Metrics Management is a personal favourite topic for me and we do some ongoing research on this topic at Smart Talent and want to share some insights on effective Metrics Management. Obviously the Metrics Management Framework is a journey and depending on where you are in the metrics management curve, the insights could make differential sense.
You will go through the grind, irrespective of where you are :
Irrespective of the size and type of company you run / work for , there are five key trends that will impact you (tell me if you are not experiencing them !) which I call as the 5 Es (Five Es) of today's world.
- Evolution / Disruption: It can be in the business model or how deal with your customers or employees etc - you name it, everything around is evolving.
- Expectation changes: The organisation's key stakeholders - namely the customer, employees and shareholders and the other eco system partners have changing / higher level of expectations on the overall experience they would like to have with you as an organisation.
- Experimentation: Innovation and experimentation becomes inevitable to reach a higher level of success for any organisation and it has become the norm (eg) companies experiment with new processes / business models, people experiment with their careers etc.
- Electronic / Digitisation: Companies aspiring to become more digital not to miss out on the wave of change for the better.
- Explosion: There is data explosion everywhere due to digitisation and now CEOs are talking about 'Data as an Asset" and how to maximise the return on data.
To put things in perspective, in the context of Metrics Management, history alone is not a good reason for your metrics. In fact, metrics are about the future, not the past. Metrics are about fulfilling our purposes in an ever changing world.
Preparing for the Metrics Management Journey:
Based on our research, I would like to present some insights on five key components for successful ’Metrics Management' namely:
- Timing / Periodicity of the metrics - the meaningful what - every metrics comes with an expiry date and to make the metrics meaningful ongoing definition of 'what' is critical
- Culture of data orientation / data based decision making - the metrics is only as good as it's usage and hence senior management should drive culture of data based decision making at all levels.
- Meaningful and Ongoing performance / talent management driven by business outcomes (ie) the performance management and talent management as an integral part of metrics management.. No more a stand alone yearly ritual..
- Promote transparency and accountability at all levels to achieve business goals and again it is a part of the culture. Senior management to walk the talk.
- Use technology to marry the first four (ie) future of metrics management is more digital that can lead to better analytics for the future. Usually technology adoption is a gradual process and has to be taken in steps.
So it is about making a choice to make a change with regards to culture, people, process and technology !
"Change the way you look at things and the things you look at will change" - Wayne W Dyer
"In God we trust - everyone else bring data" - W Edwards Deming
"What gets measured, gets improved" - Robin Sharma
Invite comments / thoughts on the reader's journeys with regards to metrics management and how you manage your metrics.
Interested to know how Smart Talent could enable you to manage your metrics ? Please reach out to me.