What are Critical Success Factors?
Critical Success Factors (CSFs) relate to specific activities, procedures, or areas on which a company or organization depends in order to survive. Critical success factors are unique to every organization and reflect current business and future goals. The critical success factors of a company can be identified using business analytics.
There are a number of software-based solutions that are designed to help owners and managers determine critical success factors. For example, enterprise decision management (EDM) software analyzes a company's data and processes to identify CSFs to aid in decision making.
Many systems for improving business processes attempt to identify the critical success factors of a product, a service or a company as a whole. Typical CSFs could be the need to control costs, increase marketing conversions, or create a better product.