Originally posted 7/14/2015 revised 2/1/2021.
It took 200 IBM statisticians to produce the statistics for Wimbledon and the BBC that we all consumed during this couple of weeks of tennis.
So why are we consumed by this incredible amount of information that’s available? What is its purpose and how do we learn from what professional sports have been doing for years and apply it to business?
Whether it’s your favorite baseball team winning their division or an individual athlete competing at the highest level, the statistics that follow them around are incredibly detailed. The statistics tell us fans, the teams, coaches, managers, and the athletes themselves how fast, far, accurate, efficient, successful (or not) they or their strategies are. We find out their strengths, weaknesses, what to exploit, what to focus on and ultimately how they perform against their competitors. Statistics influence decisions such:
- do we bring in a left-handed relief pitcher to face Slugger, the home run machine or stick with the starter with his current pitch count of 84?
- shall I work with my coach on hitting more fairways or improving my approach shots?
Imagine for a second sport without a winner, no score, no position, no medal, no title. How many of us would watch or participate? Yet in business we often have no idea how we or our team is performing, or how we compare in the market or a sector.
In business, stats can tell us if we are profitable, if we are converting, what our customer service is like, how our sales team is performing, what products are selling and not, how efficient we are, what makes us profit and looses us profit. There is so much we can learn from sports fanatical approach to statistics. The information is available, it’s just hidden away in your business and needs someone to ask the right questions and use the right technology to allow you and your team to perform at your optimum, working smarter, not harder.
Now imagine you could sit in your office with all the information available for your business with a dashboard of your Key Performance Indicators (KPI’s) just like IBM did for Wimbledon, knowing what works and what does not, rather than using only gut feel. Would your odds of success and your speed to success improve? You bet they would.
At ActionCOACH we focus our clients on the KPI’s that drive their businesses and integrate into their business plans. They use dashboard technology and tracking tools that helps them make much better strategic, structural, and operational decisions. So, if you want to feel like the BBC or IBM but only have SME resources, and you want to out race your competitors, contact me and let’s see what your stats say about your business.