Metrics and Analytics
This paper speaks about how important metrics are to any organization that wants to be successful and profitable. By implementing metrics, an organization can track issues that arise and can use the data within the metrics to draft a solution before they cause major problems within the company.
Chosen Metrics There are hundreds of metrics that can be used for an organization. Metrics can be used for manufacturing, sales organizations, construction companies and the service industry. Examples of metrics for a supply chain are, Inventory turns, cycle times, DPMO, benchmarking, transportation, backorder reporting and fill rate (Taras, 2016). Metrics that can aid in increasing revenue and cash flow are unbilled revenue, unearned revenue, deferred revenue, and static backlog (Ops, 2012).
I think the three performance metrics that are important to any organizations are customer satisfaction score, employee satisfaction score cash flow, productivity and gross margin (Ops, 2012). The customer satisfaction score is a metric that is used to gage how satisfied a customer is when a service is provided or product is purchased by them. This can be tracked by performing surveys to consumers or simply mailing out a satisfaction card.
The employee satisfaction score metric is used to access how employees are performing and how satisfied they are at their current work place. Surveys can be utilized to track this information. An unhappy employee can affect performance
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Darius, performance metrics is a way for the company to measure the employee productivity. Companies such as Verizon’s do measure the employee by the number of sales the employee get from signing people up for new services. However, not only are they looking for their employees to provide customer with new contact but also what them to sell the products as well. They can look and see in the system who is making the most in sales and who is not doing so good in selling. Training opportunity can be mention to the employee to help him or her to get up to speed with the other employees that are doing good. Managers providing their employee with feedback and also goals that they have for the month will give the employee an idea of how they doing.
When it comes to key performance indicators, Cabrey & Haughey (2014) note three metrics that are customarily used. Those metrics are customer satisfaction, cost reduction, and sales and/or profits. A fourth metric that is often used is employee morale. To measure the success of its change initiative, the league must measure the satisfaction of its fans, whether or not it is saving money on its legal issues, and whether or not ticket sales are increasing.
One of the most important things about productivity is that it has to be measured to know if it 's getting better. "if you can measure it, you can manage it" (Society for Human Resource Management, 2011). A company has to assess their human capital regarding their goals and expectations. Every business needs to have some system or approach of determining how their employees are performing and what the company’s ROI is for those employees. The organization and its employee’s performance need to be gauged to ensure that the business is heading in the right direction. The CEO and other senior leaders have to know if they are meeting their organizational goals and objectives. If an organization is to be enhanced and grow, it needs to be strategically managed to ensure that success is inevitable. When an organization measures performance, it can stay on course with the progress of the business. Performance measurements provide critical data about what’s going on in business and with employees regarding meeting expectations. So there is a business benefit to performance measures. Through performance measurement systems, a company can know how different facets of the organization are performing and the triggers that may bring about any changes in performance.
Whenever new metric are introduced, it is very important that everyone is communicated the updates quickly. The first line of communication should start with management. When training management on new metric, a reference guide or a point of contact should be given for additional support. The objectives of management should consist of grasping the concepts of new metrics, ability to explain the concept of new metrics, and ability to evaluate employees with new metrics.
It usually uses the questionnaire to evaluate nine dimensions: salary benefits, colleague’s interaction, career growth and development, workloads, the mode of communication, the working schedules and procedures which represents general view of satisfaction (Kirby & Richard, 2000). For each segment or item there are two option choices which are “strongly agree” and” strongly disagree” or four by additional “Agree,” or “somewhat agree” by which the respondent is required to the answer. This data is recorded in the research process to ensure future reference. It is used as a tool to determine the burning issue among the employee that could be a hindrance to their performance (Knopp, 1995). It scores as one of the best job satisfaction evaluation too. For instance, a sample of Job satisfaction survey (JSS) is shown below.
