How many companies have you worked for that had an infuriating number of applications to adopt? And how many of those tools were completely disconnected from the others, siloed to a particular team that further separated the team from the rest of the company? So how do you pick the right tools for business? Here are the top 6 considerations.
Category: Business Management
Are you chasing the right goals?
What gets measured gets managed. You would have heard this several times. There is so much focus on measuring and reporting all data that is easily available. This leads to information overload. Colorful charts on the projector screen scream for attention. Quite often, teams waste energy and time on meaningless reports. What are you monitoring? What are your goals? Are you chasing the right goals?
Do you measure the spread of data?
Performance reports and dashboards often report the average values. When measured alone, averages tend to lie. Understanding the variation along with the average performance and addressing the root causes for variation will help you better conform to customer expectations.
What are your actionable metrics?
“For a report to be actionable, it must demonstrate clear cause and effect”. Eric Ries made this argument in his bestselling book “The Lean Startup”. He is right to stress on the importance of monitoring actionable metrics. Quite often we get into the trap of vanity metrics. Either these vanity metrics look good or the data is easily available. However, as the name suggests, these do not lead to any action as cause and effect are not established. Have you identified actionable metrics for your business? What metrics do you monitor?
How Perception Bias is Affecting Results and Success?
Our judgement, reactions and actions are influenced by our instincts and bias. Our experiences and learnings influence our instincts and bias. In life and at work, perception bias affects our judgement. Most of the times, we do not realize the implications of perception bias. Here are 3 tips to minimize the effects of bias.
3 Skills for Effective Management
The focus of this article is people management. What are the key skills for effective management? I will share three skills you can develop and master for managing your people and earning their trust.
Are you guilty of overlooking trivial expenses on the balance sheet?
It won’t be incorrect to state that some trivial and unnecessary expenses get ignored during business reviews. The impact of saving such expenses is so miniscule that the management does not bother reviewing them. However, I recommend you question every single line item. What seems trivial may have a very significant impact.