d">3 Steps to identify the right Key Results in OKRs</a><h3 class="indent-1" style="text-align:justify;">Step 4: Use a proper monitoring tool</h3>As soon as you start with OKR, you will gradually realize that implementing the OKR model is not easy.In terms of human beings, not every company has the best people like Google. Discipline, culture and commitment, we are still far from the world's leading companies.In terms of method, applying OKR often faces difficulties from setting goals to implementing them. Following the OKR principle is very difficult. What are aspirational Objectives, and are Key Results measurable? One person's KR is often another person's O? But corporations don't have much time for trial and error. They can't wait months or quarters to learn how to apply OKR properly.<blockquote>Therefore, most firms have to apply both OKR and KPI at the same time.And it's time for companies to apply a proper tool to monitor and evaluate the results of these goals in a scientific and unified way.</blockquote><a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/services/internal-working-system">Estuary's Enterprise Work Management Software</a> is a practical goal administration system that meets 6 criteria: consistency, inheritance, linkage, standardized measurement, commitment and ease of implementation. It is the right solution for businesses that are intending to use the OKR model in governance.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/95d43f73-d0f9-4dc4-80ef-e47c52798c28" alt="App Interface of OKR &amp; KPI tracking on Estuary Work Management Software"><figcaption>App Interface of OKR &amp; KPI tracking on Estuary Work Management Software</figcaption></figure><h3 class="indent-1" style="text-align:justify;">Estuary's Enterprise Work Management Software helps firms build and manage objectives through the following steps:</h3><ol><li style="text-align:justify;">Set up the organizational structure (including departments and teams under the departments), metrics (target measure indicators) and cycle</li><li style="text-align:justify;">Set individual, group, department and company goals: Includes two methods: OKR (measured by Key results) and KPI (measured by specific indicators).</li><li style="text-align:justify;">Manage individual, group and departmental goals</li><li style="text-align:justify;">Update &amp; evaluate objectives: Automated check-in, self-review or review by managers</li><li style="text-align:justify;">Report objective status: Provide metrics in cycle</li></ol><h2 style="text-align:justify;">Summary</h2>With the OKR model, you can even expand your team size by 50 people without worrying about losing or disrupting productivity. It's also more accessible than ever to evaluate what each company member wants and achieves each quarter. Converting from KPI to OKR is not an overnight story. Still, with the help of modern management tools, businesses can build a unified goal system including OKRs and KPIs and measure them accurately.&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/contact?msg=Request+Demo+Internal+Working+System&amp;service_id=3">REGISTER NOW ESTUARY WORK MANAGEMENT SOFTWARE</a>&nbsp;

3 Ways to convert from KPI to OKR (Objectives & Key Results)

In an OKR system, the evaluation of Key Results helps to measure the achievement of inspirational goals. Due to such characteristics, the transformation between the 2 methods will be more complicated, not simply copying indicators from KPI.

