Feel the need to visualize your data? The visualization market is flooded with numerous tools that would serve your purpose without any hap-hassle. But what’s even bigger than visualization is measuring your performance alongside. Therefore, we bring you seven essential steps of the performance measurement process that play a critical role in adding value to your business:
- Defining value proposition: Highlight what’s worth measuring— deciding the goals and objectives that would bring in best result to your business & organization.
- Data collection process: Define the data requirements and improvise the collection system to retain availability and integrity.
- Management: Design a referencing model to make data management cost effective. Also, extract and prepare for cross-functional analysis.
- Analysing: Choose the right technique to produce information driven by critical business questions.
- Communicating information: Opt for the right presentation (graphs, charts, visuals, dashboard etc) that would make the communication with your audience crystal clear.
- Interpretation: Interpret the signals that those information conveys. Draw conclusion about performance results to further structure your actions.
- Application of conclusion: Identify the root cause of performance results and apply the same to your planning cycle. Also, set performance targets that encourages sustainable growth.
These steps of performance measurement largely affect your decision making process. But in the end, it all depends on how effectively you use your data, to retrieve maximum value out of it.
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