To develop this strategy, determine which company goals need to be measured for efficiency and effectiveness.
Data can be interpreted differently by every stakeholder in an organisation, be it an executive, a data scientist or a programmatic trader. The author recommends that businesses should build a unified measurement strategy by taking into account every stakeholder’s needs.
Crafting this strategy involves identifying the organisational goals to be measured for effectiveness and efficiency. Then, question the stakeholders for their preference about the data they wish to receive and the level on granularity expected by them.
The author suggests seeking stakeholder feedback as a way to “give everyone a voice”. Executing this strategy can let organisations place “the power of data” into the hands of decision-making people in the company, who are also the consumers of this data.
[3 minute read]