Objectives in OKRs can be quickly determined, but how do you select the right Key Results?When getting started with OKRs, you'll quickly find that prioritizing goals is as tricky as articulating and structuring them. That's why it's not a good idea to rush the OKR management process into the next phase. If your team is going to implement it in a quarter, make sure everything is ready.Read more: <a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/news/32-en-what-are-okrs-5-things-you-must-know-about-management-by-objectives-and-key-results-0795de5c">What are OKRs? 5 Things you must know about Management by Objectives and Key Results.</a>Once you've carefully selected your Objectives, it's time to create Key Results. And this work is truly an art.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/e7ad4a4f-3746-4704-b0c2-89cfc9fba8b9" alt="Basic OKR model for a business"><figcaption>Basic OKR model for a business</figcaption></figure><h2 style="text-align:justify;">Step 1: Identify the elements of a Key Result</h2>A Key Result includes the following features:<ul><li style="text-align:justify;">Metrics</li><li style="text-align:justify;">Start value</li><li style="text-align:justify;">Target value</li><li style="text-align:justify;">Title</li></ul><h3 class="indent-1" style="text-align:justify;">1. Metrics</h3>Indicators are a way for us to measure Key Results. Famous metrics that evaluate product and customer success include Net Promoter Score (NPS) and Monthly Active Users (MAU). In contrast, factories and manufacturers use production-oriented metrics.But these stats are a struggle for some teams. Some lack motivation, some have never measured these metrics before for Key Results.Therefore, you must be able to track the necessary metrics before adding to Key Results. If you're too busy and can't prioritize measuring these metrics, you won't be able to see progress in return.<h3 class="indent-1" style="text-align:justify;">2. The Start Value &amp; the Target Value</h3>The definition of these two values ​​is not difficult to understand. The Start Value is the beginning point for Key Result at the start of the quarter or year. The Target Value is an ending point for Key Results at the end of the period.It won't be easy if you determine the Target Value without the preliminary standard. In that case, you can use the first two weeks of the quarter as a benchmark. While there is a risk if the data for those weeks isn't large enough, it shouldn't stop you from preparing your target value.<h3 class="indent-1" style="text-align:justify;">3. Title</h3>You may think that relying on the above scale and indicators means you have all the necessary information. However, to fully bring out all benefits and ensure interoperability &amp; internal transparency, OKRs must be easy to understand and clear. That's why the Key Result's Title is an integral part. The title of the Key Results directly reflects the goal to be achieved.For example, you could name a Key Result "Double NPS" - where NPS is the Metric, the Start Value is 20, and the Target Value is 40. Depending on the employee's opinion, you can also name the Key Result "Increase NPS from 20 to 40".<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/20a99336-265d-440f-a1a9-d18e3782f788" alt="3 Steps to identify the right Key Results in OKRs"></figure><h2 style="text-align:justify;">Step 2: Two mistakes to avoid when defining Key Results</h2>You think putting the Key Results out of reach will motivate all to work towards the goal. It sounds reasonable, but this is also when the wheel starts to derail.Key Results are the core factor that makes the OKR model practical compared to other goal-setting methods such as SMART. Therefore, it needs to be precisely defined based on essential rules.Read more: OKR Model and SMART Model: Similarities and Differences.<h3 class="indent-1" style="text-align:justify;">Mistake #1: Never say "at least" or "must be above."</h3>Most people understand Key Results should be "hard to achieve" a bit. If you put titles with phrases like "at least" or "must be above", people will understand that you are expecting "must-be-above value". When you set a goal to the bare minimum, you are not only not creating a challenge for yourself, but you also risk bringing down the team's morale.The "least" value isn't challenging. We can assume that the goal is reached before the end of the quarter. Then what? The results are already 100%. So you expect people to keep going. That's hard. The idea behind the OKR's 70% Rule is that you can accomplish 70% of your goal, so 100% is impossible. Therefore, delete the word "least" from the Key Result's Title, and leave the Target Value level higher.<h3 class="indent-1" style="text-align:justify;">Mistake #2: Never say "below" or "maximum."</h3>Sounds simple right? I see most people set their Key Results to something like "Less than 4 customers unsubscribed this quarter" or "Up to 10% of leads unsubscribe our emails."Imagine the following case. For the goal of limiting contract cancellations, at the beginning of the quarter, you are always at 100%. You've only lost 1, 2, or 3 clients during the quarter so far, so that's still a 100% target. Looking at it from that angle, people will think they're doing a good job. And when it came to the last week of the quarter, the fourth customer cancels the contract. So it's all down to 0%.It's terrible, and it's worse if you don't know how to fix the situation. It would be best if you avoided that case at all costs.<h2 style="text-align:justify;">Step 3: Connect Key Results and Objectives into a unified management system</h2>Just one Objective and a few Key Results is not enough. For the OKR model to be highly effective, you need to ensure the following criteria for your Objectives and Key Results:<ul><li style="text-align:justify;">Consistency and close coherence between personal, departmental and company goals</li><li style="text-align:justify;">Accurate measurability of Key Results</li><li style="text-align:justify;">Regular updates of data</li><li style="text-align:justify;">Quickly follow up and join a discussion</li><li style="text-align:justify;">List of specific tasks to achieve OKR rather than focusing on initial planning</li></ul>That is to say, you need to put the Objectives and Key Results into a more holistic picture to clarify the mutual goal from the C-level personnel to ordinary employees. That is why enterprise work management software was created to support administrators effectively.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/89c89b85-581a-477c-b073-2f01ab8e0705" alt="Estuary's Enterprise Work Management Software Interface"><figcaption>Estuary's Enterprise Work Management Software Interface</figcaption></figure><a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/services/internal-working-system">Estuary's Enterprise Work Management Software</a> is a great tool to help you build and administer the OKR system in your business. Powerful features make it easy for companies to quickly set up and track Key Results through visual data that's updated daily. At the same time, this platform connects managers and employees to the common goals of the business.<h2 style="text-align:justify;">Summery</h2>In the OKR model, each Key Result plays a vital role because it is closely related to the goals of each individual, each department and the whole company. Determining the right Key Results is hard; putting them in the proper place in the big picture is even more challenging. I hope this article can help you create an OKR system faster, easier and get results soon.&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/contact?msg=Request+Demo+Internal+Working+System&amp;service_id=3">REGISTER NOW ESTUARY WORK MANAGEMENT SOFTWARE</a>&nbsp;

