Measurable Goals & Performance Metrics: Why is it so hard to do and well?

KPI Business Performance Metrics Mulitnational Store Dashboard Retail

A few months ago, I left Oracle, where I was managing the largest R&D site in Israel, to launch a consulting firm which specializes in Data-driven decision making and Data strategy.

As part of my business development efforts, I had a record number of meetings with company executives in Israel, France, Switzerland and Canada.

I was honored to have met extremely capable and dedicated persons willing to become or continue to be successful with their company.

We discussed some of the “challenges” that keep them up at night: the fast pace of business changes in their industry, the fear of being disrupted at any time, their sub-optimal positioning in the market, their churn rate, the lack of effectiveness of their marketing and business development efforts, the new product/service that was just launched by a direct competitor, the limited ROI seen on their data infrastructure so far, the continuous fear they are missing something big, and more…

Out of all these various discussions, we’ve often discussed their difficulties in setting measurable goals and implementing formal performance metrics internally. This could be explained by 2 main factors in my view:

(1) Fear of public failure: Communicating and committing on a measurable goal and risk not meeting it, which can hit hard on the blood pressure of a leader.
(2) The perceived lack of time to even think strategically about the company’s future due to the hard time they have coping with day-to-day operations.

These 2 factors fuel what I call the spiral of stress… leading to the spiral of no action (or spiral of non-important actions, you choose).

Taking care of these two issues is essential to success because removing the “spiral of stress” gives space to clear informative logical and even confident decisions. When you have the tools to make decisions in confidence these fears no longer apply.

This is why having support from an experienced data-minded external party can be of great help for decision makers in any organization.

At DataToCapital, we support individuals and executive teams to take time analyzing situations objectively, help them in reaching optimal business decisions based on firm data, and enable them to monitor the actual performance based on objective metrics leveraging the best software solutions in the market.

Want to learn more? contact us at info@datatocapital.com

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