Measurement
Description
Facts are very useful to managing a business but determining what measurements are most relevant and putting them to use can be difficult. Benchmarks are needed to measure progress and to determine competitive status. Some important business results may not be measurable directly and in any case are subject to interpretation so that appropriate action is taken. Sometimes the volume of relevant measurements needed would create unmanageable administrative overhead without efficient processes or automation. Suggestions that you should measure "everything that moves" are less than helpful.
Sample Questions
- What measurements are important for the success of your business?
- How can these measurements be efficiently collected, processed, and analysed?
- What is the most effective way to present the results?
- What categories of measurements apply to your business?
- What trends are indicated?
- What targets are realistic?
- What is the impact on business results?
Value
Feedback is essential to plan improvements and assess progress. This involves not only paying attention to the right measurements but also having processes in place so that the measurement and followup is sustainable.
How I can Help
Help in picking the right measurements and implementing a system to consistently have the right data available and processed in a way that it best supports business results can make all the difference. You need the right information when it is needed to make the business decisions that are crucial to your success.
Potential Solution Element Examples
Some categories of measurements like finance, sales, project management, and Internet marketing are fairly standard but others like customer service, quality, and operations can be quite business specific. In all these categories there is potential for innovation and techniques for minimizing the overhead of having the right information available when you need it.