Reliable management information is of crucial importance. But what does that management information look like and on what data is it based on?
The right information at the right time
In order to be able to make the right decisions as an entrepreneur, it is crucial to have the right information at the right time. Whether it is about new opportunities in the sales funnel, what type of product or service is being sold best – or worst – at what rate, and what margins you are reaching, all the information should contribute to your company’s main goals . You must be able to make a clear distinction between, for example, business units, concepts and (product) categories. That is something that requires customization when designing your management dashboards.
A clear data model and clear presentation
A clear underlying data model is essential for the smooth and unambiguous processing of all data into usable information. Keep it stupid simple is our motto. It is important to optimize and minimize your information model again and again. That information must then be presented properly. The right drum beat and the use of visuals are essential. After all, an image says more than a thousand words.
The many dimensions of management information
You probably already use key figures such as the costs per unit of a product, the cost development per period, the liquidity, the gross margin and the operating costs per cost category. But there are many more data that you can process into useful management information. Think about your social media. Your Twitter account, your LinkedIn company page, possibly your Instagram account or YouTube channel: they all collect data about how often your content is viewed and shared. By collecting this data, you have good input for your social media strategy, your marketing strategy and the allocation of your resources such as people and advertising budget. Moreover, you can use this data to analyze what developments there are in the interests of your audience and what the cost-benefit ratio is. The same applies to the data you collect about the use of your website. Your website is your business card and a very important part of your marketing strategy.
Information about the resources in your organization and your online communications is not the only data you can connect. You can also measure the performance of your operational activities if they are automated. Because you have data available about, for example, the speed of deliveries, the number of returns and complaints, and how long it takes for a customer question to be answered, you can not only keep track of whether your goals are being achieved, but also make targeted adjustments if this is not the case. This way you can improve your productivity.
Curious how we can help your organization become future-proof digitally? Feel free to contact us for an introduction or take part in our free Masterclass Business Process Management. You can read more information here. You can also register directly.