The problem with metrics

Consultants Mind

Metrics are everywhere. Metrics are a necessary evil of any project. The classic continuous improvement methodology DMAIC depends on M (measuring) and … Continue reading → Consultant Analysis Best Practices Consulting KPI Management consulting metricsAs a consultant, we are in the business of quickly understanding business problems, proposing solutions, and measuring results.

Most Important Metrics to Track for a Consulting Business: Video

Consulting Success

Video Transcript: Let’s talk about metrics. Specific metrics that you can use to get more clients, win more business , and actually grow your consulting business. There’s four metrics in one track. Metric number three that you want to track is proposals.

PMO Metrics: Simplifying Net Present Value (NPV)

The Clever Consultant

Metrics NPV PMO MetricsWhether you’re helping a client build a business case or, launching a strategic project, chances are you’ll need to get your hands dirty by calculating the Net Present Value (NPV) of their investment.

HR Metrics: How to Calculate Cost Per Hire

The Clever Consultant

Cost Per Hire (CPH) is one of the most common HR metrics used to measure recruiting effectiveness. Metrics HR Efficiency human resources Recruiting Costs

Measuring Marketing Success: 10 Metrics that Matter

Joellyn Sargent

How do you know if your marketing efforts are producing results? While ROI is important, marketing is a long-term investment. There can be measurable short terms results, such as “ We spent $100,000 in online advertising last month, and generated $450,000 in sales.

Don’t steal metrics

Seth Godin Blog

It’s worth finding your metrics A thoughtful friend has a new project, and decided to integrate a podcast into it. Talking to a producer, he said that his goal was to make it a “top 10 podcast on iTunes.” ” Why is that the goal? That’s a common goal, a popular goal, someone else’s goal.

How to Cure a Bad Case of Metric Fixation

Strategy+Business

In The Tyranny of Metrics, history professor Jerry Muller reminds us that not everything that can be counted counts, and not everything that counts can be counted

Any metric you can buy your way out of…

Seth Godin Blog

Is probably not a useful metric to measure yourself by. But the helpful metrics are the ones where cash isn’t the solution If it’s important and you can spend money to fix it, by all means, go do that.

Healthcare.gov Success Metrics - Net Promoter Score

Consultant Ninja

Ignoring the signup/website experience, I''m curious about the customer satisfaction and actual value from the core product. Interestingly I''ve seen zero data (though plenty of anecdotes) to support either direction. I''d like to run a separate survey targeting just people who have signed up. I''d just ask 4 questions: 1) Did you have health insurance prior to getting insurance via healthcare.gov? Yes/No] 2) If so, how are your health insurance premiums compared to your prior plans?

Looking Beyond Short Term Financial Metrics (Nigel Lake, Part 2 of 10)

Tom Spencer

Tom: Do you think that short term financial metrics are part of the problem in developing long term strategy? And so, there appears to be a disparity between what companies do and what the metrics are measuring. (Source: Flickr ).

How to Use Corporate Training Metrics to Drive Value

LSA Global

Are corporate training metrics simply an exercise in futility that pleases training experts and HR but otherwise has no meaningful value to the business? To learn more about corporate training metrics, download 5 Steps to Smarter Training Measurement. Why Measure Training?

Powerful metrics with hidden variables

Seth Godin Blog

What factors lead to a search result showing up on page 1 or page 5 of Google? What about the popularity bar in iTunes? How does it work? Who decides what your salary is compared to the person down the hall? On this road, in this town, what's the threshold before you'll get a speeding ticket?

Don’t Be Tyrannized by Old Metrics

Harvard Business

While effective metrics are essential for focusing attention and achieving results, they can also overpower better sense. Most industries cower to a few central metrics, the yardsticks that define the winners and losers. Metrics tried and proven over years become a guide to what’s important, driving resource allocation. But these metrics can become tyrants. When things change, outmoded metrics can threaten a firm’s survival. HBR STAFF.

What is gap analysis?

