At Series Next Solutions, we love EOS because our services align seamlessly with its methods, especially the Data Component. That specific pillar provides a system that harnesses entrepreneurial intuition and transforms it into objective, verifiable, quantifiable measures of a business’s performance.
Our passion is the “how” of the Data Component – how to efficiently gather the most relevant data and present it to the organization in a centralized, easily-accessible platform. Business Intelligence and always-on metrics incorporated into EOS’s Scorecard and Measurables tools result in a synergistic combination. The resulting leading indicators allow organizations to monitor the health of the business, and not just reactively at the close of the reporting period, but proactively throughout the month, week, and even day.
Upgrading to Scorecard 2.0
Scorecard reviews traditionally involve a team member budgeting time to manually compile the previous week’s results. Gathering these results often requires accessing separate systems, running specific reports, and hand-keying the metrics into the Scorecard spreadsheet. The time cost and level of effort involved typically mean the data is only available on a weekly basis.
Implementing a Scorecard is a vast improvement over reactively relying on trailing indicators; however, the next level of sophistication involves deploying data visualization dashboards to gather and present the data. When the organization leverages Business Intelligence, automated processes pull the Scorecard metrics into one centralized location on an always-on basis. Stakeholders can access up-to-the-minute performance metrics throughout the day from wherever they are, without the cost of incremental labor hours.
Measurables—performance expectations based on forward-looking, activity-based numbers—can benefit from Business Intelligence as well. If Measurables ensure the involvement of every member of the organization—from the leadership team to the individual contributor—Business Intelligence democratizes access to these performance indicators. Associates do not have to wait until results filter down from the top. With access to the relevant dashboards, each member of the team can see how their specific Measurables are progressing throughout the day. This visibility provides everyone with a clear sense of whether their performance is on-track, and this knowledge empowers them focus on correcting flagged issues as they emerge, instead of after-the-fact (often when it is too late).
The concepts of Scorecards and Measurables are not new to the business world – savvy business leaders have been using these tools in one form or another for ages. Incorporating 21st century data visualization tools into these best practices enables organizations and their associates to be even more agile and responsive. There are cost-effective, no-code options on the market that will banish the days of “flying blind” through day-to-day and strategic decision making. Schedule a complimentary Efficient Back Office Assessment with SNS to figure out how we can supplement the Data Component of your business’s EOS model.