The importance of monitoring key metrics on a routine basis cannot be understated to high-level executives. Monitored metrics provide internal and external trend insights. We suggest that CEO’s should monitor the following every week:
Monitoring Sales Metrics.
This process helps establish how much the business is selling. Tracking sales metrics allows sales teams to better understand the revenue streams within the organization. Monitoring the sales in an organization can be done using the following metrics:
- Break-Even Point: When your revenue is equal to your total costs.
- Cost of Goods Sold: The total cost of your goods, which includes: materials, manufacturing, and labor.
Monitoring People Analytics.
Leaders need to understand human capital costs. Quantum Strategies offers a platform, QAS, which allows organizations to answer questions such as:
- What is annual turnover, and what does it cost us?
- Which employees have the highest likelihood of turnover within a calendar year?
- What can we do to understand the success of HR interventions?
- What can we do to analyze engagement among employees concerning our bottom line?
- What is the impact of the education and development programs on your business?
The use of QAS can allow your organization to understand the total cost of HR decisions. This information equips management to make decisions driven by data and helps them understand its employees’ financial impact.
Monitoring Marketing Metrics.
This metric helps to monitor campaigns, specifically for social media platforms. This allows organizations to understand which users are being engaged and becoming customers. The areas below help track marketing metrics and are made easy thanks to many social media platforms having proprietary metrics built into them:
- Reach: Which consumers are seeing the post
- Engagement: Which consumers are interacting with the post by liking, sharing, and commenting
- Clicks: Which consumers are clicking through the post
Monitoring Financial Metrics.
Financial metrics help track revenue, expenses, investments, investors, and capital.
- Revenue Growth: rise or fall in an organization’s sales
- Average Fixed Costs: The cost for each unit of output
The metrics detailed here are necessary for high-level executives to consistently monitor the fluctuations in production within their organization. If you have any questions or would like to speak with a team member to discuss People Analytics and how to begin tracking specific data, please contact us.