Business X Factor

Business X Factor

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Business X Factor

Critical success factor(CSF) is the term for an element that is necessary for an organization or project to achieve its mission.
It is a critical factor or activity required for ensuring the success of a company or an organization. The term was initially used in the world
of data analysis, and business analysis. For example, a CSF for a successfulInformation Technology(IT) project is user involvement.
"Critical success factors are those few things that must go well to ensure success for a manager or an organization, and, therefore,
they represent those managerial or enterprise area, that must be given special and continual attention to bring about high performance.
CSFs include issues vital to an organization's current operating activities and to its future success." The concept of "success factors" was developed by D. Ronald Daniel of McKinsey & Company in 1961.
The process was refined by John F. Rockart in 1981. In 1995, James A. Johnson and Michael Friesen applied it to many sector settings,
including health care. Many argue that the success of a business is based on identifying a niche market that will ultimately result in growth, development and profitability.

Critical success factor vs. key performance indicator(KPI):

Critical success factors are elements that are vital for a strategy to be successful. A critical success factor drives the strategy forward, it makes or breaks the success of the strategy, (hence “critical”). Strategists should ask themselves 'Why would customers choose us?'. The answer is typically a critical success factor.

KPIs, on the other hand, are measures that quantify management objectivesand enable the measurement of strategic performance.

An example:

- KPI = Number of new customers. (Measurable, quantifiable)
- CSF = Installation of a call centre for providing superior customer service (and indirectly, influencing acquiring new customers through
customer satisfaction).

Source: http://en.wikipedia.org/wiki/Critical_success_factor

Also see: Referral Marketing