Consultants Mind

Consultant Data gap analysis metricsGap analysis is exactly what is sounds like – figuring out how far you are from a particular goal or target. Consulting firms do this all differently. It takes many forms, but is super common. In fact, I can’t think of any project where we did not include at least one gap analysis somewhere. Nothing fancy. While… Read More » The post What is gap analysis? appeared first on Consultant's Mind.

Find the Right Metrics for Your Sales Team

Harvard Business

As a consequence, managers don’t have a clear sense of what is really driving sales in their business, while salespeople, who are inundated with dozens of metrics, get lost in the day-to-day noise. The challenge, of course, is to decide on the right metrics. Wins are the most common metric used across sales roles and industries. Finding the right metrics isn’t the end of the story.

Contact Center Metrics Tracking Toward Customer Centricity

1 to 1

Metrics such as average handle time (AHT), number of contacts handled, average wait time, and average speed of answer have all been heavily used and tracked. And while a couple of customer-centric metrics - customer satisfaction and Net Promoter Score - have become entrenched among contact center measurements, only recently have other customer-focused measurements such as Customer Effort Score and First Contact Resolution risen through the ranks.

Tesla Shows How Traditional Business Metrics Are Outdated

Harvard Business

At the core of the confusion over a company like Tesla is that traditional business metrics are outdated and can create overconfidence or underestimation. Classic metrics like market penetration and market share, which many leaders are measured on, are the very things causing us to miss market opportunities and threats. We don’t need to throw out all classic business metrics. But we should recognize their fundamental flaws and complement them with a new set of metrics.

We Can’t Study Short-Termism Without the Right Metrics

Harvard Business

The McKinsey Global Institute, in conjunction with FCLT Global, recently released research stating that long-term-oriented companies perform better than those that focus on short-term results. While a laudable effort in principle, measuring a company’s tendency to make myopic operating and investing decisions is fiendishly complex. Getting the measurement right is central to providing convincing evidence on the debate over short-termism.

A Better Metric for the Value of a Worker Training Program

Harvard Business

These metrics are useful but miss the big picture, in part because they mistake a program’s cost for its value. We developed a new metric — cost per employed day (CPED) over the first six months — that we believe better defines how well employment programs work. Debating the utility of specific metrics might seem like a minor thing. Data and metrics are part of the solution.

The Key to Agile Success? Focus on Outcomes, not Metrics - SPONSOR CONTENT FROM CA TECHNOLOGIES

Harvard Business

For years, agile teams and organizations have measured success using process metrics – time to market, team throughput and cycle times, improved quality, and better predictability of output. As companies scale from agile projects to agile organizations, we must evolve the way we measure success – from process-based metrics to measuring business outcomes. By Surya Panditi, GM, Agile Management, CA Technologies.

Feds Sharpen Focus on Using Customer Experience Metrics

1 to 1

Companies in the private sector continue to adopt customer experience metrics such as customer effort score and Net Promoter Score to get a better handle on how satisfied customers are and to help determine whether customer experience investments are paying off.

Why the Entire C-Suite Needs to Use the Same Metrics for Cyber Risk

Harvard Business

At the same time, members of the C-suite are measuring their potential impact using different metrics — financial, regulatory, technical, operational — leading to conflicting assessments. This lack of communication and coordination across functions makes it very difficult to assess the impact of cyber risk on the business as a whole or create any common metrics for doing so. Harry Haysom/Getty Images.

The ROI of Everything

Joellyn Sargent

Frequently clients ask me to help them develop ROI models and marketing metrics that serve as a foundation for effective decision-making. Managing Marketing marketing metrics marketing ROI roi I’m glad they do, because understanding value returned from marketing investments is essential to a successful marketing effort, and it’s not as easy as it seems. A sound approach to measuring marketing ROI sits at heart of an agile marketing strategy.

