It's generally more efficient to be proactive than it is to do damage control. Think of any time you've found yourself stranded on the highway. You're scrambling to call a tow truck, pay the driver, find a mechanic for an emergency visit, and call your boss to say you won't be in "for a while" as you sit in a sticky waiting room and wonder just how much this guy at the counter is going to jack up your prices.
Wouldn't it have been easier to have checked the engine when the warning light came on your dash?
The same goes for your business. The Peerview Data app can help alert you to problems before "bad" gets to "worse," helping you avoid having to damage control or sop up a mess that could have been avoided.
- KPI: Priorities
- DEFINITION: Areas of your business that need attention to achieve performance goals or avoid larger problems.
- SIGNIFICANCE: Keeping tabs on your priorities is important as it's more efficient to be proactive and prevent a disaster than it is to spend time and resources cleaning up a mess that could've been avoided.
- RECOMMENDATION: Track how you're doing compared to other companies in your field. Through these comparisons you can better gauge what your priorities should be and where bigger issues can be avoided in the near future by tending to certain things now.
Companies are generating more data than ever before, but most of it just sits there. Getting good insights from it is often too hard, too costly or just takes too much time. That's too bad because the benefits of being data-driven are substantial. (See The ROI of Big Data, Analytics & Benchmarking for more.) Part of the reason we developed our Big Data, analytics and benchmarking software was to solve this problem so CEOs and senior managers could get the data-driven insights they need to leverage strengths, strengthen weaknesses, identify threats and exploit opportunities. This series of blog posts examines the individual performance metrics that make up that analysis.
For more information on the value of measuring financial ratios, read here.