In this article, we'll analyze commonly overlooked metrics that can help business leaders more effectively measure revenue and productivity.
Tracking metrics allows you to boost overall outcomes and align your employees and operations with company objectives. It offers an actionable method to achieve business goals and strategies. Metrics indicate the extent to which an organization has accomplished its objectives within the planned time frame.
Metrics are specifically important for software development firms, as they are an essential component for cost estimations, performance, debugging, management, and quality assurance. Managers can utilize metrics to pinpoint, prioritize, communicate, and track any concerns to enhance team productivity.
Business intelligence (BI) solutions combine analytics, data tools, data visualization, data mining, best practices, and data infrastructure to help enterprises make metrics-based decisions. They enable you to get insights into the company that can be used to swiftly adapt to market changes, remove inefficiencies, and drive innovation. Modern BI systems empower business users by delivering self-service assessment, information on reliable platforms, and speedy insights.
In the real world, BI can help a company in many ways. For instance, a mortgage software vendor might leverage BI to comb its vast consumer contact database for precision marketing. Similarly, a social network can utilize BI to process millions of system events each day and create product roadmap decision in real-time.
A properly implemented BI strategy provides a complete overview of an organization to enable departmental leaders to make better decisions. Common business intelligence processes include:
Companies are collecting large volumes of data each day for the purpose of analysis to find metrics and insights. They typically utilize dashboards to organize this tsunami of information into understandable and usable material. Dashboards offer helpful insight into an organization’s health and can influence the decision-making of executives.
Dashboards are vital because they organize and condense large volumes of data so that managers and executives can quickly access relevant information. Let's take a look at the metrics used in some common departmental dashboards.
An operations dashboard typically includes the following vital metrics to gauge software maintainability:
HR dashboards present qualitative, internal metrics like employee satisfaction and external, quantitative metrics such as hiring success rates. Larger organizations use HR dashboards to monitor employee retention and turnover. These numbers provide insight to management to ensure that the teams have the required skills for their tasks.
A marketing dashboard can help you learn if your firm’s marketing efforts are successful at creating new customers or sales. Its high-grade metrics include qualified leads, converted contacts, website visits, and others.
A detailed marketing dashboard can also indicate when prospects get stuck at your sales pipeline's different stages.
A good product management dashboard offers multiple sections and a range of metrics which can be classified into the following types:
Customer Service Metrics
As engineering teams build their products in different ways, they need to track different types of metrics. Company leaders can view these metrics and monitor progress.
Engineering dashboards allow you to identify product and development trends and enable teams to decide and act on real-time data. Engineering dashboards typically offer metrics to facilitate agile development, track features, ensure continuous integration, and provide timely delivery. These metrics enable managers to track developer activity, team performance, and project performance.