YOUR TUESDAY TIP – Why Use Data to Measure Your Business Performance?

Business Scorecards and Dashboards are performance management tools that display historical trends and compare strategic goals against actual results. These tools allow management to implement its strategy by aligning performance with goals. Similar to a grade school report card, your data should measure periodic results (weekly, monthly, quarterly, annually) against a predetermined goal, allowing users to gauge how their performance stacks up against expectations.

Data drives better performance. The evidence is clear. When people and groups throughout an enterprise know how they are doing and what needs improving, they are more engaged and driven to perform better.

Business Scorecards and Dashboards implement strategy. Business Scorecards and Dashboards can translate your strategy into concrete, measurable and actionable metrics. With concise and focused Business Scorecards and Dashboards, the data presented can highlight what are the areas of opportunity and where are the operational issues.

Having the right data to measure. A group of measures implemented without a well-thought-out performance model in mind or, worse yet, imposed from the outside, seldom brings focus or desired results. Effective Business Scorecards and Dashboards are, by nature, consciously and purposefully constructed. In building one, you develop a logical structure that helps everyone know what should be measured, how his or her team aligns with the rest of the organization and what does not belong.

Do you have effective business scorecards or dashboards that drive positive business results? If not, click below to request the 5 Truths of Business Scorecards or to join our Webinar on June 8th entitled “The Pitfalls and Payoffs of Using Business Scorecards or Dashboards”

5 Truths of Business Scorecards

“I can give you a six-word formula for success: Think things through–then follow through.”  
– Edward Rickenbacker

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