Measurement is the language of business. Exceptional Leaders know that progress toward success needs to be measured quantitatively. A good analogy is the Global Positioning System (GPS). It can tell you where you have been, where you are now on a real time basis, and you can measure progress to a goal, all through numeric measurements.
Businesses need to have their own internal GPS system. Financials are just the beginning. Production figures, advertising response, sales data, customer and employee survey data, industry specific data, and so forth. For example, there are many oil field services companies that can see all of the data for their global drilling operations through the Internet on a real time basis.
Determine the top dozen key metrics that will truly measure the successful progress toward the organization’s goals.
Many executives find it helpful to use charts and graphs to see the big picture and track emerging trends.
- Do you have a full understanding of what is really going on in your business?
- Are you immersed in numbers but really don’t know what is going on?
- Do your metrics just focus on the past?
- Have you determined those key metrics that when measured frequently will give the vital information needed to make responsive and quick decisions in a changing environment?
- What systems and personnel do you need in place to ensure that you get the absolutely right data?
Exceptional Leaders clearly understand what is happening on a real time basis by using metrics.