3 Steps to identify the right Key Results in OKRs

Key Results are the core factor that makes the OKR model practical compared to other goal-setting methods such as SMART. Therefore, it needs to be precisely defined based on essential rules.

What is debt management? How to effectively manage debt for corporations? Read the following article to get answers to the concept of debt and practical financial management experience for companies.It is difficult to avoid debt when doing business. Customers owe you, and you owe suppliers. Everything is like a loop of consequences that directly affects the business's cash flow. Therefore, debt management is crucial. Without a clear policy, procedures and regulations, you will soon reach the brink of bankruptcy. Effective debt management will help you understand the company situation as well as manage cash flow more easily.<h2 style="text-align:justify;">1. What is debt management?</h2>What is the debt management concept? Debt management is the process of tracking and recording receivables or payables with customers and suppliers when the purchase and import transactions arise. It helps enterprises control finance effectively.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/18690256-1a00-4553-8c9e-a6d039354e6d" alt="What is debt management? How to manage debt effectively?"><figcaption>What is debt management? How to manage debt effectively?</figcaption></figure><h2 style="text-align:justify;">2. What does debt management include?</h2>Debt management usually includes 2 main parts: administration of receivables &amp; payables of customers and suppliers. So for each of these subjects, how should enterprises manage finances effectively?<h3 class="indent-1" style="text-align:justify;">2.1. Customer debt management</h3><ul><li style="text-align:justify;">Set up a clear payment policy</li><li style="text-align:justify;">Does your business accept debt purchasers?</li><li style="text-align:justify;">If yes, what conditions and requirements must the customer meet to be able to sign a debt?</li><li style="text-align:justify;">How long does this debt need to be paid?</li><li style="text-align:justify;">If the deadline is delayed, what is the plan to handle it?</li></ul>Those are the basic questions to establish a clear payout policy that you must be able to answer. These will help you limit the situation that customers have money but intentionally delay debt payoff. And below are solutions for debt disputes if they arise.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/15109ab1-cbf2-4363-92b4-0512ea5225e6" alt="Always have a transparent customer debt management policy"><figcaption>Always have a transparent customer debt management policy</figcaption></figure><h4 class="indent-2" style="text-align:justify;">Have a transparent management process</h4>Not all customers are "self-aware" of their debt to pay on time. Most businesses have to talk to them to expect to receive money. But you don't simply ask and demand whatever you want; you must have a specific process to push debt payoff while still maintain professionalism.<ul><li style="text-align:justify;">The process should specify who is to contact the customer?</li><li style="text-align:justify;">Who is the debt collector?</li><li style="text-align:justify;">Before going, how to remind guests?</li><li style="text-align:justify;">How long after the reminder time to go to meet customers?</li><li style="text-align:justify;">After receiving money, who should get the cash at the final step?</li><li style="text-align:justify;">If the meeting fails, how to renegotiate with the customer?</li></ul>When every step in the process is written down in detail, you'll be easier to control. When problems arise (e.g. bossy debt collector's attitude), it's also quicker to find the cause and deal with it.<h4 class="indent-2" style="text-align:justify;">Choose the proper debt collection method</h4>The debt collection process faces many difficulties, mainly because customers refuse to pay or make excuses to postpone debt. As such, you need to prepare some backup debt collection methods for customers who are too "muddy". Here are some options you can refer to:<ul><li style="text-align:justify;">"Terrorise" customers by texting, calling, emailing: Every once in a while, you will "remind" about the debt. If the customer does not want to be disturbed, they must pay early.</li><li style="text-align:justify;">Contact customers' relatives: Customers may not be afraid to delay their debt payoff, but it is unlikely that their relatives will either. You can come to meet, make friends and confided in the debt that their children or siblings are missing from you. Although it is unlikely that those people will pay the debt on their behalf, the pressure may impact the customers.</li><li style="text-align:justify;">Hire a debt collection service: You should hire an outside debt collection service for large debts that are too late. They have very clever ways to push customers to pay you.</li><li style="text-align:justify;">Publicise bad debt on Facebook: This method should only be applied when customers are too "muddy", and you do not want to continue selling to them anymore because disclosing sensitive information like this will worsen the relationship between both sides.</li></ul><h4 class="indent-2" style="text-align:justify;">Choose a debt collector with persuasion skills</h4>Debt collection is inherently a sensitive issue, so the debt collector must be very skilful if you want to get money. It would help if you do not choose short-tempered, impulsive people with poor situational skills, but choose someone patient and decisive.