Numbers, inputs, outcome!
What do you measure and how do you do it? Do metrics give the right
insight to act and act fast?
Don’t get caught in the loop. Get over your metrics fixation, measure right, and gain control of your data.
Chandramouli Srinivasan, a veteran in the art of measuring customer experience, with over two decades in the field, and the MD and CEO of Feedback Insights huddles up with Arun Babji, a data maverick and Senior Director of Engineering at DealerSocket in the second edition of Huddle 2021. Arun brings in a ringside view of behaviours encouraged by metrics in core corporate functions across Banking, Insurance, Utilities, and Public Sector. Together, they discuss Jerry Muller’s ‘Tyranny of Metrics’ and co-relate it with today’s business realities.
Explore all about making metrics work for your business.
WHAT TO MEASURE?
HOW TO MEASURE RIGHT?
RESOLVING METRICS FIXATION
MD and CEO
Making Metrics Work for Your Business
Businesses are caught in the maze of metrics because of Metrics Fixation:
- Measuring the right metric is most critical for business.
- Some organisations pride themselves on their objectivity as they are number-driven, eschewing all other factors.
- Overload of metrics makes it challenging to assess accurately.
There are ways to navigate through the challenges:
- Identify the key metrics that measure the most critical aspects of business.
- Publish the metrics and create visibility to be authentic in the outcome.
- Be accountable when measuring metrics.
- Do not use metrics as a shortcut to understanding complex issues. Deep dive to understand the context, listen to the instinct and experience of stakeholders.
- Ignore pay for performance schemes. It has led to many scandals like Enron and WorldCom.
- Use the right metrics in the right place.
And, here’s the way forward:
- Technology shift is enabling hard metrics work.
- Metrics work best when they are sufficiently nebulous. For example: aim for x to y% of market share vs. #s of opening doors or new opportunities.
- To be successful, metrics need to be agile and adapt to changing business context.