Arrival of managerialism, call for accountability, efficiency and effectiveness marked a new era in higher education. With the growing demand for evidence-based and data-driven analysis of higher education institutions' performance from internal and external stakeholders, universities are looking for ways to successfully implement performance indicator and benchmarks in management and quality assurance. Quality assurance is becoming more evidence-based, outcome-driven and focused on effectiveness. The article presents an analytical framework developed at Tbilisi State University that is based on indicators, software tool and metrics, intended to meet individual needs of the institution. The article adds to the debate about using indicators as the tool for evaluating university performance at different levels. Although many fear that it can lead to oversimplified quantitative evaluation, the article argues that indicators, best reflecting what should be measured, and how, can serve as the basis for the continuous quality enhancement at the university.