Yes! Alerts are highly configurable in Visual KPI (through the Microsoft Excel-based Designer). You can choose indiviuals by name and email address, or you can make your alerts dynamic by choosing groups of users from Active Directory. You can even use equations to only alert users during certain times of day or other conditions.
One of the most interesting uses of alerts is to identify the responsible party as "whoever is on shift right now" or similar by getting that information from another data source. Alerts can be configured in some very interesting ways. If you want to know if we support a customer alert scenario that you have, please ask us at email@example.com.