How do you approach setting and monitoring KPIs (Key Performance Indicators) to track progress and drive business success? Can you provide an example of KPIs you've established and how they've impacted performance?

Begin by highlighting the importance of selecting relevant and measurable KPIs that align with the organization's objectives and contribute to its overall success. Then, explain your method for setting KPIs, which could include conducting research, consulting with stakeholders, and analyzing historical data to establish realistic and achievable targets. When discussing monitoring, emphasize the necessity of regular tracking and reporting to ensure progress is made and adjustments are made when needed. Mention the use of tools, such as dashboards and data visualization software, to efficiently track and communicate results. Provide a specific example of a KPI you established – for instance, customer acquisition cost in a marketing context – and explain how it was chosen, the target that was set, and the methods used for tracking. Close by sharing the results and the impact the KPI had on your team's performance or the organization's success, such as increased efficiency, cost reduction, or improved customer satisfaction.