How Does Your Company Measure Success?

 

To begin with, does everyone get at least a monthly update on the health of your company?  Do you publish total revenue, net revenue, best customers or other metrics to keep everyone focused on the main objectives of the organization?    Getting information to upper management down through the front line is important so that people can focus on making  daily decisions.

 

Define 5 metrics that are important to the organization.  Narrowing down your metrics will help focus on the key priorities. These can be expanded later but a small number of metrics will give everyone a starting point. Think of questions like: Who and what are your top 5 customers? How do you compare against your competitors? Do you track customer satisfaction via social media? It’s vital that these metrics make sense to the entire organization.

 

Know where your data is located.  Data is located in lots of locations such as an accounting system, customer relationship management (CRM), or your website. Once you have identified your different locations think about how you want to compare them. Does customer satisfaction of a specific product line tie to gross revenue of a product?  You have lots of data, determine how to organize it into meaningful metrics.

 

success graph

 

Visualize your metrics so that you can understand information quickly.  A picture is worth a thousand words – or 20 columns of information on an excel spreadsheet. Do you want to highlight the top or bottom 5 net revenue product lines. A green or red dot next to the product line will tell you the status of that product. Design graphs, charts, pictures that give a lot of information at a glance.

 

Business Intelligence (BI) tools help a company aggregate data from different sources and visualize that data into meaningful information to help make decisions.  SaaS BI tools can range from $15K per year to upwards of $65K depending on the complexity of the data. We are creating more data than at any other time in our history. A good BI tool can help you make sense of that information to give your company a competitive edge. Take advantage of the rapidly growing BI tools to help you grow your business to the next level.

 

Question: Do you need help evaluating the right BI tool?
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