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How to Develop Effective KPIs
Of course Key Performance Indicators (KPIs) are important in business. But, when push comes to shove, KPIs are only really useful if you identify the right ones for your business. And they will only deliver mission-critical data if you use the KPIs and analyse what they tell you on a regular basis to inform your decision making. In this article I outline 10 essential steps that will help you do just that. By following these steps, you can ensure your business doesn’t fall prey to the common KPI errors companies (both big and small) make. 1. Start with strategy You [...]
9 Simple Ways To Prepare For The Key Tech Trends
In my last article, I set out the nine tech mega-trends that are shaping our world. But what do these tech trends mean for your business? Let’s find out. Trend 1: The increasing datafication of our lives The amount of data available to us is only going to increase, and businesses that don’t take advantage of Big Data will be left behind.If you’re thinking only large corporations have the budgets and infrastructure to benefit from Big Data, think again. One significant Big Data trend has been the move towards the delivery of tools and technology through ‘software-as-a-service’ platforms. This means [...]
Balanced Scorecard Software – From The Military To Healthcare
Balanced Scorecard Software is used by a wide variety of businesses and industries including defence, biotechnology, retail, charities and the public sector. Balanced Scorecard Software is used across the board from governmental bodies and the Royal Air Force to blue chip companies such as Barclays bank and medium-sized firms and charities. Balanced Scorecard Software is invaluable. The origin of the balanced scorecard dates back to just 15 years ago when Robert S Kaplan and David P Norton wrote about the idea of measuring performance in the Harvard Business Review. What the two academics wrote has been adopted and utilised in [...]
The 10 biggest mistakes companies make with KPIs
Key Performance Indicators (KPIs) is one of those business topics that has been so widely written about and discussed in management and leadership circles that most people think “they have it covered”. And yet, like most familiar things, this familiarity can breed contempt – and this results in critical errors when it comes to implementing KPIs. Here are the 10 biggest KPI mistakes I have seen businesses make time and time again. Avoid them at all costs! 1. Not linking KPIs to your strategy KPIs are only really useful if they are aligned to your strategy and inform strategic decision [...]
Balanced Scorecard Software Explained
Balanced scorecard software offers a new way of looking at your business that will transform how that business works, helping you achieve your corporate goals. Everybody is aware of the role of consultants whose job is to parachute into organisations and help improve performance or solve internal hitches. But there is a simpler, more cost effective and accessible way to monitor your business using balanced scorecard software. Balanced scorecard software - The Basics The Balanced Scorecard was developed as a framework to measure performance and to highlight the leading and lagging indicators in a business. What made this model different [...]
Balanced Scorecard Software For Operational Effectiveness
More organisations then ever before are accountable for their performance with the emphasis on delivering measurable results, which is why hospitals, the army and the police force are just a few of the organisations using balanced scorecard software. There are hundreds of Balanced Scorecard Software packages available, which is why it's important to opt for specialised and expert advice on the use, selection and implementation of these packages. There's no doubt that the role of balanced scorecard software is a crucial one for many organisations that are required to demonstrate transparent results. And there is certainly no shortage of companies [...]
Performance management software – analysis and user interface
User Interface of performance management software tools You have to decide about your visualisation and performance management data presentation needs for the software application is. Applications vary between very graphical to more text and tables based. One of the most important aspects is the display of strategy maps and cause-and-effect relationships. We recommend going for interactive and dynamic visualisations, where the underlying data is linked to the different elements and where the connection means something. Some performance management software tools just display graphics without any real data, drill-down, or impact analysis functionality. Dynamic maps allows you to use then as [...]
Operating Profit Margin
Operating Profit Margin (often shortened to just Operating Margin) provides an indicator of the operating efficiency and / or pricing strategy of a business. It divides the operating income by revenue to identify the proportion of the revenue that remains after taking out the costs of operating the business (such as labour costs, material supplies, overheads, marketing, admin, etc.). Operating Profit Margin = (Operating Profit / Revenue) x 100 This indicator is included in the book: Key Performance Indicators - the 75+ measures every manager needs to know, which contains an in-depth description of this KPI, as well as practical [...]
What Is The Artificial Intelligence Revolution And Why Does It Matter To Your Business?
As a species, humanity has witnessed three previous industrial revolutions: first came steam/water power, followed by electricity, then computing. Now, we’re in the midst of a fourth industrial revolution, one driven by artificial intelligence and big data. I like to refer to this as the “Intelligence Revolution." But whatever we call it – the fourth industrial revolution, Industry 4.0 or the Intelligence Revolution – one thing is clear: this latest revolution is going to transform our world, just as the three previous industrial revolutions did. What makes AI so impactful, and why now? AI gives intelligent machines (be they computers, [...]
Balanced Scorecard: An Introduction
Over recent years the Balanced Scorecard (BSC) has evolved into one of the most popular strategic management tools. The BSC was developed by Robert Kaplan and David Norton in the early 1990s and initially positioned as a strategic performance measurement innovation to counteract the prevalent financial bias in existing performance measurement systems. The initial idea of the Balanced Scorecard The initial idea of the Balanced Scorecard was that financial measures are lag indicators, which when used in isolation, could lead to short-term thinking. To promote the long-term value creation it was suggested that the financial perspective of performance should be [...]