(English) The Trap of Business Data and Analytics to Avoid
Change the numbers you see and get a much better perspective. This is something simple that I try with my clients and works all the time!
A business relies more and more on numbers and analytics to quickly understand what’s going on and to improve their cognitive ability (ability to absorb data and information from multiple sources and quickly make decisions).
However, often Company Officials and Management look at the wrong metrics in terms of the type of data, the amount as well as the level of importance. Therefore, instead of getting clarity they are confused. Instead of becoming agile, they are slow in decision making.
Deciding which data is relevant, how they are measured and presented in levels of importance and analysis and in meaningful and readable dash ports is of utmost importance.
Trying to measure and analyse as much as possible is not a viable strategy in this fast-paced economy. Actually, it can be fatal.
So often, part of my business consulting work , and one of the critical things I recommend is to identify the quality and quantity of data (financial, KPIs etc.) that will give management the most effective perspective and to sort them into levels downstream from top to bottom that are relevant and meaningful to each level so everybody has the same aligned perspective in real time.
Besides looking at the wrong data, management often doesn’t share the data that are relevant to teams and people down to the floor level.
If you want to get the maximum performance of each team and individual, sharing the data and information that is aligned and relevant to the top figures is a prerequisite.
And because this is dynamic, we need to keep an eye on changing the data analytics framework as required.
So, one of the top priority tasks that I often contribute to my clients’ work is to decide the above quickly. We then build and improve the dash ports as we move along.
The result of this relatively simple work is extremely effective, performance is improved right away and gets better and better for the top executives and all levels of management down to the front line.
There is also a bonus to this. It is the ground to develop and implement an effective performance management system linked to performance-based remuneration.
Strategy and Performance Management
Expert / Business Consultant / Trainer
B.Sc. Mechanical Engineering
M.Sc.Engineering Management, USA