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Increase Access, Throughput, and Value From Data via Splunk
Part IV
To achieve this, organizations need to understand the metrics that make them tick, leverage the data to understand changes in their environment early, and be quick to take action.
Here are four recommendations for organizations to help them understand their own key performance indicators (KPIs) or metrics:
The first step in understanding your own KPIs is to identify the key business objectives that the organization is trying to achieve. This will help to ensure that the KPIs chosen are aligned with the goals of the organization and are focused on delivering value.
Once the key business objectives have been identified, the next step is to determine the most relevant metrics that can be used to track progress towards those objectives. This may involve considering a range of different metrics, such as financial metrics, operational metrics, customer metrics, or employee metrics.
In order to track progress over time, it is important to establish baseline metrics that can be used as a reference point. This may involve collecting data on the current state of the organization, so that changes can be measured and tracked over time.
Once the relevant metrics have been identified and baseline data has been collected, it is important to monitor and analyze the metrics on a regular basis. This may involve using tools such as Splunk to visualize and analyze the data, and to identify trends, patterns, or issues that may need to be addressed.
Understanding your own KPIs and metrics is an important step in leveraging data to understand changes in your environment and take quick action. By identifying the key business objectives, determining the most relevant metrics, establishing baseline metrics, and monitoring and analyzing metrics regularly, organizations can increase access, throughput, and value from their data.