In today’s competitive marketplace, information is power. Being able to identify challenges and react effectively can set your company apart from other businesses, but it isn’t always easy to know how to communicate information effectively with the rest of your team. Fortunately, by using business intelligence services to evaluate executive KPIs, you can share your vision with your entire company and move forward.
Oftentimes, you may find yourself discussing goals and other objectives with your executive team, formulating a plan to carry your company forward to achieve specific goals. Although it can be tempting to issue a company email or memo describing every detail of your thought process, honing that information carefully and choosing specific executive KPIs to monitor is crucial to your success.
For instance, if you are concerned about lowering your costs and improving your profitability, holding a meeting with your team to discuss cost challenges and shrink totals would be more effective than a detailed rundown of the entire meeting. Additionally, offering your team real-time examples of data could help them to track their progress.
Try to set clear, reasonable goals that can be tracked along the way. Additionally, set a clear timeframe for when you want these goals to be achieved, and encourage team members to become actively engaged in monitoring success.
When employees can see what winning looks like and what it will take to get there, they can make it their top priority and feel the joy of daily successes. One of the best ways to help your team to track executive KPIs is by using online analytics platforms, such as the easy-to-use dashboards offered by Grow. By designing custom dashboards that help you to track everything from sales revenue and costs to lead generation and online traffic, you can help your team to see how their efforts are translating to real-time results.
Data is an incredibly valuable tool, but it isn’t always easy to understand, which is why training is so crucial. Take the time to talk with your team members about how dashboards function, where the information is pulled from, and what they can do to impact the dashboard in a positive way. For instance, if you have an executive KPI designed to track customer returns, you could talk with employees about how to minimize product damage during storage and shipping.
As your employees familiarize themselves with data and how to use it, you may encounter roadblocks along the way. For instance, your employees may find that they need more access points to check data, or more people may need to have their own login to view information. Try to clear roadblocks along the way by dynamically evaluating frustrations. For instance, you could resolve accessibility problems by posting additional monitors throughout company headquarters that display real-time analytics, or give every member of your team their own login.
Sometimes, executives are nervous about sharing private information like financial data with their entire team, when the fact of the matter is that transparency can be a valuable tool. After you have carefully considered your goals and the data you wish to share, encourage communication across the board, and talk about your goals and results in meetings with your team.
While you may have different dashboards for various teams in your company to reference, consider using datasets from Grow to build a single report that your entire team can use to measure their success.
As you move closer towards your goal with your team, tie back to the goals you set originally, and how they correlate with your company vision. Data should never be ignored, and information should be continually analyzed to decide if it is valuable for creating results. As you move forward, consider tweaking your dashboards and datasets sheets to address new concerns that may come up. Ask your team members for input along the way to create functional work groups of people who are committed to your ongoing success.
When you achieve goals, make sure your entire team feels appreciated. Try to underscore how important each member of your team is to reaching goals, and consider offering rewards for a job well done. Many companies have found success tying real-time analytics to company changes and objectives. For instance, if your team meets quarterly sales and profitability goals, offer end-of-quarter bonuses to encourage future participation.
When you streamline data sharing, you can facilitate growth across the board, while simultaneously making every member of your team feel valued and involved. MachMotion felt this success when they became more transparent with their data, creating more efficient sales processes and team members who knew their numbers better. Help your business to grow by making data analytics and information sharing a top priority.