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Smart Metrics Increase Profits

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t.alex
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Re: Critical
t.alex   9/1/2013 9:49:32 AM
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Hospice_Houngbo ,

Yes I mean if there are ready made tools and these tools can be easily customized fast to fit into individual company's needs, that would be great ! 

 

Mr. Roques
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Re: Critical
Mr. Roques   8/28/2013 6:04:18 PM
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Its essential to a healthy business. What about activities that run across several product lines? Split it somehow? ... Also what about fixed costs? 

Hailey Lynne McKeefry
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Re: Critical
Hailey Lynne McKeefry   8/28/2013 12:52:12 AM
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@Frank, sage advice for sure. The bst part of looking at the historical information for the organization is that it is about that organization. There's a lot of stats available for the market in general but that's averages and probably less useful than looking at, as you said, what has been and is going on in the actual business.

Frank Cavallaro
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Re: Critical
Frank Cavallaro   8/27/2013 7:28:27 AM
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Hailey, great question. Put another way...when do you action the data instead of watch it. The answer is that it really depends on your business type and its typcial cycle. The benefit   to tracking critical data is that you build a historical database of your most relevant data points. When you see future data point deviating from historical, it's a sign that you need to take a closer look.

nimantha.d
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Re: Critical
nimantha.d   8/27/2013 1:10:07 AM
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@Hospice: Agreed since the functionality does change based upon the business process. So you cannot have a standard format for all I guess.   

Hailey Lynne McKeefry
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Re: Critical
Hailey Lynne McKeefry   8/26/2013 10:16:07 PM
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@Frank, what advice would you give in terms of being the right amount of optimistic/pessimistic/realistic? Knowing the numbers is important but so it evaluating what they mean and it woudl be tempting to, for example, shrug off a downturn when you should be reacting proactively.

Hospice_Houngbo
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Re: Critical
Hospice_Houngbo   8/26/2013 9:47:43 PM
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@t.alex,

Ready-made tools can never be the panacea for every company's financial analysis needs. Many companies differ in the way they function and operate.

Frank Cavallaro
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Re: Critical
Frank Cavallaro   8/26/2013 10:24:17 AM
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I think Hailey has it right. There are some areas of a business that need daily metrics such as inventory flows and mfg output, others that need weekly, such as sales pipeline, and then monthly, such as your financial metrics.

Hailey Lynne McKeefry
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Re: Questions
Hailey Lynne McKeefry   8/26/2013 1:16:23 AM
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@Nemos, with any business, you have to be looking at trends constantly, every month, or even every week or day. I would think that in this competitive marketplace the "if it ain't broke, don't fix it" mentality won't work. There's always room to do better... no resting on the laurels as they say.

SP
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Re: Critical
SP   8/26/2013 1:05:38 AM
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there are many companies that have their product lines being analyzing different kinds of data and making reports. These reports are extremely crucial for the senior management to take decisions.

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