With business trends constantly changing, Denver executives are continually examining ways to review the best numbers to grow their business. But with all the numbers to review — from ERP systems with tons of reports, to production and performance matrices to marketing data — the question on executives’ minds is: What data is most important to track, in order to grow an organization? On Wednesday, May 15, 2019, Webolutions invited Denver area leaders to address that question, inspiring guests to improve employee engagement and increase success within their organizations.
Categorizing Data
Like with most analytics, more data doesn’t equal better data. Sometimes, Denver executives may find themselves in meetings without critical data needed to drive your organizational success. Company financials are simply a scorecard conveying the results of your Key Performance Indicators (KPIs).
To help Denver executives further categorize data, Webolutions also presented two categories and examples of KPIs that most organizations and companies track:
Leading KPIs
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Lagging KPIs
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“I have definitely been tracking the Lagging KPIs,” said one executive who manages insurance. So how do executives move from tracking the lagging data to the leading data? By keeping the data central to the customers’ needs. For example, one executive in the local grocery business said he has an objective to sell $3,000 lb. of ribs. But instead of the company focusing on the raw metrics he will get from selling ribs, he said he looks to how he can leverage the rib sales to boost other departments within the store. “We would also like to lift other departments up by bundling up the ribs with a pairing barbecue sauce,” he said.
Data and Employee Engagement
Pairing and getting creative with offerings is one example of using data to drive success within the organization, and Denver-area executives said measuring employee engagement is another metric to gauge organizational success. For example, one executive in the insurance industry conducts a yearly survey and examines the results with his leadership team to determine how employees are thriving in the workplace. “We want to provide the best environment for work,” he said. Another example of monitoring employee data is reviewing the qualitative results of an exit interview. “You will definitely get the truth about your workplace from the interviews,” one attendee said.
Denver executives also expressed the importance of improving the organization’s Net Promoter Score, a management tool that can be used to gauge the loyalty of a firm’s customer relationships.For instance, an executive in the agriculture industry tracks the quality of surveys after a lawn care service is completed. “If we get a bad customer review, we address it right away,” he said.
Dedicating Time to Reviewing the Right Data
When executives get caught up in all the numbers, it can be difficult to find time to think about what KPIs and employee engagement strategies they really need to set themselves apart from the competition. How have executives cut through the clutter and focused on the metrics that matter most? One Denver-area executive in the manufacturing industry said he has categorized KPIs by color, to determine which data needs to be addressed in a bi-weekly meeting, and which data is yielding results. For example one executive in the manufacturing industry said he and his organization categorize data by colors, allowing them to dedicate the best time to review the data:
- Green: Data is trending upward and does not merit a discussion.
- Yellow: Data is progressing, but behind schedule
- Red: Data needs to be addressed.
“With the volume of reports, let’s look at the things that matter,” said one Denver-area executive.
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