What Challenges Are You Facing ?
Organizations typically focus on measuring financial performance instead of closely monitoring the key drivers of performance, thus limiting management’s view to post fact indicators only.
In addition to monitoring the financial performance of an organization, it is imperative that non financial aspects like management effectiveness, process excellence, brand recognition, and innovation are also closely monitored. This provides a more holistic view of an organization’s performance, and facilitates decisions that lead to long term survival of the organization.
The corner stone to developing an effective and successful performance management framework is, a creation of a holistic description of the strategy, termed as a ‘Strategy Map’ by Kaplan & Norton. This lends itself to identifying critical objectives, measures and initiatives required to drive performance across intangible aspects that are critical to the organization.
Broadpeak Consulting helps clients develop a Balanced Scorecard based performance management framework and related reporting processes enabling them to focus on all aspects that are critical to achieving long term business success.
Broadpeak Consulting also helps in defining a Roadmap for the successful implementation of the Balanced Scorecard.
This is in addition to providing assistance in:
- Designing subsidiary financial reporting frameworks which feed into the Balanced Scorecard. e.g. Budgeting framework, Costing Framework, Chart of Accounts
- Defining data models, required to effectively capture and report the Balanced Scorecard information.
The following shows how various aspects of the performance management are linked, and which service could be provided by Broadpeak Consulting:
Some of the key questions that will be addressed as part of this training are as follows:
- What is business strategy?
- What are the best ways to document and communicate your business strategy?
- What is strategy map and what are its benefits?
- What is Balanced Scorecard and what are its perspectives?
- What is Critical Success Factor and KPIs?
- How should CSFs and KPIs defined?
- How should you set targets and define initiatives?
- How should you automate and implement the Balanced Scorecard based performance management within your organization?
Broadpeak can assist an organisation to define and cascade the enterprise level Balanced Scorecard to BU / Department level and Function / Project level to effectively compliment the financial data so that performance across the enterprise could be effectively monitored.
The BU / Department and Function level scorecards can also be cascaded to the individual level thus enhancing the performance management process at an individual level.