Essential Metrics for Data-Driven Decision Making- Building Skills in Data Acquisition and Reporting

Essential Metrics for Data-Driven Decision Making- Building Skills in Data Acquisition and Reporting

Metrics in an organization are used to ensure that the organization performs optimally. Such metrics constantly measure an organization’s performance to facilitate improving performance. There are some common organization metrics used throughout the world. For example, in Ireland, market share, return on investment, customer satisfaction, and profitability are used by a majority of the organizations (Liang, Gao & Ding, 2018).

Coca-Cola HBC (2020) uses growth in investment and competitiveness, earning its license to operate, cultivating employee engagement, leading in the market, and maintaining a unique portfolio. The three main metrics for Coca-Cola HBC would be cultivating employee engagement, maintaining a unique portfolio, and leading in the market.

Cultivating employee engagement is measured by checking employee engagement yearly, compared to high-performing companies in the area of employee engagement (Coca-Cola HBC, 2020). This is done by a contracted company. Employee engagement aims to improve the performance of the company’s staff. Data obtained from the employee engagement survey is important in informing the executive management at Coca-Cola HBC. Poor performance from employees directly sabotages the performance of the company, while high employee performance boosts the company’s performance.

Leading in the market is done by evaluating the revenue obtained yearly to identify growth or lack of it from the previous year (Coca-Cola HBC, 2020). It also compares the revenue collected in the market for products similar to theirs to compare overall revenue growth. This ensures that the company is informed of the actions that led to the revenue outcome. If a company grows its revenue against its past years’ revenue and market share, it is considered a good performance.

Maintaining a unique portfolio by growing the consumption of Coca-Cola HBC products is the third important organization metric (Coca-Cola HBC, 2020). This metric ensures that Coca-Cola HBC products remain unique and preferred by customers, promoting high product consumption while growing the company’s portfolio. Data on this metric is collected annually, comparing the current portfolio to past portfolios. The metric is important because portfolio growth also grows revenue for the company.

References

Coca-Cola HBC. (2020). Integrated Annual Report. Retrieved from https://www.coca-colahellenic.com/content/dam/cch/us/documents/oar/Coca-Cola%20HBC_2019%20IAR_Performance_19Mar2020.pdf

Liang, X., Gao, Y., & Ding, Q. S. (2018). “What you measure is what you will get”?: Exploring the effectiveness of marketing performance measurement practices. Tandf Journal, 1-12. Retrieved from https://www.tandfonline.com/doi/pdf/10.1080/23311975.2018.1503221?needAccess=true

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The overriding goal of this course is to help you build up your skills in getting data and reporting on data. Data-informed organizations have a few numbers that they report on overtime to measure how well they are doing.

Essential Metrics for Data-Driven Decision Making- Building Skills in Data Acquisition and Reporting

First, please watch these two videos:

“Using Metrics,” Educause [0:04]

“How to Build a Company Metrics Dashboard, “Ash Maurya [0:13]
(video is unavailable)

In a sentence or two, describe an organization that uses metrics. For this organization, identify the three or four core metrics that would matter most.