The abundance of data that we have access to, drives a possibility of true Corporate Performance Management into the very tiny details, but that also requires that everyone is looking at the same set of data at the same time.
This is something that has also been refined during this period of time because the fact that we’re not sitting in the same physical place anymore, caused a lack of knowledge sharing experience at the coffee machine or the small Monday meetings or, you name it. We had to create an anchor point in our discussions. That has come to be dashboards, platforms, even Excel spreadsheets or you share Google Sheets and everyone is looking at the same information, but that common truth and data insight has proven to be critical to keep on doing what we do on a daily basis.
The fact is also that data shines a light on where our weaknesses are when we start putting data into different dashboards and systems. It becomes evident where we are lacking a dataset and where we don’t have processes in place in order to acquire that data. As the aspect of the connected machinery and the predictive maintenance model is the forefront of service initiatives it is now vital to have a set of service metrics that you want to measure with your data.
Another part is that we discuss the outcome based contracts in the performance-based contracts. All of which also needs to be able to have an essence of measurability into them. Otherwise, they will fail.