In most organisations, tech-based operational systems allow us to track almost everything. The result? A huge (and potentially very useful) volume of data. The trouble is, it’s tough to cohere, categorise and apply productively. All too often, the result is:
- A bewildering amount of data that is not readily actionable
- Complex analytics that provide little or no insight
- Impressive dashboards that provide neither the information nor the environment for people to discuss and improve performance
So, how can we make the best use of data?
The key is to develop the capability to move quickly and accurately from:
- Data: Raw and unprocessed, to derive usable…
- Information: By extracting the important signals, themes and patterns hidden in the data, to give it meaning and relevance, to derive…
- Knowledge: An understanding of what factors drive performance, which then allows us to develop…
- Wisdom: Deep, rich insight that allows people to consistently take informed and timely action
This can only be done when we carefully design how and what we measure. For example, results measures – like profitability – are vital, but insufficient to achieve control, and they cannot be directly managed. Instead, the key is to find in-process measures that allow us to better understand, and skilfully influence, the factors that drive results.
When these measures are identified, data streams can be used to provide precise, relevant and actionable information at all levels, enabling better-informed and higher-quality decisions, both operational and strategic.
The key is to find in-process measures that allow us to better understand, and skilfully influence, the factors that drive results
Questions to consider
- What untapped, valuable insight might currently be overlooked in your data streams?
- How effective are your existing measures at bringing focus to the highest-leverage influencers of results?
To read more on this, check out chapters eight and nine from our book, Toward Excellence: Why management systems go wrong, and the principles of Effective measurement.
Let’s get to work
Over 27 years of practice, we have developed a comprehensive, time-tested and field-proven business-improvement model and toolkit. We partner with ambitious businesses to identify strategic breakthrough opportunities in capability, performance and results, and we provide the tools, support, training and coaching to complement their existing expertise and help them achieve these.
If you’re aiming to build or optimise a business system using sound principles, values and standards to deliver consistently excellent and continuously improving results, we can help you develop and implement a strategy to accelerate progress and amplify the impact of your journey.
To get in touch, contact us here to book a free consultation.
Discover more of our tools and methodology in our book Toward Excellence.
