Gain insights into the power of automated process efficiency diagnostics.
Operational Process Efficiency Diagnostics Insights
OPE-001: piMetrics360 Relative Efficiency Index (REI)
What is REI?
Relative Efficiency Index™ (REI) is an innovative, proprietary, process efficiency index that was developed by the piMetrics360 product team and is unique to the piMetrics360 software platform.
REI is a derivative metric that is derived from a set of other individual underlying metrics related to an operational process. Each of these underlying metrics represent statistical properties that are calculated from process data obtained through process mining. Thus, REI represents a composite of several statistical properties about an operational process.
REI is designed to measure the ability of a process to operate with minimal variation, relative to its current performance average, over a period of time. Within piMetrics360, this period of time is established as year-to-date, or a full calendar year.
The REI measurement scale ranges from zero to one hundred ― 0 to 100, with 100 representing the best measure. REI is calculated automatically by the piMetrics360 diagnostics engine. This allows REI to be measured regularly and analyzed over time – using techniques that include trend analysis and band analysis.
Value and Benefits of REI
Relative Efficiency Index (REI) is one of several derivative efficiency indices on the piMetrics360 platform. The index facilitates a variety of unique capabilities and drives advanced process efficiency analytical insights. A few of these capabilities, all of which are automated on piMetrics360, include:
A sophisticated composite standard for evaluating the operational efficiency of a business process,
An easily monitored efficiency measure with definable threshold levels,
A good indicator of process productivity gain or loss,
A measure that powers benchmarking among several processes in a common class, and
A data-driven indicator that, together with the other complementary derivative indices, is ideal for identifying process efficiency best practices ― a key element of operational center of excellence.