These are also other sources of explicit data and information . That is , the information like report , memos and other word documents which are not statistical and in the excel format .
How would management measure value of data and information ? The measure would be who it helps in making good decisions on the company strategies . This involves consideration of vision , mission , objectives and key values of an organization .
According to strategy maps by Robert S . Kaplan and David P . Morton , the data and information can be diagnosed and classified onto four thematic areas as indicated below :
Information and Financial Perspective : Under this scenario , the information helps the management to look into and evaluate stakeholders values , improve cost structure , increase asset utilization , expand revenue opportunities and enhance customer value . This can be considered as one of the tools of dashboard .
Customer Perspective : This is very important in light of vision , mission , and objectives of a company as relates to customer consideration . The company must evaluate its products / services quality , availability , functionality , and branding among others .
A third important tool as part of dashboard is evaluating the Company Internal Perspective and Processes . In service industry , processes are very important . In tangible products industry , quality and fitness for use are vital for consideration . The processes would include operations management process , customer management process etc .
The last aspect of a dashboard tool is
Learning and Growth Perspective .
Learning leads to innovation and improvement similar to that of “ Kaizen ” model . Human capital , information capital , and organizing capital are very important assets in decision making and success of any organization . The value of human capital will embrace culture , values , leadership and team work .
These are very important icons as part of dashboard . They help in good decision making for exemplary results .
A dashboard analysis calls for compressed information more than financial plans and reports . Financial reports are usually limited to two accounting dates and can generate different results depending on the accounting policy used .
One limitation of an accounting report is dependency on it makes you look like a driver moving forward but focusing on the rear mirror .
Accounting reports are to say the least historical and they are meant to be so . On the other hand Dashboard view and information are futuristic and guided by where you want the organization to go .
As a matter of fact , the managers and CEO need to develop a dashboard of compressed information which measures progress towards accelerating company vision and mission . As W . Edwards Deming stated , there are only two mistakes in managing : Not acting when you should ; and Acting where you should not !
These mistakes most often happen from lack of good data / information . Dashboard helps managers overcome such challenges .
In conclusion , the dashboard hype is akin to a bird ’ s eye view . It assists in
‘‘ The managers and CEO need to develop a dashboard of compressed information which measures progress towards accelerating company vision and mission . As W . Edwards Deming stated , there are only two mistakes in managing : Not acting when you should ; and Acting where you should not . ’’
diagnosis of problems in advance and offers good prescription . It leads to what is called helicopter view in corporate governance . It helps in making feed-wards decision instead of waiting for feedback .
Good data and information helps management at all levels to make correct and timely decisions that add profit and enhance shareholder value . It helps in overall good management and creation of goal congruence and harmony in an organization and beyond
Felix Owaga Okatch is a Multilateral Trade Expert . You can commune with him on this or related issues via mail at : Okatchfelix @ gmail . com . Views expressed herein are personal and do not have any bearing directly or otherwise with any institution in general or in particular where I serve as a director , council member or consultant . This presentation is made for academic and educational purposes only .