Information technology is on the verge of creating a universal 10X environment through the implementation of Business Data Streams. Business Data Streams have many different labels and implementation forms but the net result is powerful in its final form.
Business Data Streams essentially provide stakeholders with real time analysis of their key business elements. This data stream could be the number of sales closes per day, the number of new accounts or the profit margin on a given product line. Very elite vertical markets have enjoyed this technology for a number of years and now it is being deployed in a wider scale on many different market segments.
The critical link to 10X and success is knowing which metrics matter. If you are in a high volume market segment, obviously, closes per day is a relevant metric. If you are in a low margin market segment; cost per unit is also a relevant metric. However, these fundamental metrics often get lost in the pursuit of sexier or more complicated analysis that can be generated by the new generation of Data Stream toolsets.
Many years ago, following a product launch analysis, a key mentor in my life, sat down with me in the empty board room. He flipped my paper over and on the back with a green marker scratched out the fundamentals.
-Cost of sales
It has been a lesson, I have never forgotten.
Are you reviewing these metrics?
YOU WILL NEVER GET TO 10X until you understand them and live by them.