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Performance management – the measurement trap (part 1)
The Measurement Trap in Strategic Performance Management Performance measures are vital aspects of our organizations and performance management. To go with the words of the fifth century B.C. philosopher Philolaus - without measures we can understand nothing and know nothing. Once organizations have defined and clarified their strategy, measures can be used to gauge performance in comparison to, for example, their expectations, targets or competitors. Measures enable us to define future goals like a certain market share or shareholder value, and they should help us understand whether we are on the right track towards delivering our strategy. Indicators should allow [...]
OKR Examples: Real-World Objectives And Key Results
If it’s good enough for Google, right? The Objectives and Key Results (OKR) management framework popularised by Google has gained enormous traction in recent years. But what does the OKR approach involve? In this article, I’ll give a very quick overview of the OKR process, followed by plenty of practical OKR examples. What are OKRs? I’ve written in depth about OKRs, so I’ll give just a very brief summary of the framework here. The OKR framework is a process for setting goals. It’s broken down into two parts: your Objective (what you want to achieve) and your Key Results (what [...]
Performance Review Meetings: 4 Examples And Templates Every Company Should Consider
You can’t leave your organisation’s performance to chance. I have seen many really good and truly poor performance review routines in my work with many of the world’s best-known brands and governments. If you want to create a culture of fact-based decision making and drive performance, then I would recommend that you consider creating four types of meetings to discuss performance in your organisation. These include: Strategy revision meetings Strategic company performance preview meetings Operational company performance improvement meetings Personal performance improvement meetings One thing they all have in common is that none of them are called ‘review’ meetings. That [...]
Performance management software – the make or buy question (part 1)
The market for performance management software solutions is growing rapidly. You just need to turn to the Internet, search on strategic performance management software solutions, and you will easily find in excess of 50 different vendors all of whom are willing to offer you a performance management application. Each performance management software vendor will claim unique advantages and features of their particular product, and each vendor will be able to provide credentials from satisfied users. Make or buy Performance Management Software One of the fist questions you will be faced with is: Do I buy a packaged performance management software [...]
The Digital Transformation Of Accounting And Finance – Artificial Intelligence, Robots And Chatbots
It turns out that we might be at the perfect storm where how we store and access financial information combined with the maturation of tech capabilities are all in place to accelerate the digital transformation of accounting and finance. Just as others who faced the prospect of machines taking over jobs that used to be done by humans, accounting and finance professionals might anticipate the reality of 4th Industrial Revolution with fear. Actually, when machines take over repetitive, time-consuming and redundant tasks, it will free human finance professionals to do higher level and more lucrative analysis and counselling four their [...]
What’s The Difference Between Lagging And Leading Indicator?
Do you know the best way to manage performance? It’s a combination of the insights you get from looking back (your lagging indicators) along with those that are forward-looking (leading indicators). While these terms aren’t new, it’s important to understand them to set up your performance management system for success. I have found when working with businesses to establish their performance measurement systems and key performance indicators (KPIs) that there can be ambiguity around the terms leading and lagging indicators. Let’s delve into what these terms mean to help straighten that out. Out the Windshield or the Rearview? A simple way to [...]
What Is The Best Book On Artificial Intelligence (AI)?
AI is rapidly changing the way we live and do business, which leaves many business leaders feeling like they’re struggling to keep pace with developments. As such, business leaders often ask me for tips on recommend reading – they want to know which books will help them understand the AI revolution, grasp its impact on our world and plan for an AI-driven future. I read a lot about AI, for my consulting work, and more recently as research for my latest book ‘Artificial Intelligence in practice’ and, of course, because I find the subject absolutely fascinating. In fact, I’d say [...]
What Is The Difference Between Strategic And Operational KPIs?
KPIs (or Key Performance Indicators) are used to measure strategic objectives, that is, monitoring where an organisation is now in relation to where it wants to be in the future. KPIs can also be used to measure operational objectives, that is, monitoring the internal operational delivery on a daily basis. These two activities are not the same – they require different types of KPIs. What are operational KPIs? Operational KPIs seek to get closer and closer to ‘real time’ measurement, so you can assess what’s actually happening in the business on an hourly, daily, weekly and monthly basis. These insights [...]
The AI Skills Crisis And How To Close The Gap
Synopsis: Now that the potential of artificial intelligence (AI) to solve business problems is accepted more than it’s denied, companies are excited to begin implementation. The biggest impediment to AI implementation is finding skilled AI talent. We look at why there’s an AI skills crisis and how we can close the gap. Now that nearly every company is considering how artificial intelligence (AI) applications can positively impact their businesses, they are on the hunt for professionals to help them make their vision a reality. According to research done by Glassdoor, data scientists have the No. 1 job in the United [...]
The Top 10 Artificial Intelligence Trends Everyone Should Be Watching
Artificial Intelligence (AI) has undoubtedly been the technology storey of the 2010s, and it doesn't look like the excitement is going to wear off as a new decade dawns. The past decade will be remembered as the time when machines that can truly be thought of as “intelligent” – as in capable of thinking, and learning, like we do – started to become a reality outside of science fiction. While no prediction engine has yet been built that can plot the course of AI over the coming decade, we can be fairly certain about what might happen over the next [...]