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Businesses Have More Data Than Ever Before, But Do They Measure What They Manage?
Do each of your team members have tangible metrics that they can use to manage their own performance?
We love data. We’ve been talking about artificial intelligence and machine learning for years. We love the big five tech firms (Google, Amazon, Facebook, Apple, and Microsoft), masters of data, even if they come with potential costs when it comes to security and privacy. As we look to the future, there’s one prediction we all can make: There will be lots more data and we’ll struggle with the same problem. What are we using it for?
There are two reasons we collect and use data: to monitor performance (reactive) and to innovate (proactive). Most companies monitor a number of metrics — if they didn’t their businesses would be put at risk way too often. But not enough companies use data proactively. Proactive use of metrics, in contrast to reactive use, is strategic. It’s about using the data that you have to find new opportunities and to think about a business differently. Innovative companies do this daily. Stodgy companies may do it as part of strategic planning on an annual or even a five- or 10-year basis. But it’s hard to be adaptive and stay ahead of the market without proactivity.
