Metrics are important for a number of reasons – who hasn’t heard the saying, “If you can’t measure it you can’t manage it!” Metrics are a great way to track how we’re performing against the firms’ strategic initiatives. They serve as leading indicators that help identify potentially disastrous issues. In my opinion though, the most important reason is that we constantly have to prove our value to the business and metrics are the way to do it.
All these reasons are why it’s so important to get this right…To find the metrics that matter so we can create an actionable dashboard – one that leads us to make better decisions and also serves as a PR tool, touting the great job we’re doing in Operations.
Over the last couple of years we’ve written some great material on the topic, including Innovative Metric Blueprint and Beyond Metrics Selection in Performance Management. The findings from this material are important and if you haven’t read them I highly recommend you do. They revolve around the shared challenges we all face when it comes to metrics (i.e. 75% of executives state they track too many) and the struggle to measure, track, and evaluate metrics in a meaningful way.
I’d like to take our work a step further. I’ve spent a lot of time researching the topic as well as working with members on how to solve their metrics’ challenges and there is an incredible appetite for understanding what the industry is measuring. During the month of February I’m going to be collecting dashboards from around the membership with the goal of identifying the most common 5-10 metrics as well as the logic behind them. As you know, it can be difficult to compare apples to apples in the industry, but here at the Council we’d like to try.