A crucial part of improving your business is measuring your speed. Applying too much and you’ll crash, but too little and you’re late.
The pace is picking up. No generation has seen the explosion of information like ours. We have the ability to communicate with almost anybody almost anywhere. Gone are the days that we are used to waiting for information.
Access to information can and should be instant. Instant access gives you the ability to act, to correct, to adjust, and to improve the business in record time. Always bear in mind that, the faster things move, the quicker they improve.
These are the pillars required to measure your speed:
1. Information - one version of the truth
The key is not one system, but rather one depository, a robust data warehouse collecting and collating data from a number of different sources on a frequent basis.
This ensures that you have up to date information and enables you to gain valuable insights from historic trends or real-time data. Armed with knowledge, you can position yourself for the future, for tomorrow and for the next 5-10 years.
2. Technology - instant access and easy analyses
Combine speed with clarity and put it in the hands of the right people and almost nothing will stop you.
Make sure that your reporting is static enough to ensure consistency, but flexible enough to ensure easy analyses.
3. People with the right (growth) mindset
Those are people who embrace challenges, work through obstacles, learn from criticism and generally value effort.
Consider this as part of your business improvement journey: integrate value-driven finance, empower HR, and enable IT to support your core operations. Part 7, the final piece of the puzzle in the series, will include some reflection.