target audience: TECH SUPPLIER Publication date: Jun 2023 - Document type: Market Perspective - Doc Document number: # US50861323
Overview of Business Metrics That Matter for Services Industry
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Abstract
This IDC Market Perspective provides an overview of business metrics that matter for the services industry. As the saying goes "You can't manage what you can't measure." Tracking and measuring the right set of metrics will maximize chances for success for any organization. Services firms need to consider all sets of stakeholders such as themselves (i.e., tech suppliers), customers (i.e., tech buyers), and third-party analyst firms (i.e., tech/company watchers and shareholders) when looking to track all three sets of metrics. Also, organizations shouldn't look at these metrics as numbers to beat or achieve, it is important to understand the value associated with each metric.
"Without proper performance measurement metrics, it is difficult for any organization to undertake effective decision making. Organizations that aspire to be world class and agile need to track and measure the relevant metrics to achieve growth and meet their strategic objectives," says Nishant Bansal, associate research manager, IDC's Worldwide Services.