Let metrics help you with problem identification in your business.
The Marketing Director of a large fast food retailer in the USA, recently remarked....."to me, data has always been the way to unlock creativity. Data is all about identifying the problem you’re trying to solve. Then you bring creativity to deliver solutions. Whenever you’re providing solutions for a consumer problem, your business grows." (McKinsey and Company, February 2019)
The Importance of Implementing Effective Metrics
When a company promises and delivers on product or service quality, there is a good chance that customer satisfaction and retention will be high. But paving the road to success depends on companies being (continuously) well-informed about their own business. They achieve that point (knowledge) by developing and utilizing effective metrics.
Why Do We Need Metrics?
Metrics are used to drive improvements and help businesses focus their people and resources on what’s important to meet market needs.
How to Implement Effective Metrics
We have developed a Business Diagnostic that evaluates the important drivers in your business. This has been customized to suit every industry; thus far we accommodate the manufacturing, construction, retail and hospitality industries.
The Business Diagnostic is a South African designed instrument based on South African best practice information and data obtained globally. It is suitable for use in small to medium sized companies. The Business Diagnostic defines the essential business drivers that allows for an objective assessment of the status of a business and the setting of objectives and metrics (or KPIs) for growth. It is intended to become an instrument of self-assessment and do-it-yourself for owners, directors and their senior teams.
The aim of a setting metrics is to improve the business, so set targets that challenge the company. It will provide more value than focusing on something that is easily achievable or is already being achieved.