We've all seen those motivation posters telling us what success is. "Success is living your dreams; success is buying a Lamborghini, etc., etc." Regardless of whether they work in motivating you or not, just the very notion of determining success seems to be very fluid.
What does success mean to you in your organisation? Meeting your key performance targets, retaining staff and increasing your hiring prospects, increasing the bottom line over the previous quarter?
76 per cent of global executives define success as something more than the bottom line.
The obvious answer might be the latter. Many businesses operate to make a profit to the benefit of their staff and shareholders – many, but not all.
According to PwC, a huge three-quarters (76 per cent) of global executives define success as something more than the bottom line. That's not to say finances are taking a back seat, but they're certainly sharing some of the front one.
An interesting finding indeed, and one that changes everything. Once executives know what success is, they will focus on how they can use all their assets to get there – that means making the best possible use of physical, human and financial resources, as well as their Information Assets – the forgotten business resource.
Taking the time to determine what success is in your business is a good example of going back to basics – what does your organisation do, and how can it use its resources to do better?
It might not be so simple to answer even these most basic questions. PwC found that success means very different things to different executives. Thirteen per cent said success was purely financial, while 11 per cent (let's not disregard that as a small number) said they neither agreed nor disagreed with the idea that success is defined by profit.
Success could be measured by the outcomes innovation, research and development projects, or other strategies. Let's not think it's a simple question with the same answer across the board, that's simply not true in the modern day.
However, regardless of how your organisation determines success, there's one constant – better information management will be able to help get you there.
How information management can drive success
For too long, executives have been slow to understand how important information is to their organisations – some disregarded it altogether. You only have to look at how the biggest, most successful companies in the world have leveraged their data and made it the centre of their businesses to see its effect.
Facebook has taken its social information and used it to make staggering revenue through tailored advertising. Google – or Alphabet, as it has previously been rebranded – is a company that is entirely reliant on quality information usage, and became the most valuable company in the world in February 2016, overtaking Apple.
For too long, executives have been slow to understand how important information is to their organisations.
So, what drives success in your company? Let's say it is profit – or at least partly determined by your bottom line. You will likely use your financial assets very carefully, creating a strict budget, assigning responsibilities for spending and keeping a tight reign over all money matters with rigorous business governance.
Why not put that same principle into managing your information assets? We know that they're one of the most valuable resources you have in the digital age, perhaps more so than money. They should be treated as such, while not doing so is making a decision to manage information badly.
Meeting your potential
There are basic information management principles that help you treat your information like money. We think it's a no-brainer that organisations of all shapes and sizes do this if they're going to meet and exceed their business goals – whatever they may be.
We even have a free white paper on that very subject. Check it out by clicking the image below, and let the team at Experience Matters know if you have any questions regarding your particular organisation and its information management potential.