Quantifiable Business Metrics to Measure the ROI

Please prepare a response to the below post -- please identify two quantifiable business metrics that could be used to measure the ROI associated with the key considerations in your peer's post. How do those metrics measure what is intended? How might they inform decision making or next steps? Support your reasoning with examples, if possible

What are some key considerations that could drive organizations to put metrics in place to measure the effectiveness of internal communication initiatives?

According to a survey conducted by the International Association of Business Communicators, most (72%) employee communication professionals globally report that internal communications is seen as a key driver of employee engagement with company leadership(Herman, n.d.). Some key considerations can include an indication of employee engagement with the company. Most companies want to measure internal communication effectively, investing time and resources tools to measure such can serve as a proxy for other teams in as far as the level of engagement from different parts of the organization. Internal communications initiatives can be tied into company goals, when employees are engaging and communicating effectively, they are more liable to reach company goals. Another consideration can be promoting a shared vision, ensuring all employees understand the vision and work contributes to achieving the vision and principles. For example, Amazon’s leadership Principles and Apples shared values they both indicate how important internal communication is based on the company values and vision.

“The values we share at Apple inspire the work we share with everyone. They’re also why we’re committed to leaving the world better than we found it. Each of us contributes to that effort in our own way, bringing a passion for what we do best and what we believe matters most. Explore our people’s stories and you’ll see that they’re all different, yet each shows what’s possible when personal and professional values align.” – APPL

How might the metrics be similar or different with an external communications initiative?

Metrics are indicators to show if your communication was effectively or not. It would be different with an external communication because it refers to the exchange of information between the company and any other person or entity from the external environment(LinkedIn, n.d.). This communication includes customers, clients, suppliers, investors, government agencies, the general public, society etc. Whereas the internal communication metrics would be based on the employees and the internal part of the business. Metrics for external can include post engagement rate for a company social media platform, number of website hits, etc. Each business is different so the type of business will regulate what metrics are needed.

Why is the particular business environment organizations operate in an important consideration when implementing metrics?

Metrics are the numbers of data to show how an organization is doing overall. There are different areas of the organization that the metrics will analyze to tell you accurate measurements about how the process is functioning and provide base for you to suggest improvements(MSG, n.d.). Some of these metrics include product turnaround time, production time, number of defects if any, and etc. These metrics measure the performance of the employees in operations function and can help identify where the discrepancy has its roots if a discrepancy has risen. For example, Amazon Site performance metrics are the key to success on Amazon because this metric affect revenue, so optimizing them is a must. Within the site performance metric there are three metrics to help gain such data, those include Buy Box percentage, product ranking and Unit session percentage. The buy box percentage determines how often a vendor show up as a purchase option for a product. Product ranking shows what products are being bought the most or searched the most, this help Amazon determine what products to put in the sponsored listing ads. In conclusion when implementing metrics you have to considered every aspect of the business and each business is different so the type of business will regulate what metrics are needed.