Information Overload and Business Metrics
We live in an age of information. We now received five times as much information every day as we did in 1986.
The daily New York Times now contains more information that the 17th-century man or woman would have encountered in a lifetime.
A Growing Problem
According to the Reuters report, “Dying for Information,” that surveyed 1,300 managers around the world, information overload is a growing management problem.
Research revealed that two-thirds of managers believed information overload had caused loss of job satisfaction.
The ease of gathering and reporting information through automation has created a problem with business metrics.
The problem is DRIP or data rich information poor.
Excel, PowerPoint, and other programs have easily created a flood of data and often meaningless metrics. More often than not, DRIP makes metrics more complicated than needed.
Meaningful metrics deliver analyzed information. Graphics and data slides aren’t about the data, but about the meaning of the data.
Metrics should make the meaning of the information clear. Metrics are on target when the right data highlights what is important and makes itself easily digestible by matching the right visualization to the message.
Recipients should never be forced to memorize, organize or calculate numbers to interpret metrics.
In business today, we face an increasingly difficult challenge of delivering messages that are on target in a concise and easily digestible format.
How to filter data, identify and present meaningful information is one of the skills learned by graduates of FTP’s Managing Operations Workshop.