Business Drivers Definition
As organizations strive to achieve their business goals, they are increasingly looking to identify and track the key drivers that will have the biggest impact on their success. But what exactly is a business driver?
A business driver can be defined as any factor that has a direct impact on an organization’s ability to achieve its business objectives. In other words, it is anything that ‘drives’ the achievement of an organization’s goals. Common examples of business drivers include revenue growth, cost reduction, market share expansion, and product innovation.
To be effective, business drivers must be aligned with an organization’s strategy. That means they should be directly connected to the company’s overall goal or objectives. For example, if an organization’s goal is to increase market share, then a key driver could be expanding into new markets. If the goal is to reduce costs, then a key driver could be streamlining operations.
Once you have identified the key drivers that will have the biggest impact on your organization’s success, you can then begin tracking them and measuring their performance. This will give you valuable insights into which areas are performing well and which areas need improvement. By constantly monitoring and tweaking your business drivers, you can ensure that your organization is always moving in the right direction and making progress towards its goals.
