What is Business Performance?
One of the most distinctive characteristics in measuring an organization's operational performance considers both a quantitative (financial) as well as qualitative (non-financial) measures. In some cases, they are provided through a balanced scorecard framework to examine the organization's capability and evaluation of the same. The analysis may be include benchmarking to find the competency gaps that exist within the company or organization. The results point to potential strategic investment decisions, such as: capability development, outsourcing, focusing or diversification with regards to new products, services or markets. As such, the scorecarding framework is generic in nature and is applicable to benchmark both public or service sector organizations.
Plans, Measurements, and Feedback
Most organizations produce plans, budgets and measure their progress toward their strategic objectives. The impact of reviewing various bast-practices, using feedback approaches to monitor metrics against their objectives provide insight to future actions. Then, "what-if" scenarios can be constructed to explore the probably of future actions.
This process is made up of set of management and analytic processes that allow management to make decisions whether they are meeting stated goals. The availability of quality metrics provide the information relevant for proactive decision-making. Then, from "what-if" scenarios, managers make decisions intended to improve the future performance of the organization.
IBD can assist your team with an effective business performance management approach for your organization, Click contact us.