Are you a member of the assumption club?
Before you start building KPI dashboards, answer these questions to avoid assumptions:
- What problem do we have in our business?
- What actions will we take to try and solve this problem?
- How will we know when the problem is solved?
- Do we have all data that is needed to support our efforts to solve the problem; and if not, how can we get the data?
- What changes (trends) in the data will we see when we move in the direction of solving the business problem?
Now, visualize these changes: these are your KPI's.
That's it.
Keep in mind that your actions might not cause the expected results. What will you do in that case?
The above described steps are crucial in your business intelligence strategy: they are the P in the PDCA cycle: Plan, Do, Check, Act. Once you start executing on this plan, you go in the Do phase. Then you can use your dashboard to Check if the doing has the desired effect, and if not, you have to Act and adjust your initial Plan.
Want to draft a plan for your organization? Get in touch today!
