Magazine article American Banker

To Be More Effective, Get Daily, Not Monthly Reports

Magazine article American Banker

To Be More Effective, Get Daily, Not Monthly Reports

Article excerpt

We are accustomed to managing to historical information. Most of the reports we see are monthly and are received two weeks after the end of a period. Yet we consider them the best source of data that can be acted on, and we base tactics and behaviors on these reports.

In today's warp-speed environment, when the life cycle of a sneaker product is six weeks, acting on month-old information is simply not fast enough. It lets a full month to go by before mid-course corrections can be made, trends reversed or reinforced, and timely recognition given to major accomplishments.

Having recently moved to California, I have learned lessons from members of my own new management team about how to "manage currently." The light-speed pace of change in Silicon Valley and across California has permeated even bank management practices.

Managing currently involves managing to the moment, to the hour. The time unit is not a month or a week but a day or an hour. There is tremendous value in this approach for many reasons.

It validates a great sense of urgency. It facilitates instant gratification and recognition for a job well done (and we all know that the closer recognition is to the event, the more effective it is). It lets only a few hours pass before errors are corrected, minimizing the waste of time on unproductive activities.

The quick decision-making pace permits much testing, since trial-and-error is not as costly when it happens over a very short period. Managing currently brings management and the field closer together, creates intensity and excitement, and improves the content, clarity, and frequency of communication. …

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