ROI 130

Research: Objective Performance Metrics Are Not Enough to Overcome Gender Bias

Harvard Business

Tooga/Getty Images. Imagine that you are choosing between two similar mutual funds, one managed by Marcus and the other by Tanya. Without additional differentiating information, there is no obvious reason to have a strong preference for one over the other. Yet in various contexts, such as entrepreneurship and hiring , people often exhibit a preference for men over women when information about an individual’s quality (for example, their expected performance) is unavailable or unclear.

8 Example Case Interview Questions

CaseInterview.com

Blog Case Interview Articles Case Interview Guide estimate future demand estimation question forecast demand industry specific metrics mckinsey case interview mckinsey problem solving testHere's a list of Case Interview Questions that I've received as a candidate. Keep in mind the interview format (especially for McKinsey) has evolved since the time I went through it as a candidate. How much time does it take to relocated an average size mountain 10 miles using an average size dump truck?

How to take the measure of innovation

McKinsey

By combining two simple metrics, companies can gain valuable insights into their innovation performance. Strategy & Corporate Finance Insights

How to Know if You’re Successful at Consulting

David A Fields

Those are okay metrics; however, if you look around your office you’ll find a better clue. How do you know if you’re doing well at the consulting game? Revenue? Client feedback?

How AI Could Help Small Businesses

Harvard Business

Access to capital and a better understanding of critical metrics. Entrepreneurship Technology Digital Article

Becoming A Consulting Celebrity and Building Your Brand with Chris Kneeland: Podcast #70

Consulting Success

Brand attachment is a metric that speaks to the level of emotional buy-in. People don’t just like these brands or these people, they adore them. They have a higher than normal word of mouth or advocacy, and thus tend to spend lower than their competitive set on traditional media.

Seth's Blog: The brand is a story. But it's a story about you, not about.

Seth Godin Blog

In markets that aren't natural monopolies or where there are clear, agreed-upon metrics, how do we decide? Seths Blog.Seth Godins riffs on marketing, respect, and the ways ideas spread. About. Archives. Subscribe. Recent Posts. "Oh, Oh, thats just a hack someone put together.". The sophisticates. Q&A: Purple Cows and commodities. Colors or numbers? Words are hooks, words are levers. Mumbo vs. Jumbo. Death and Taxes, 2014. The opposite of anxiety. Stoogecraft.

How detailed should the SOW be?

Consultants Mind

A typical SoW elucidates: background, approach, resources, timeline, expectations, metrics, pricing, and deliverables. Statements of Work (SoW) are difficult to do well Once your proposal has been accepted, it’s time to write a SoW. After all, these documents have almost too much to cover. For professional services, it’s even more nuanced because client satisfaction = expectation – perception, all of […]. The post How detailed should the SOW be?

Right product, right time, right location: Quantifying the semiconductor supply chain

McKinsey

A new metric can help companies pinpoint performance issues. Problems along the semiconductor supply chain are difficult to diagnose. Insights on Semiconductors

The irony of close competition

Seth Godin Blog

When people compete on the same metrics (how many followers, how much income, how many points scored) the focus gets very tight. With a simple metric, there’s no confusion at all about how to earn more status. The irony is that the simpler the metric, the less useful the effort is. Big ideas, generous work, important breakthroughs–to pursue these goals is to abandon the metric of the moment in favor of a more useful sort of contribution.

Taking the measure of innovation

McKinsey

Don’t overlook the insight that two simple metrics can yield about the effectiveness of your R&D spending. Strategy & Corporate Finance Insights

How AI Could Help Small Businesses

Harvard Business

Access to capital and a better understanding of critical metrics. 1545 1585 109980

Defining ‘on-time, in-full’ in the consumer sector

McKinsey

It isn’t yet— because of an inconsistent approach to the critical OTIF metric. Managing modern consumer-goods supply chains is demanding, but measuring supply-chain performance should be simple. Insights on Operations

More tooth, less tail: Getting beyond NATO’s 2 percent rule

McKinsey

This excerpt from a new book published by Aspen Strategy Group offers a path to better and more meaningful metrics. Our Insights