By Jessica Newcomb
Business metrics have long been described as the “pulse” of an organization. They play a vital role diagnosing an organization’s overall health. Consistent review of data, statistics, trends, and anomalies provides concrete measurements in order to make business decisions. Metrics illustrate where the organization has been, the direction it is headed, whether something is wrong or needs adjustment, and when targets have been achieved. Metrics matter to businesses, employees, and in an industry focused on turnaround time, they certainly matter to InCheck.
Why Metrics Matter to Organizations
Reporting vast amounts of data is only beneficial when a business can validate the quality of the data and identify its intended purpose. It’s important to incorporate goals into metrics, anticipate and proactively respond to undesirable results, and be open to modifying process flows or data sources in order to achieve goal. Overall, metrics should reflect and support various strategies for all aspects of the business including Finance, Marketing, Competition, Standards or Customer Requirements, and Employee Expectations.
Business metrics that are well-defined and aligned with internal goals drive the strategy and direction of the organization. Metrics assist in decision making, highlight improvement areas, and help businesses focus their people and resources on what is critical for success.
Why Metrics Matter to Employees
In an industry that requires fast turnaround time and accurate results, metrics are vital to employees. They allow leaders to set realistic goals for individuals and departments, provide additional training and growth opportunities, and forecast staffing needs. An environment of transparency, where employees understand what is expected of them and that their leadership team is there to ensure their success, depends on metrics.
Metrics provide employees with clearly defined goals and performance markers. They allow team members to understand their strengths and focus on areas of improvement by removing uncertainty. Metrics provide more substance to performance reviews, offering a more well-rounded, consistent assessment of an employee’s strengths.
Why Metrics Matter at InCheck
At InCheck, we have made the incorporation of SMART (Specific, Measurable, Achievable, Relevant, Time-Based) business metrics an essential component of our focus on continuous improvement in 2019. We recognize that reporting and analyzing metrics is a valid business need which will greatly impact our ability to make future projections relating to volume, rates, staffing requirements, and performance.
Last year, we witnessed tremendous growth in our customer base and volume, which required us to double our staffing levels to continue to provide our clients with excellent service. In order to scale our business, we analyzed our processes and procedures in order to streamline workflow, stimulate production, and remove bottlenecks. We invested time and resources into new software, employee training and development, and fostering leadership cohesion among all departments – all with the intention of positioning InCheck to be a Best-in-Class background service provider and employer.
By better measuring and analyzing the data and metrics at our fingertips, we can learn from historical data, get a pulse on our current environment, and develop a roadmap to help guide and predict future business needs. As we continue to grow, metrics will become ever-more important to our success, our employees’ success, and in turn, our clients’ success.
Disclaimer: This blog is for general informational purposes only and should not be construed as legal advice.