An actionable insight: Stacey Barr, an Australian-based expert on defining and implementing key performance indicators, wrote a recent column about the pitfalls of brainstorming KPIs. With her reliably cogent, analytical and thoughtful perspective, she makes a case against open-ended KPI definition sessions (vague goals, persuasion contests, and shallow levels of detail).
As a CEO, it is more than likely you are under increasing pressure to demonstrate a tangible return on your analytics strategy. But for many CEOs, the ROI on data has been elusive.
Data scientists are hired, resources invested in analytics software, and data warehouses built and rebuilt again. And even though your leadership team can't quantify the bottom-line on the last set of investments - they urgently need budget for a new round.
Budget for Tableau. For AWS. For a data lake. For machine learning training.
It's frustrating and uncertain. But here's the thing:
Some of these challenges actually start at the top, and as CEO you have the power to fix them.
Here's a quick look at 7 troubling indicators that may indicate you're part of the problem.
CEO Dashboards Fail. And Often.
Probably too often.
They fail because they don’t generate new, actionable insights. They fail because they are hard to use, ugly to look at, slow to load, and because the metrics are flat out wrong. But more troubling, they often fail because the CEO isn't strategically prepared to leverage one.
Here's the bottom line: dashboard KPIs are your leadership story quantified. For a CEO's KPIs to be effective, they need to be your organization's vital signs. They need to represent the shared understanding of "what matters" that you have already created within the culture of your business.
The following seven questions test how successful you have been in building, evangelizing, and creating alignment on your vision. Your answers to these questions will be strong leading indicators of whether your KPI and CEO dashboard will help drive your organization.