Performance Measure Development Sheets

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StrategyDriven Organizational Performance Measures Best Practice ArticleEffective performance measurement systems consist of high-quality individual measures associated with a strongly interrelated framework. Using this deliberately developed framework, leaders ascertain organizational performance quickly and accurately. The system itself should be economic to maintain and provide readily available updates typically necessitating a degree of automation. Quality systems present the same view of performance to a broad number of individuals within the organization concurrently. To achieve all of these qualities, each measure must be well thought-out and developed individually and then integrated into the collective system.

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Additional Information

Additional information on the individual characteristics of quality performance measures and their construction can be found in the following StrategyDriven articles and documents:

Articles

Documents

  • Organizational Performance Measures – Types
  • Organizational Performance Measures – Construction

About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.

Style Sheets

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StrategyDriven Organizational Performance Measures Best Practice ArticleA performance measure’s value evolves from its ability to instigate and/or influence action. To do this, the measure must accurately reflect materially important performance parameters and present that information in a timely, readily understandable manner. It is to this later characteristic that performance metric style sheets are critically important.

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About the Author

Nathan Ives, StrategyDriven Principal is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.

Do You and Your Organization Speak Data?

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StrategyDriven Organizational Performance Measures ArticleSpeaking two languages makes you bilingual, and speaking three makes you trilingual. Any more than that, and you are a polyglot. In today’s data-driven business world, you are a data scientist if you can “speak data”.

Our world is becoming more and more about the data it generates. As pressure mounts, people who can analyze, visualize, and interpret data are becoming indispensable, much like a well-versed polyglot who can interpret and translate multiple languages with ease.

Speaking the language of data

Data surrounds us, and the ability to understand and interpret it should be a natural requirement for every individual and organization. Perhaps data and its projection on every surface of our surroundings will be the world’s new sign language. Thus, the new generation of human capital must possess this fundamental skill.

As individuals, we are challenged by the overwhelming amount of data we interact with in every scope of our lives. Learning how to make sense of data is becoming a necessity rather than a choice. If we want to continue to be part of this fascinating and engaging ecology – the world of Big Data, including the smart appliances, classrooms, schools, workplaces, and cities we anticipate in the near future – we need to be able to go beyond just speaking the language of data.

Using a data-driven strategy as a competitive advantage

It does not take a sophisticated algorithm to see the value of data scientists on today’s organizations. Clear distinctions are emerging between organizations that embody and embrace the data-driven world we live in and those who have not adapted and are still following a traditional approaches. Competitive organizations are embracing big data and re-engineering their strategies and processes accordingly.

In essence, these organizations are expanding their family of employees who are well-versed in data at every level of their managerial hierarchy. Clarity and transparency are of the utmost importance to data-driven environments where everyone speaks the language of data.

First and foremost, organizations have limited choices in today’s extremely dynamic business world. Data-driven strategies are inherently dynamic strategies that can help organizations bring the necessary transformations based on materialized and projected evidences. Data-driven strategies are also inherently granular, allowing management to sync and assess different layers of decisions and actions. Furthermore, data-driven strategies permit clear communication, responsibilities, and accountabilities at various decision layers.

Creating a data-driven culture

More importantly, the benefit of speaking the language of data allows organizations to be active in their communities and to learn through continuous engagement and feedback from their stakeholders. These are realities no organization can ignore for survival. However, in order to be competitive, organizations need to delve into the nitty-gritty of the language of data: the grammar, punctuation, and spelling that are required to be proficient in the world of big data. It not only requires passion, but also a bit of obsession.

Eloquent data speakers such as Google, Facebook, and Amazon serve as great role models for other organizations that are encouraged by the returns they see and that understand the growing need for their employees to communicate through data. This shift is not limited to creating a subset of employees who can analyze data, but to create a data-driven culture and environment that embraces all employees’ internal and external interactions as members of the big data ecology.

About the Author

Anteneh Ayanso is an Associate Professor of Information Systems at Brock University’s Goodman School of Business. He is certified in Production and Inventory Management (CPIM) by APICS and teaches and researches in the areas of data management, business analytics, electronic commerce, and electronic government. Anteneh Ayanso can be contacted at (905) 688-5550 x 3498 or [email protected]

5 Ways Predictive Analytics Make or Break a CRM System

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Size doesn’t matter: why predictive analytics prove your customer relationship management methods are likely falling short

 
For a sales-driven organization, it isn’t the size of your data that matters, it’s what you do with it. No longer a discretionary luxury, predictive analytics are now the name of the game for those who seek to utilize customer metrics in a meaningful way to establish a tremendous competitive advantage, gain notable market share and significantly boost bottom lines. In fact, according to the 2015 State of Sales Report published by Salesforce Research, “smart selling fueled by predictive analysis is expected to jump 77% among high performers,” throughout 2016. Not only that but high performers are also four times more likely to use predictive analytics.

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About the Author

Lang SmithLang Smith is the founder of Cloud Signalytics – a first-of-its-kind predictive intelligence software platform helping major franchise auto dealerships create highly precise, individualized customer profiles to maximize sales. He may be reached online at www.cloudsignalytics.com.

Source: https://secure2.sfdcstatic.com/assets/pdf/misc/state-of-sales-report-salesforce.pdf

Ensuring your business’s data integrity empowers profitable business decisions

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A business’s life source is its data, and with the recent data breaches and cyber attacks, the state of a business’s data has become a top concern. Organizations rely on their data in order to make critical operational, tactical, and transactional business decisions that significantly affect the survival and livelihood of their company. The data with which is used to make decisions must be accurate, consistent, and reliable. Breaches of data integrity, or BDIs, can damage a company’s reputation, demographic, product or service, or what’s worse, and often the outcome, finances. Data integrity can become compromised intentionally, via cyber thievery, or as a result of system changes, human error, or natural causes. Fortunately, companies are becoming more aware that a data integrity insurance system is a necessity and are implementing new technologies into their business processes in order to safeguard against a data breach.

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About the Author

Richard MilamRichard Milam is the Founder and CEO of EnableSoft Incorporated (www.enablesoft.com). EnableSoft, is engaged in offering game changing software products and services to the business and financial services industry, healthcare and a dozen other markets. EnableSoft serves over 500 corporate clients worldwide. Prior to founding EnableSoft in 1995, Richard was a partner and served as Senior Vice President of FiTech PLUSmark, Inc. Richard designed and implemented a business plan to offer bank merger data conversion services which resulted in the successful merger of over 50 financial institutions.

References:

  • Cosgrove, T. JD., & Rosa, C. (2014). Breaches of Data Integrity (BDIs). ispeak. Retrieved from http://blog.ispe.org/?p=1466
  • David, J. E., & Best, I., (2014). Target Data Breach Impacted As Many As 110M People. The Fiscal Times. Retrieved from http://www.thefiscaltimes.com/Articles/2014/01/10/Target-Data-Breach-Impacted-Many-110M-People
  • Ernst & Young LLP. (2014). Cyber insurance, security and data integrity. Retrieved from http://www.ey.com/Publication/vwLUAssets/EY_-_Insights_into_cyber_security_and_risk/$FILE/ey-cyber-insurance-thought-leadership.pdf
  • Prince, K. (2008). Health care data security breaches in the U.S. SC Magazine. Retrieved from http://www.scmagazine.com/health-care-data-security-breaches-in-the-us/article/120069/
  • Santillan, M. (2015). Takeaways From the 2015 Verizon Data Breach Investigations Report. THE STATE OF SECURITY. Retrieved from http://www.tripwire.com/state-of-security/security-data- protection/cyber-security/takeaways-from-the-2015-verizon-data-breach-investigations-report/