I was recently reading about Chase Bank’s $5 billion trading loss, as I came across this article describing some of the managers’ reactions shared with the CEO, Jamie Dimon. Check out the following statement from the article, which I find the most powerful.
On April 30, associates who were gathered in a conference room handed Mr. Dimon summaries and analyses of the losses. But there were no details about the trades themselves. "I want to see the positions!" he barked, throwing down the papers, according to attendees. "Now! I want to see everything!" When Mr. Dimon saw the numbers, these people say, he couldn’t breathe.
The fascinating part of this is that they HANDED the summaries to him. Really?! One of the largest banks in the world, and it isn’t real-time? Instead of drilling into the numbers, he gets to hold onto a sheet of paper…WOW…
A really good decision making solution should allow you to follow important metrics and set thresholds within the business.. We build solutions like this every day for companies that need to monitor what is going on with instant alerts to important metrics. The following dashboard shows the relationships between important metrics and how they affect each other.
Even better, since Mr. Dimon travels a lot, he should have the ability to access this information on his tablet. So, from the Dashboard, to the Desktop and to your Device, your most important metrics are with you, no matter where you are. No more getting caught in the evening news, not knowing.
When I read articles like this, are there are a lot of them, it really proves the point that a company decision maker needs the right tools to do their jobs. That is one of the reasons why we built our Executive Innovation Center and take CxO’s through this experience so they can see what is possible with the right productivity software tools. Now they can spend less time in software and more time making decisions.