Reference no: EM131957500
Assignment
Introduction:
· Write a brief description of what metrics are.
o Here it would be good to include some sort of text/source definition.
o It would be good to note some big picture use of metrics here as well.
- This can include notes including; metrics allow business leaders to make decisions based on data instead of hunches.
- Data driven decisions are generally more accurate, helps find negative trends to correct or positive trends to exploit, etc.
1- What are the Most Important Metrics For OM
· Within this section you will call out what metrics you find as the most important.
o What are the metrics?
o The big call out here is that metrics are specific measurements.
- Customer service is not a metric.
· For customer service, a very common metric is average speed of answer for phone calls
- Planet (if 3p focus) is not a metric.
· For profit a very common metric is COGs (cost of goods sold).
- Employee empowerment is not a metric.
· For people focus, a common metric is annual employee turnover.
o You want to call out metrics that monitor these types of components.
2- Why are these Metrics the Most Important
· Within this section you will take your above list, and describe why they are important measurement.
o For the ASA call out;
- Average speed of answer is an important customer service metric to help show how well we are able to handle our customer calls.
- This is important as customer's value prompt service.
o For the turnover call out;
- Employee turnover is an important measure because it shows how satisfied employees are with the company.
- This is a good indicator of empowerment.
- High turnover can impact quality, costs, etc. Essentially, why are the metrics in #1 important?
o For COGs, this is a good profitability measure as the cost needs to be far below the retail price.
- Most of these notes should link the metric to some sort of gauge of the health of the organization.
o Why these metrics?
3-Where Do You Get The Data
- Within this section, you will explain how you pull the data for the above.
o For ASA;
- Data for the ASA would be pulled from the company's IVR platform. This platform should generate basic call center data.
o For turnover;
- Most HR departments track this metric and should be able to provide as needed.
o For COGs;
- The OM should be tracking this as part of the BOM input to the MRP.
o Whatever the metric, the number has to come from somewhere. For financial data, this can often be taken from a corporation's 10K.
o If you are looking for customer or employee input, surveys can be a good source.
o The main component here, describe how the data will be generated.
o Where does the metric come from?
4-How Do You Analyze
- The above noted data all has to be reviewed in some sort of context.
o Within this section you should describe how the data is analyzed.
- Benchmarking against industry averages, or best in class, is almost always a good way to analyze data.
- For ASA;
· This metric could be compared to customer expectations that could be gathered by looking at abandon rates and through customer feedback.
· Reviewing trending for MoM (month over month) or YoY (year over year) changes can be a powerful way to compare data points.
· The topic here, summarize considerations when looking at this metric.
o What context should be used when reviewing this metric?
Provide a reference page.