<h4 class="indent-2" style="text-align:justify;">Always have a backup plan when customers delay paying the debt</h4>The more considerable debt, the higher the chance debtors refuse to pay it, with the likelihood of up to 80%. It is very typical, so you need to prepare a backup plan. The best way is to convince customers to pay in instalments so that customers will feel less overwhelmed.<h3 class="indent-1" style="text-align:justify;">2.2. Debt management with suppliers</h3><h4 class="indent-2" style="text-align:justify;">Agree on payment time with suppliers</h4>When working with suppliers, you need to agree with them on the payment term. Please make it clear how long it takes from signing to receiving payment and how much to pay. The longer this period is, the better off you are, so try to negotiate well.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/e44518f8-3d75-4230-b599-0393b1930f64" alt="Clear agreement on the payment policy between your business and suppliers"><figcaption>Clear agreement on the payment policy between your business and suppliers</figcaption></figure><h4 class="indent-2" style="text-align:justify;">Send debt confirmation sheet</h4>When the payment is near due, you should make a list of the debts and then send an email to the supplier to confirm one last time and avoid future disputes and be more proactive in terms of time.<h2 style="text-align:justify;">3. How to effectively manage debt?</h2>There are many ways to manage finances for a retail store, such as traditional notebooks, Excel tools and debt management software. Let's find out the advantages and disadvantages of each of these management methods to see which is right for you!<h3 class="indent-1" style="text-align:justify;">3.1. Management by books</h3>It is a very classic debt management method that many traditional firms are applying. When there is a debit, the business owner will record information such as date, amount, etc., in a notebook.The advantage of this administration style is that there is no cost. With just a pen and a notebook, you can manage the finances of the business.But on the contrary, the disadvantages of this debt management method are significant. You will spend a lot of time and effort taking notes, which quickly leads to confusion. Not everyone has a computerised head to be able to calculate details without errors.Moreover, recording on books has a very high risk of data loss. Many companies lose their financial books due to inevitable accidents such as natural disasters or fires. Then there is little chance to collect or pay the debt.<h3 class="indent-1" style="text-align:justify;">3.2. Manage with Excel</h3>This management style is a bit more modern. Business owners will use a simple Excel file to record and calculate debt more efficiently and accurately than recording in a notebook.However, this method still has many disadvantages. Because the file is saved directly on the device, you need to open it on that device for more accurate recording and management. Of course, there is a way to share the data file with others, but all edits will not be updated to that file. You will have to share the file back and forth between devices, which is time-consuming and confusing.In addition, similar to book management, debt management in Excel is not face a high risk of data loss. If someone unintentionally or a bad guy deletes the file, or when the device has an unexpected problem or breakdown, it also means that you have to say goodbye to the debt data.<h3 class="indent-1" style="text-align:justify;">3.3. Manage debt with management software</h3>It can be said to be the most advanced management method today. To achieve the highest efficiency, you must have a standard and accurate database of customers, suppliers (name, address, phone number, email, etc.) and their debts over time. Just fill in information one time for the first time; customer or supplier data will automatically show when you enter their name again.<a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/services/internal-working-system">Estuary Debt Management Software on mobile application</a> automatically generates a debt report for each customer and supplier, making it easy to reconcile debts. All transactions are recorded in detail for each order, even each product included in one order.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/31670cb6-be98-4483-9fdf-7dfd990e8076" alt="Easily track sales &amp; debt of customers via smartphone"><figcaption>Easily track sales &amp; debt of customers via smartphone</figcaption></figure>In particular, the data on the software is synchronised to the cloud. You can access the software with many different devices such as computers, tablets or smartphones. Data are updated continuously in real-time, and you don't have to worry about data loss anymore.<a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/">Estuary</a> is a digital transformation company that provides a financial management platform with debt tracking &amp; reconciliation functions. It gives from overview report to detailed analysis such as the customer's liabilities, supplier's liabilities, and due date.&nbsp;<a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/contact?msg=Request+Demo+Internal+Working+System&amp;service_id=3">REQUEST DEMO FOR DEBT MANAGEMENT PLATFORM NOW</a>&nbsp;

