Evidence-based Management. Develop learning skills (part 2)
In the previous article, we talked about what is Evidence-based Management, how to measure it and why it’s so important to do that. In that article, we will talk about ways to improve Key Values, the most common problems and faults during measuring KVs.
EBM’s Learning Loop
Indicators are useful, but they are more important if you know how to use them properly. From the first minute of using them, you’ll get information about products, company and places to improve. You’ll get an opportunity to improve a lot of aspects, but it only depends on you if you decide to measure it longer or not. The longer you use metrics, pay attention to them and measure statistics you’ll get better and more provable information. In that point, time plays a big role and offers a field to show off. From the first results, you’ll know what are your strengths and weaknesses. So also it will be easier to find in which areas the improvement is the most needed.
During every learning process, there is one of the factors that decided about future success is routine. Yes, Scrum likes routine too. To unstoppable be on time with the highest possible results you should launch a few steps routine that will bring you every time closer to the full success. It’s
- Measure Key-Value Metrics (KVM)
- Select Key- Value Areas (KVAs) to improve
- Practice experiments to improve bringing value
- Evaluate the results
Remember that Rome wasn’t built right away so make little steps. Find one KVA to improve per learning loop and try to improve that during a period of time. If your work won’t bring satisfying results, repeat loop but try to change something for example style of work or whatever you think might help. Experiment. The key to success is understanding the impact of changes and values, how they changed during the experiment and how it influence to the whole work. By comparing statistics from each learning loop the team will be able to choose the best variant. It learns the team how to work better and which aspects don’t work and which are good or need some improvement.
Remember that your experiment in learning routine is not only one changeable thing. There are more like a new person in the team, some political aspects in the company, a new release which improves the functionality of the product, marketplace competitions and many more. The data gathered during each of the learning routines is important information for further changes in the team and company. Executives could use this data to better understand workflow, the influence of the changes in the marketplace and how to faster and better respond to new situations.
The benefits of Evidence-based Management
Reduces errors in judgements
Even the best managers can make decisions by their own feelings, gut or just instinct. EBM eliminate that by offering indicators, metrics and analyses which are provable, evidence-based and stable information. EBM eliminates wrong and hasty decisions, giving the necessary information to make the best and most accurate decision at a given moment.
Driven by science and data
Thanks to indicators and metrics every experiment and changes are proven and easy to check. By eliminating too many factors (like too many changing things in one period of time) we will be able to say which of these experiments was successful and which aren’t. It gives us a clear situation based on science and provable data.
Clear metrics for everyone
Since many people use the same metrics, indicators and statistics it’s easy to compare teams or companies with each other. But remember that you shouldn’t do that often because a lot of things have an impact on the final results and it could be totally different in two different months. So use these metrics only to see the global tendency and what you can improve relative to others.
I’m interested in marketing. Especially in Ads and in creative tasks. I love trying new things, maybe because I’m so curious. In my articles, I want to show you how I see things and why it interested me so much. So have a nice reading 🙂