Friday, August 31, 2018

Three Aspects of Digital Management Precision

Quality management ensures that an organization, product or service is consistent, and business competency is cohesive.

Digital management is responsible for designing, enabling, and enforcing a collaborative, innovative, intelligent, and inclusive working environment for engaging employees, delighting customers, unlocking business performance, and improve overall organizational quality and maturity. Quality management ensures that an organization, product or service is consistent, and business competency is cohesive. Digital precision is one of the most important characteristics of digital quality. Here are three aspects of digital management precision.

Information precision: Information is one of the most invaluable assets of the business. The goal of information management is to process raw data and abstract information from it; it’s concerned with classification, manipulation, and dissemination of information, to gain knowledge and capture business insight and foresight. Thus, information precision directly impacts decision effectiveness and strategy management success rate. If the information is unavailable, inaccurate, lost, stolen, or compromised, it will hinder the achievement of business goals and even misled the business in the wrong direction. Information does not live alone but permeates to everywhere in the businesses. Thus, the value of information is not isolated. The Information Management lifecycle is the overall business process of aligning the use of information through information precision and assurance management to solve the issues such as, what data you have, in what formate and the location & method it is held, information accessibility or reliability,  as well as information exploitation to ensure that the information refined can collaboratively enable and fully support the business objectives. It is the structural process of aligning the usage of information through the multidisciplinary management discipline.

Foresight/Forecast precision: With overwhelming growth of information, a faster pace of changes and unprecedented business complexity, envisioning and foresight are critical to navigating the organization into the uncharted water or blurred digital territories. Forecast precision will help the company well prepare the journey for either capturing the rising business opportunities timely or prevent potential risks effortlessly. ‘Foresightful’ minds collectively feel the horizon in which you are able to make reliable predictions. As the mater of fact, to predict is to control and to co-develop the future for running a better business. In a business scope, there are some of the important bits and bytes of information needed to forecast a new market, an emerging technology trend, or the business growth opportunities. Sometimes you need to be able to look for something “hidden,” which is not always so obvious, in order to make better assumptions or improve forecast precision. Besides information precision, the highest level of future sensitivity comes from appreciations of the whole situation which relies heavily on intuition and sense as well. The goal of the business foresight and forecast is about predicting what will happen and step further - what shall you do upon it. It’s the scientific management discipline of business orientation.

Metrics Precision: A measurement system is a necessary foundation for continuous improvement. Metrics can help you get some objective perspective on what you are trying to manage, but they need to be selected, crafted, and interpreted well. The right metrics can be helpful to track progress in an improvement initiative. Without measurements or lack of metrics precision, it can be hard to tell whether attempted improvements make the situation better or worse. Improving metrics precision means you need to know how to select the right metrics as well as measure them in the right way. You need to know the exact purpose of the metrics and what follow-up action is needed if it does not meet the expectation. When people are not clear about what measures they want to collect and how they intend to use the information to support business decisions, often you can find the problems with metrics precision. People use inappropriate metrics for the situation or people twist metrics to match their agendas or preconceived notions, lack of metrics precision will decrease productivity and cause management ineffectiveness in the long run. It’s important to follow the “SMART” (Specific, Measurable, Actionable, Relevant, and Time-bound) principle for Improving metrics precision and performance management effectiveness.

The digital paradigm shift is the multidimensional expansion. The digital management precision, technology adoption, culture adaptation, and business capability tuning. etc, are all tactics to get the organization from here to there for adapting to the fast pace of changes and getting digital ready.


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