UDC The Importance of Metrics in Organizations Success Discussion
- January 23, 2022/ Web Design
In order to have a successful Information Governance program, one of the eight (8) Information Risk Planning and Management step is to develop metrics and measure results. From your required readings, discuss the value that metrics brings to the organization, and identify critical measures of success that should be tracked.
https://pdfs.semanticscholar.org/dad7/ab8ea4007048… Section 6.0
Here are the posts for which responses are needed:
The Value of Metrics in an Organization
Metrics are the measures of quantitative assessment used in tracking and comparing the performance in production within an organizational setting. Depending on how useful metrics are used within the organization, they are highly relied on by the financial analysts within an organization to analyze the organization (Dmitriev & Wu, 2016). However, this applies to both the internal management within the organization and the external stakeholders. Within an organizational setting, success metrics help in the improvement of the overall results. However, this is achieved alongside the alignment of the processes and the employees with the organizational objectives. Through this, the metrics help in measuring financial performance, enabling the organization to keep the cash flow healthy.
However, metrics help reveal the organizational performance’s actuality through the different departments and leaders within the corporate segments and down to the individual employees. Additionally, organizations find it valuable to use metrics since they provide an actionable way of achieving success strategies and goals. However, the use of metrics within an organization helps enlighten the employees on the aspects that the organization is evaluated against, enabling them to work towards the organization (Dmitriev & Wu, 2016). Metrics help create value to the business by highlighting any possible issues that might arise within the organization, mostly happening unnoticed. For instance, this improves work efficiency, thus boosting the overall output production per rate measured.
Critical Measures of Success That Should Be Tracked
These measures determine whether the organization can convert operational performances into financial goals. However, the financial metrics help determine whether the organization is operating on profits or losses (Garcia-Perez, Gheriss & Bedford, 2019). The financial metrics involve the financial ratios and sales figured comparisons that ma risk the organization.
The Break-Even Point
The break-even point is the target that an organization needs to hit within a given period. However, this allows the organization to account for its overhead costs in operation (Garcia-Perez et al., 2019). However, this measure is used in the organizational management and determination of the performance.
In an organization, the employees are a critical part of the system. Organizational management has to ensure that the organization’s employees feel motivated and encouraged to perform their duties to achieve the goal and objectives (Garcia-Perez et al., 2019). A supportive work environment to the employees from their workplace encourages them to work hard within their field and innovate recurrently, fostering a performance beyond the organizational expectation. However, this provides a direct translation to customer satisfaction within the organization.
The Importance of Metrics to an Organization
To correlate a business organization, various sources of quality data are then required. Business organizations use various site metrics unstructured content and hence use it to support agents. The performance of agents can, however, be affected by the changes to the content and structure (Smallwood, 2019). Most business organizations have embraced business governance policies. These data policies enable organizations to manage their organizational data. However, most business organizations are faced with a wide variety of data formats, which complicates governance efforts. This is because the majority of business organizations solely rely on electronic means for storage and management of their data. Organizations managers who manage and implement information governance programs should, therefore, make valuable metrics readily available.
Metrics, however, refer to the numbers that tell organization managers important information about a specific process that is being investigated. This information includes very accurate measurements on the functionality of the process. Also, it provides the organizational managers with a base to suggest the areas which require improvements within the organization. This is because understanding is usually termed as satisfactory and meaningful, only when it is presented in the form of numbers. In an organization, metrics enable control and also drives the feedback loop. This is because when the analysis is done and completed, it is usually expressed in terms of metrics since metrics involve the numbers that are measured on a day-to-day basis. Metrics also makes the process objective as well as ensuring that improvement goals are objective and that are measured in terms of numbers. Some of the critical measures of success that should be traced include ignoring Moneyball’s message and overconfidence.