Problems
Hidden Information
Disconnected Metrics
Disconnected Metrics
If you spend more time looking for information than actually analyzing it, you are not alone. Most businesses are drowning in data and they don't know how to extract the information that they need in a timely manner.
Disconnected Metrics
Disconnected Metrics
Disconnected Metrics
A performance measurement plan should create a comprehensive and interconnected canopy of metrics that help inform all elements of the business. While many businesses use key performance indicators (KPI), most of their measures are not connected to each other or to the profitability of the business.
Lack of Scalability
Disconnected Metrics
Lack of Scalability
Poor data management leads to increased complexity, higher storage costs, longer processing times, and increased risk of errors. All of these issues result in a lack of scalability and increased reliance on IT to connect the systems and data together.
Solutions
Organize
Organize
Organize
Determine the gaps between what information you currently have and what information you need. Based on those gaps, begin to collect, clean, standardize and transform the data to ensure consistency and accuracy.
Activate
Organize
Organize
Build a performance measurement plan that defines what data is analyzed, by whom, how often and for what purpose. Begin to summarize the data in order to establish benchmarks and trends. This will help inform the analysis step.
Analyze
Organize
Analyze
Analyze your information based on the established performance measurement plan. Avoid rabbit holes and analysis paralysis by sticking to the metrics that aligned with your current objectives. Use your new analysis process to find and deliver new insights into the business.
Our Process
Clarify
We start at the beginning by ensuring that you have clearly defined your business goals and objectives. We will ask the right questions to ensure continuity in your performance measurement plan.
Identify
Once we have your list of corporate objectives, we break down each objective into smaller KPIs. This process is known as cascading objectives and it will help to create a canopy of metrics that encompass your whole business.
Locate
With a complete list of KPIs established, we will start to find and connect the data to the metrics. This process will usually uncover some hidden inefficiencies in your current data structure as well as some data that you didn't know that you had.
Benchmark
In order to make the visualization step more effective, it is important to use your new data to establish more effective benchmarks across your business. These benchmarks will help set a comparable standard that all metrics can be measured against. This will help management find inefficiencies quicker and with greater accuracy.
Visualize
The goal in this step is to deliver results back to the business in a standardized and automated format so that you and your managers have the right information when they need it. There are many tools that can be used to visualize data so this step doesn't need to be complicated or expensive.
Analyze
Data-driven decisions require an understanding of the data being presented. We intend to build a story with your data after it has been visualized. We will help you and your team walk through your new performance measurement model so that you can feel comfortable with the process when we are finished. Your performance measurement plan will include suggestions for performance reviews including frequency, format, responsibilities, benchmark reviews, etc.