Driver Metric Triple

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Driver Metric Triple

What metrics are in place to gauge the effectiveness of the competitive strategies?

Metrics can do one of two things: They can tell you what you should do, or they can tell you what you should have done. If you use them to tell you what to do, you’ll be using them to measure your successes. But if you use them to tell you what you should have done, you’ll be using them to measure your failures. So clearly it’s the first approach, not the latter, that forward-thinking companies should focus on.

The Advent of Verification and Triple Bottom Line Focused Metrics
In the not too distant past, as I noted above, environmental performance was primarily based upon a company’s compliance with local, state or federal permits and environmental regulations. With the advent of the ISO 14001-2004 Standard and Specification and its companion guidelines over the past 15 years, companies are taking a broader look at the ways they measure environmental performance. In addition, the ISO 14031 Guidelines on Environmental Performance Evaluation provide for establishment of measurable and verifiable environmental performance indicators (EPIs) appropriate to any public or private enterprise.

Many of the potential benefits from linking environmental and economic performance depend on the ability to integrate environmental management practices into the normal course of a company’s operations. The ability to quantify environmental performance in a meaningful way is critical to the effectiveness of this integration.
Adding to the mix of the benchmarks for environmental indicators are the Global Reporting Initiative (GRI) , Global Environmental Management Initiative (GEMI) and the World Business Council for Sustainable Development (WBSCD). Each of these measurements and reporting frameworks provide for reporting on the sustainability-economic, environmental, and social – dimensions of an organizations activities, products, and services.

What to Measure and How to Frame the Message

Do your performance metrics have you tied up in knots? Once organizations decide they have to do more measuring, then the key question becomes: What do we measure and how do we measure it? A few tips:

1. Measure things that add value to organizational decisions. Measuring for the sake of measuring is a waste of time.

2. Think about ways to measure things differently that your competitors. Novel and unique metrics are just as important to differentiating you as your products.

3. Measure at a minimum the same way others around the world were measuring, as this assures that globally focused metrics are harmonized.

4. If you are a large company with multiple department, divisions or sites, the metrics of the individual parts must be able to be “rolled up” in a way that addresses the entire organization but still meets site or department specific needs.

When establishing appropriate measures (whether they are social, environmental, operational or financial), consider that metrics must be:

•Representative
•Understandable
•Relevant
•Comparative
•Quantifiable
•Time-based and Normalized
•Unbiased and Validated
•Transferable
Also, make sure that the metrics address the needs of all internal and external stakeholders – in other words, your employees, customers, local community, government and shareholders.

Finally, good metrics if applied properly will foster innovation and growth. Focus on continuous improvement as the primary driver for monitoring and measuring performance. If metrics don’t add value, they will not support continuous improvement and eventually will not be used.

Many of today’s environmental metrics evolved from the end-of-pipe command-and-control regulatory approach that has been implemented in a piecemeal fashion over the past 30 years.

EEP100 - Lecture 19

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