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5 Ways You Can Make Your Metrics Make You Money

In a previous blog post, we talked about the top mistake practices make when selecting a vendor for their business.  Taking the time to do a thorough current-state and desired-state analysis prior to requesting information from vendors is a critical step towards success.  The next step is to define success. 

Projects frequently fail or stall out due to vague goals and metrics, leaving organizations with a lot of time and revenue invested in a project that isn’t pushing towards business and revenue growth. The best way to know if you are successfully reaching your desired outcome is to have a defined metric that measures the impact of a process or technology change. In fact, the SMART framework is a great tool to make sure your metric.

Consider these 5 objectives when developing your metrics to make sure you are targeting success and growth:

  1. Specific – What exactly do you want to accomplish in this project? Who is involved and why are we doing it?
  2. Measureable – How is progress measured and how will I know I achieved my goal?
  3. Attainable – Is this goal realistic?
  4. Relevant – Does this align with my key business objectives?
  5. Time Bound –  What is the timeframe that I want to achieve this goal?  On what time frame should I check in on progress?

Each of these serves a purpose to make sure your projects are successful or can pivot early to avoid costly missteps. If each metric is SMART, you can leverage them to evaluate your business and identify the best next step to optimize for growth. 

An experienced consultant can make the difference in your metrics, contact H3 today for a no-commitment consultation.

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