Metrics are an important part of the strategy; the habit of measuring and monitoring our actions helps us define what we want and measure progress towards the goals set, allowing us to identify if we are improving and correct what is not working. In addition, it helps us to define the priorities of the organization, and give specific focuses and objectives to each member of the team.
It is very important to define what the key metrics are. Ideally a few, but that gives a clear picture of the situation you are trying to understand. When you measure over time, you can get its development and understand the reasons why the organization is in the current situation.
In organizations, more than 90% are not clearly defined the frequency in which they must record their metrics, and in some cases do not even review them, decisions are made without clearly understanding the situation in which the organizations find themselves; the importance of metrics derives in helping us measure to change our route or follow our destination.
The visualization of metrics is the technique that allows visually presenting data to facilitate the understanding and/or analysis of said information, it is not a new concept. Visualization is much more than a series of different types of graphs, and if done correctly, you discover ideas that were previously buried or overlooked. This information can lead to more effective decision-making.
The goal is to present the data clearly and concisely by using a dashboard for the visualization of metrics you can link data from various sources, both internal and external, which will provide you with a broader point of view of what happens in the organization.
These are some of the factors that you must take into account for the visualization of metrics
Choose the metrics to monitor. A good visualization of metrics depends largely on the metrics that are going to be reflected on the board. Think about choosing metrics for the organization that really help you perform better and get you on track to meet your goals.
Maintenance of information Despite everything you can achieve with the visualization of metrics, it is useless if you have incorrect data.
Support from decision-makers A data visualization tool cannot work in isolation. Management must establish the guideline for the metrics visualization tool to be adopted at the organizational level.
All parts of an organization must be able to understand the results to act effectively based on the results.
It is evident that metrics, especially in the financial part, are relevant to guarantee the continuity of any social organization over time, they show the level of solvency, durability, and economic sustainability that organizations require to exist. However, indicators such as the relationship with the communities on which the organization impacts, the value of the brand, reputation, or the commitment of employees become triggers for favorable behaviors such as talent retention, and investment, which also provide solidity and generation of value for the organization. It is clear that if they cannot be measured, they cannot be managed. If it cannot be managed, we are missing opportunities to create shared value, differentiate and sustain ourselves over time, access capital in better conditions to grow, attract the best talent, be more resilient to crisis environments, and generate sustained growth.