When we think of measurements, metrics, and key data, the National Basketball Association is not what usually comes to mind. However, in a recent article in the January 2014 Men’s Journal, Mike Rubin discusses a new sport tracking system that is being used throughout the league. This is his description of the data that will be instantly tracked; “Tracking every pass including free-throw assists (passes that led to a player being fouled), secondary or “hockey” assists (passes to the passer that got credit for an assist), and securing the most rebounds in traffic and who’s creating the most rebound chances. Metrics related to protecting the rim (how a defender near the basket affects both shot selection and field-goal percentage) will offer an assessment of defensive impact insufficiently detailed by such fuzzy statistics as blocked shots(Rubin, p.30).” The NBA has always used information to try to improve their teams and gain a competitive advantage. Mike relates in the article a quote from Brad Stevens, the new coach of the Boston Celtics concerning the value of information, “You’re always looking for any little edge you can get. From a coaching standpoint, you try to put your guys in positions where they can best be successful, and a lot of those numbers help you do that (Rubin, p.31).”
An important lesson from the NBA must be absorbed by every business owner. Accurate, timely information and the correct use of it are vital to the success of their company. Business leaders must know and understand thoroughly the critical measurements that drive success. Many are unique to their companies and industries, while other measurements are universal to all businesses.
Here are important questions for you, the business owner.
- Do you know the vital metrics that need to be tracked in your company?
- Do you understand the impact of them to your profits and growth?
- Are you tracking them timely and using them to take corrective action?
Answering these questions in the affirmative will give you a competitive advantage and result in a company of the highest value possible.
*Rubin, Mike, (January 2014), Men’s Journal