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SALT LAKE CITY, November 16, 2004 – Utah’s leading CEOs recently gathered at the Utah Information Technology Association’s (UITA) Peer-to-Peer Forum, hosted by Durham Jones & Pinegar law firm, to discuss the benefits of applying metrics to quantify results of business goals, and measure overall organizational performance.
“Metric-driven businesses are essential to be successful in the future,” said Richard Nelson, CEO of UITA. “The peer-to-peer discussion helped Utah CEOs understand why clear goals and a way to measure progress will be so critical to the success of their businesses, as well as the overall Utah business climate.”
“As a CEO, two things are critical when examining metrics,” said Tom Stockham, CEO of Myfamily.com. “First, what do I want measure, and second, who is my audience?” Metrics give businesses perspective on a company’s industry while addressing issues within the organization that relate to growth and profitability. The specific metrics utilized by companies will severely impact corporate culture, individual behavior, decision-making and overall performance.”
Scott Baird, founder of Griffin Hill, an independent marketing research firm, offered a presentation on how to use metrics to increase human and organizational performance. In terms of business, metrics can define the company's progress in measurable terms to help determine where improvement is needed.
According to Baird, companies should monitor no more than nine metrics at any one time to maximize organizational performance. Baird examined five specific metrics that are essential to a successful organization:
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