What Should be Tracked in a Lien Program? - Specific Types

Posted by Tim - 27 December, 2016

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lien tracking software

“What we have is a data glut.” - Vernor Vinge

Determining the key measurements to be tracked in a lien program is an essential component of measuring the progress an organization is making towards accomplishing the objectives defined in the strategic plan.  The development of SMART goals will include a key result indicator (KRI) which is measured by various key performance indicators (KPIs).  Goals seek to improve how an organization is performing in various dimensions which support the overall mission and vision of the organization.  Selecting the best measurements to be tracked can be overwhelming given the vast amounts of data that can be collected in lien tracking software.  Deciding upon the handful of KPIs that support a given KRI requires discipline and focus.  This article will define the main types of KPIs and provide a few specific examples to help you clearly define, “What Should be Tracked in a Lien Program?"

Key Performance Indicator Types

Quantitative Indicator - 

  • can be presented with a number.

Qualitative Indicators

  • cannot be presented as a number.

Leading Indicators

  • can predict the outcome of a process

Lagging Indicators

  • present the success or failure post hoc

Process Indicators

  • represent the efficiency or the productivity of the process

Input Indicators

  • measure resources consumed during the generation of the outcome

Output Indicators

  • reflect the outcome or results of the process activities

Financial Indicators

  • used when looking at an operating index

Output Indicators

  • reflect the outcome or results of the process activities

Directional Indicators

  • specify whether or not an organization is getting better.

Lien Program Specific Examples 

Total Number of Liens Added

  • The total number of all liens added indicates the volume of work required by staff for initial review and processing.

Total Number of Liens Archived  

  • The total number all liens archived indicates the progress being made towards recoupment of fees owed to the municipality.

Total Lien Balance

  • The total lien balance indicates the amount owed for the original lien amount plus interest accrued to date.  

Days to First Payment

  • The total number of days from start of lien to first payment indicates the willingness of the owner to pay promptly.

Days to Last Payment

  • The total number of days from start of lien to last payment indicates the pace at which lien fees are being paid.

Total Lien Releases Issued

  • The total number of lien releases issued indicates the number of liens for which full payment has been made.

 “Things don’t have to change the world to be important.” - Steve Jobs

Now that you are familiar with the various types of KPIs and have been exposed to some specific examples, you are now ready to do the work of selecting the measurements that support your goals.  Many organizations have found that an investment in technology such as lien tracking software is essential to automating the collection of data such as lien fees, lien interest and lien releases.  Having a software reporting system in place which can easily translate the collected data into useful measures and metrics will result in high levels of effectiveness and efficiency.  MyGov would enjoy the opportunity to learn more about you and help you to implement a solution for “What Should be Tracked in a Lien Program."

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Topics: Lien and Collection


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