Definition of Strategy Success Metrics:
Commonly agreed key indicators that will help use measure successful achievement of our respective strategy goals. Ideally these metrics will be a bit more strategic than operational in nature, but they may overlap with metrics that we will want to monitor long-term
Characteristics of useful success metrics:
- They help us translate our vision into measurable goals/targets.
- They are tied directly to overall goals/objectives not to actions (completing an action won’t necessarily indicate success of strategy goal).
- They are a small but relatively comprehensive set that in aggregate help quantify strategy success; so, keep it simple → 3-8 metrics per strategy is ideal (no more than 10)
- They are easily measurable and objective, so they can be measured and updated regularly
- They are easy to understand – there is no confusion on how to measure (formula is clearly defined); if you are not sure if the metric has been clearly defined, ask yourself what formula will give me the current value of the metric?
- They may enable us to compare our success with peers in the industry while still reflecting/prioritizing our unique focus.
- They enable us to make long-term decisions based on projected impact on metric rather than instinct
- At the end of the planning period, if we can answer the question – “Did we achieve what we originally set out to do?,” then our objectives and metrics were clear
Establishing Strategy Success Metrics and regularly updating those metrics:
- The strategy committees are charged with determining the best set of metrics we should use to measure the success of the respective strategy.
- The strategy committees (with assistance from the Assistant Dean for Strategic Planning as needed) are charged with defining the specific formula we will use to determine the value of the selected metrics.
- The strategy committees are charged with setting a stretch (2025) target for each metric. In some cases, it will be helpful to gather the baseline value for each metric prior to assigning a stretch target.
- In many cases, the strategy group will need assistance securing the data needed for each metric. The COM Deans Office and Data Analytics group will assist with that.