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Achieving Competitive Advantage through Collaboration with Key Customers and Suppliers
An Evolving Operational Focus
In the past when companies pondered corporate strategy,
operations had been peripheral to the discussion. Operations
were considered a technical matter with one way of doing things
and therefore not,...
Affluent Turn Cautious in Outlook for Personal Spending and the Economy
The Affluent Market Tracking Study #8, the just released Fall
2005 report in a continuing series of twice-yearly surveys by
The American Affluence Research Center (AARC), reveals several
important changes in the 12- month economic outlook and...
Business Planning Myopia
With few exceptions, business plans tend to change very little from year to year. In most cases it's a matter taking last year's plan, making a few modifications, changing the dates and the title page and attaching new financials. After all, we're...
Temporary Staffing Agency: How to Start
The temporary staffing industry continues to expand, with yearly double-digit growth being commonplace. Companies find it convenient and cost-effective to work with a temporary staffing agency to fulfill unforeseen demand, fill short-term...
The Do's and Dont's of Creating Business Partnerships
The Art of Strategic Alliance I run a small meeting, event and conference planning company based in the New York City area. As an entrepeneur and small business owner with a limited advertising and marketing budget, developing business partnerships...
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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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| Adapted from the Field Guide to Nonprofit Strategic Planning and Facilitation. ... First, a Point About For-Profit and Nonprofit Strategic Planning ... |
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| en.wikipedia.org |
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| Strategic Planning Society: Strategy Development and Implementation |
| Strategic Planning Society: Strategy Development and Implementation. |
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| Guide 7 |
| Strategic Planning in Smaller Nonprofit Organizations ... In short, as a result of a strategic planning process, an organization will have a clearer idea of ... |
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| Your browser may not have a PDF reader available. Google recommends visiting our text version of this document. |
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| Business Publications related to Corporate Strategic Planning. |
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| LEADERSHIP: Strategic Planning and Strategic Management |
| Introduction: Is strategic planning really worth it? ... The purpose of strategic planning is to encourage thinking about your organization's "big ... |
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| The CEO Refresher Archives - Strategic Planning |
| When done right, the integrated strategic planning process can take a ... Strategic Planning and Project Management: The Key to Successful Implementation ... |
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| HEFCE : Publications : 2000 : 00/24 - Strategic planning in higher ... |
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| The Association for Strategic Planning |
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| Amazon.com: Strategic Planning for Nonprofit Organizations: A ... |
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