When it comes to business metrics, many professionals lack a clear understanding of the numbers and the return on investment (ROI). This lack of understanding often leads to misguided decision-making, as individuals rely on numbers without understanding their true significance. The issue is not the numbers themselves, but the interpretation of these figures.
Many professionals admit they struggle to understand the numbers, but feel compelled to use them due to societal and business pressures. This can lead to a misuse of metrics, as individuals become overly reliant on numbers without understanding their context or implications.
The solution lies in education and transparency. Professionals should be encouraged to admit when they do not understand something, and organisations should provide training to ensure all staff have a basic understanding of business metrics and ROI. This would not only lead to better decision-making, but also a more honest and open workplace culture.
In summary, it’s crucial to understand the numbers and their implications before making business decisions. A lack of understanding can lead to misguided decisions, while a culture of transparency and education can lead to better outcomes.
Go to source article: http://www.duperrin.com/english/2017/05/17/numbers-and-roi-please-admit-when-you-have-no-clue/