Posted in Marketing and Strategy Terms, Total Reads: 1400
Definition: Key Success Factors
Key success factors are those key elements which are required for an organisation to accomplish or exceed their desired goals. It is imperative that these factors be given proper attention and are adhered so as to attain the desired objective. Any lax in these factors may lead the organisation other way i.e. the organisation will not attain their desired goals. The definition of key success factors does not only restrict to organisations but may encompass personal attainment of goals as well i.e. they can be viewed from an individual perspective as well.
Keeping our scope of discussions to organisation we can categorise the key success factors into four: people, process, goals, and resources. People are the most critical resource of an organisation. Hence, it is imperative on organisation’s part to manage their people effectively. People can be divided into customers and employees. Customer needs must be catered to properly. Processes is about how an organisation has its things in place to carry out the needed work. It includes processes adopted for manufacturing, paying salaries etc. In order to keep the organisation successful the company must invest heavily in order to optimize its processes. The goals of an organisation must be formed at an early stage so that the people, process and resources can be put to use in that line. Resources are limited in any organisation. Hence, its management plays a critical role.
The key success factors may vary from an organisation to organisation. Though the above success factors given are generic and must be taken care by any organisation, there are several other success factors which the company must give its resources to in order to ensure their success. An example would be that of IT industry where people constitute of the employees and customers. There are several processes which take place in an IT company which need to be optimized in order to attain maximum profit. Resources constitute of electricity, hardware etc. The goals differ from an organisation to organisation.