Measuring performance means when a business will measure the quality of the activities that are passing and the quality of the services provided to the customers by employees. It involves creating a simple, but effective, system for determining whether organizations meet objectives. It’s also a process of collecting and reporting information regarding the performance of an individual, group or organizations. It can
The validity and effectiveness of the patient advocacy program can be measured using key performance indicators or KPIs. KPIs are defined as a “set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their strategic and operational goals” (Investopedia, 2015). The KPIs chosen for JPS should reflect its goals. As shown in the Fishbone diagram, healthcare providers are tasked with multiple moving parts such as patient care, facility management (environment) and emergency room conditions. Therefore, the three KPIs that will support this process change and continuously measured to success are time to healthcare, lab turnaround time, and ER waiting times.
Nonfinancial measures can also be used to measure performance. “Nonfinancial, or qualitative, factors also play a role in managers’ decisions and, as a result, can be relevant” (Nobles et al., 2014). In fact, just like relevant financial information, relevant qualitative information provides the same traits (Nobles et al., 2014). Here are a few suggestions for nonfinancial performance measures that the company should take on. Peyton Approved should include customer and employee satisfaction, employee evaluations, provide training for all new and old workers, look at inefficiencies, indefinite assets, balanced scorecards, and even incorporate a reward plan. Incorporating any of these suggestions though will include pros and cons.
I have truly enjoyed this course and the insight and perspective it has afforded me with regard to metrics and outcome measures. I have used data and outcome measures regularly throughout my career and particularity since I have been in leadership positions, but it was this course that helped me to understand the power behind the information. Through this course I have learned how outcome measures can be used to tell a story regarding performance, measure progress when changes are made and to elicit buy-in from interdisciplinary team members and administration when working to achieve a common goal. Outcome measures allow administrators and healthcare providers to discuss issues on common ground and in terms that both sides can understand. In my experience, physicians tend to be very data driven. By showing physicians the quantitative data that can be measured and evaluated enables the dialogue to occur that can help to align the organizational mission, vision and goals. This course also helped me to recognize the importance for qualitative data and metrics. I tend to be very focused on numbers and hence am drawn to quantitative data. I now see that assessing the qualitative data via techniques such as surveys and opinion polls can help to assess
b) Isolating critical few metrics: A dashboard should not have overwhelming metrics as it gets complicated to segment or highlight the performance. Having too many metrics is difficult for audience to ascertain what the key take away from all such metrics are. As it can be misleading it is recommended to have 5 key metrics. If there are more than 5 its best to make it more concise and shortlist the critical few which are impactful. Within the dashboard it is vital to understand what key metrics mean and set goals for each metric to drive the bottom line of the business. Dashboard must articulate the decision making process.
The Key Performance Indicator focus on the objectives and goals of a company’s performance, it is a way for the company to determine if they are on the right track toward their goal and objective. This is a way for managers and leaders to have a better understanding if they company is on track to success or not (Pirlog, R., & Balint, A. O.,2016,p.175).There are four main areas that use the KPI, which is revenue improvement, cost reduction, process cycle-time improvement, and increased customer satisfaction. However Charlotte Russe does employ the Key Performance Indicator which uses many different KPIs to measure the customer service strategy. Some of the KPIs that are used to measure the strategy are overall satisfaction, conversion rate,
When a person gets behind the wheel of a car, they are presented with a dashboard. The dashboard provides the driver with important information, such as the level of gas in the tank, the current speed, engine temperature and more. The information presented provides the driver with actionable insights. For example, if the gas gauge indicates the car is running low on fuel, the actionable response would be to find the nearest gas station and refill the tank. Similarly, web applications use dashboards to depict high level views of data metrics, which provide useful information and leads to actionable business intelligence.
Performance metric to measure the company’s performance, growth objective, and strategic goalsi: «Strategic performance measures monitor the implementation and effectiveness of an organization 's strategies, determine the gap between actual and targeted performance and determine
Supply chain metrics can be used to align processes of all firms within the long term partnership supply chain and create a competitive advantage of lower costs. Supply chain metrics are typically used to determine how the company is preforming and how much capital investment is tied to inventory in comparison to