I attended a meeting where the focus of the discussion was on performance measurement for a financial reporting team. The objective was to determine one service result that the team would be measured on. As there is a schedule for the distribution of the monthly report, timeliness was top-of-mind. At… [More]
Results monitoring serves as a tracking mechanism to reflect performance. Superb results imply that work is being carried out in excellence. Poor results indicate that there are hiccups somewhere along the way. A savvy manager would learn about the excellent execution and seek to replicate success. At the same time,… [More]
Not sure what drives success? Consider the causal link to result. The relationship between action and outcome is crucial to defining what is important to measure.
As the new year kicks into gear, companies are busy with setting goals. At the corporate level, targets relating to revenue, expenses, market share, and other high level goals are set. To support these goals, each team in the company needs to work cohesively. This requires establishing team targets that… [More]
To assess whether you have achieved your goals for the year, you need to review the results you have been monitoring. Listen to the podcast and see what the 3 key elements are for results measurement.
Companies spend millions each year to invest in initiatives to enhance their business. They are diligent in the preparation of a business case to justify the need. A committee reviews the business case before the requested fund is granted. Upon implementation, there is little effort spent on monitoring how the… [More]
The different types of performance measures are used for different purposes. Don’t get overwhelmed by their label, focus on what you want to achieve.
Industry benchmarks are used widely to compare relative performance and gauge where your company stands. Beware the validity of the comparison. You might be comparing apples with oranges. Results are comparable when companies run their business exactly the same way. We know that is hardly the case. Product offerings, size,… [More]
Measurement involves logic and numbers. The more granular and precise you get, the measurement better reflects specific outcome. We deal with all sorts of measurement in our daily lives, from the volume of water we consume to the gas consumption of our automobile. Professional athletes are meticulous with their calories…. [More]
This is the time of the year when most companies issue their annual financial statements. In light of gathering insight on what financial metrics companies use, I decided to glean through the annual reports I received. The pages and pages of financial results and ratios are fairly similar across businesses…. [More]
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