Improving Your Metrics Strategy with a Better Approach to Data

By Eric Newell | January 27, 2025

build metrics story

Everyone wants to be more data-driven by focusing on tracking meaningful metrics. These metrics act as a compass, providing insight into your organization’s performance and guiding key decisions. While Key Performance Indicators (KPIs) often steal the spotlight, it’s equally important to track a broader set of metrics for a clearer picture of where your business stands and where it’s headed.

At Stoneridge Software, we understand the importance of building a solid metrics framework to guide your business toward growth and success. Whether it's identifying the right metrics to track, analyzing trends over time, or establishing a consistent review cadence, having a clear system in place is key. Here’s how to approach setting and tracking effective metrics for 2025.

Build Your Metrics Story

A well-crafted metrics story is built around identifying and tracking the right KPIs for your business goals. It begins with defining what success looks like for your organization. These metrics should be aligned with your strategic objectives and should provide insight into how well your business is performing.

Start with leading indicators—data points that give you a glimpse into future outcomes, such as sales pipeline health, production timelines, and customer engagement metrics. These indicators allow you to predict the near future and adjust your strategies proactively.

On the flip side, lagging indicators measure past performance and help evaluate your results, including financial statements and revenue. While useful for assessing what’s been achieved, they don't offer much insight into the future.

Leading vs. Lagging Indicators

Both types of indicators are essential for a complete view of your business. Here’s a breakdown:

Leading Indicators (Future-Focused)

  • Sales pipeline metrics (e.g., opportunities, leads, meetings, proposals)
  • Forecasted billable hours
  • Planned orders

Lagging Indicators: (Past Performance)

  • Revenue and profit margins
  • Financial reports (e.g., balance sheets, income statements)
  • Customer retention rates

Both types of indicators are important, but understanding when to focus on each can help you make smarter, more informed decisions.

When to Track Your Metrics

The frequency of tracking depends on the metric's nature and your business needs. Here’s how often you should review different types of data:

  • Day-to-day: Monitor operational metrics like production status, customer support, or short-term sales activities to stay on top of real-time needs.
  • Weekly: This is a great time to look at leading indicators - check pipeline health and engagement metrics, like sales activity or client feedback, to quickly identify areas for improvement.
  • Monthly: Use this time to evaluate trends and compare performance month-over-month, assessing the effectiveness of your strategies. Learn what you can from your financial performance to give you insight.
  • Quarterly and Annually: Take a step back to review overarching trends for a larger perspective on growth and long-term development.

While lagging indicators like financial statements may only be available at the end of the month, leading indicators should be tracked more frequently to give you time to course-correct.

Track Trends Over Time

One of the best ways to understand your business is by analyzing trends. Comparing month-over-month, quarter-over-quarter, or year-over-year data reveals whether you’re improving, holding steady, or falling behind.

For example, comparing January 2024 sales to January 2025 can help you identify an upward trend or areas needing attention. While monthly comparisons are useful, don’t be afraid to dive deeper and look at quarterly or annual trends for a broader picture.

Leverage Technology for Smarter Metrics Tracking

The right tools make tracking and interpreting metrics much easier. If you’re already using a Dynamics 365 solution, integrating Power BI can help turn your data into actionable insights and visual reports.

At Stoneridge, our Data Insights team can help your organization build systems for tracking and analyzing metrics, ensuring that the right data is captured and interpreted correctly. From optimizing financial reporting to enhancing sales analytics and streamlining data infrastructure, we can help you connect the dots and make informed decisions.

Move Forward with Metrics

Tracking meaningful metrics is essential for monitoring performance and guiding decisions. By combining leading and lagging indicators, establishing a consistent cadence for reviews, and analyzing trends over time, you can create a clear roadmap for your business’s growth. The most important thing is to start tracking metrics, even if it’s just the basics, and refine your approach as you go to ensure you’re always tracking what matters most.

We’re here to help you develop the strategies, tools, and systems you need to successfully track metrics and drive success in 2025 and beyond. Get in touch to learn more.

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