Question: reply to , Defining success numerically, or by using metrics, is important because it allows for concrete analysis of the data. By collecting measurements such
reply to Defining success numerically, or by using metrics, is important because it allows for concrete analysis of the data. By collecting measurements such as inputs vs outputs, an organization can see if their efforts are attaining the successes they are striving for whether that is cost or time to market reduction or profit margins. These data points show what is or is not working to achieve success in a more numerical sense.
Soft, nonnumerical indicators, such as customer and employee satisfaction, is how an organization keep track of other important aspects of business that do not easily fit within numerical measurements. These let anorganization knowtheir stakeholders' interest and commitment to the company or product. A business's success is not just about making money. If they are losing customers andor employees, they need to drill down to find the cause and mitigate the issue. Even more so these days as customers look for companies who treat their employees well, these soft data indicators can keep a company from making decisions that can turn into the beginning of the end.
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