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A Real Business Coach
I try to write articles that will be of help to the business
owner and I believe this one will, too. It may sound a little
self serving at times because, after all, I am a business coach.
However, I get many questions and there is some confusion...
Investments - Short Term or Long Term?
Many find investments to be a risky deal not because investments of any kind require fair amount of speculative measures for comparatively larger returns, but because they lack the knowledge about what to invest in and when.
Investments,...
Pragmatic Consulting from the Client's Perspective
In my career I have been fortunate enough to work for two of the best companies on earth: Accenture and Microsoft. In my eleven years at Accenture I got a tremendous education on systems development, project management, strategic planning, and...
Public Relations – Defining Your Organization from the Inside Out
What do your customers say about your company?
Would you let your major competitor control your sales strategy?
Public relations is an inevitable consequence of being in business. Whether you like it or not, your corporate image evolves...
What To Consider Before Approaching Lenders
Dealing with a bank doesn't have to be like walking through a maze in the dark. Keeping the following points in mind when you approach a bank should help you through the process. Lenders are looking to satisfy themselves of the following: 1. That...
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Performance Measures: A Key to Organizational Success
Performance Measures: A Key to Organizational Success By: Satgin
Seraj
In order to succeed in today's complex, fast paced and
competitive business environment, organizations need to utilize
tools that help them gain and maintain a strong position in
their industry. More specifically, management needs to utilize
comprehensive tools that help them track and analyze projects,
employees, processes, etc. There are many circumstances in which
the aforementioned, as well as, other factors, do not function
in the capacity or manner that is conducive to goal achievement
and success. To remedy this situation and to increase the
overall knowledge regarding an organization, management needs to
utilize tools that better help them achieve their goals. An
essential tool that can be utilized by management to assess an
organization's performance is performance measurement.
The utilization of performance measures helps organizations
enhance their operation's performance. They provide both
qualitative and quantitative methods to track, analyze and
characterize performance. In addition, performance measures
provide management with the tools needed to track an
organizations progress against its strategic plan and set goals.
Moreover, this measurement technique provides management with a
mechanism to manage its financial and non-financial, tangible
and in-tangible aspects of their organization. It is vital for
an organization's success and competitiveness for managers to
actively monitor and control functions. Identifying key
performance indicators and measures and comparing them against
established target values for those indicators, provides
comprehensive and analytical methods to measure organizational
performance and help monitor and control functions.
Organizations succeed when their units,
support functions and
employees work together in a manner that is conducive to goal
achievement. Performance measures provide tools for management
to align the organization's activities, including the above, to
its strategy by monitoring performance. Thus, helping management
better pin point and understand strengths and weaknesses within
the organization. As a result, they are better equipped to
address concerns and develop strategies to enhance strengths and
remedy weaknesses. There are numerous types of performance
measures that can be used. One example of a performance measure
that can be used is benchmarking.
Benchmarking is an effective tool that can enhance
organizational performance and its overall effectiveness and
efficiency. It can help management evaluate factors that affect
an organization's productivity in relation to the best practices
regarding the same factor(s). More specifically, benchmarking
helps management to have a point of reference for measurement of
various aspects and factors concerning their organization,
including employee performance, project success levels, etc.
Management cannot effectively govern and manage an organization
in an information vacuum. In order to facilitate the development
and maintenance of an efficient and effective organization,
management needs to utilize tools that provide a balanced,
comprehensive and analytical perspective on their organization's
strengths and weaknesses. A fundamental tool that can be
utilized to attain such a perspective is performance
measurement, which includes benchmarking. On a final note, a
balanced approach to performance planning, measurement and
management is a key component to help an organization better
achieve success and maintain a strong position in their
industry.
About the author:
None
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