5 Ways to manage debt effectively for business

Debt management is the process of tracking and recording receivables or payables with customers and suppliers when the purchase and import transactions arise. It helps enterprises control finance effectively. 

What is debt management? How to effectively manage debt in business? 

With the convenience of using sales management software on the mobile application, you can use them anytime, anywhere, whenever connected to the Internet.Evaluation of Estuary sales management software on the mobile applicationThe platform has excellent features that allow you to adapt all your business models. Currently, there are many free or paid sales tracking software on the market. However, free software often comes with high-security risks that you need to face.<h2 class="indent-1" style="text-align:justify;">1. Full integration with essential functions</h2>The platform has all the necessary features to serve the needs of users. A sales management system on the phone needs to have essential functions such as reporting via visual charts, analysing statistics, and synchronising with other devices.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/442d51f1-f750-4ba3-9c84-afae2bf8fc6c" alt="Estuary Sales Management Software can be used on computers and phones"><figcaption>Estuary Sales Management Software can be used on computers and phones</figcaption></figure><h2 class="indent-1" style="text-align:justify;">2. Quick and simple implementation</h2>Sales tracking software on the phone also helps managers evaluate sales staff's performance immediately, thereby giving prompts and timely decisions. Modern, eye-catching graphics and intuitive interface are also factors that attract users to utilise this platform.Suppose your company is still using free Excel for sales management in today's technology era. In that case, you will undoubtedly face shortcomings such as technical errors, a low amount of information storage, time-consuming operation, and inadequate security.<figure class="image"><img src="https://api.estuary.solutions/estuary-web-mediafile/file/9fca711a-e779-4ad9-ad1c-13b055f0f111" alt="Intuitive figures, eye-catching graphics attract users of the Estuary Sales Management App"><figcaption>Intuitive figures, eye-catching graphics attract users of the Estuary Sales Management App</figcaption></figure><h2 class="indent-1" style="text-align:justify;">3. Large storage, safe security</h2>An accurate information storage system is highly effective in protecting the information of your business. Confidential information is stored in the cloud, so it doesn't take up too much space.In addition, Estuary's sales management platform can also synchronise across different devices. Managers can install software on various platforms, conveniently monitoring subordinates KPIs in remote areas.It's great to read all the information and reports whenever you use Estuary sales tracking software. In addition, the authorisation function helps you give specific permissions for your employees on this system.Security matters are kept safe, and each employee can set their account password. Reports are already done on the software, and you don't need to do manual calculations with traditional tools like Excel. The data is presented on visual charts, making it easy to compare sales by product line, merchandise and salesperson in charge to make appropriate strategies quickly.For more information and to register for a trial of <a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/services/internal-working-system">Estuary Sales Management Software on the mobile application</a>, please contact:Ms Dung Ngo,Head of Business Solution Consulting DepartmentEstuary Joint Stock CompanyTask, Project &amp; Customer Management Software | Customer Service Software | Distributor Management Software | Smart ManufacturingPlatformPhone: <a target="_blank" rel="noopener noreferrer" href="https://estuary.solutions/contact?msg=Request+Demo+Internal+Working+System&amp;service_id=3">0986 79 9646</a>Email: dungngo@estuary.solutions or info@estuary.solutions

3 Reasons why you should use sales management software on the mobile app

Why is sales management software on phone apps so popular and widely used today? Not to mention far, the management of remote sales staff is a drive that makes these management apps be trusted and used for all business models.

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What is debt management? How to effectively manage debt in business?

3 Reasons why you should use sales management software on the mobile app

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