Is your company contributing to the $57 billion being spent on Business Performance Management (BPM) this year, but you are still struggling to manage the execution of your strategic goals?
If so, it might be time for a new performance management system. Ohio Business Intelligence Software consultant, Brad Blackmore presented the following solution at Socius' Aspire conference in October:
BPM is a series of business processes designed to optimize the development, execution and management of business strategy. It involves two primary goals:
Underlying every BPM is a Performance Management System that compares actual results to the objectives. This comparison is necessary to give the data meaning. An effective Performance Management System will:
4. Align strategies and actions in a strategy map
5. Select metrics and set targets
6. Implementation
7. Roll-out and conduct strategic reviews
To see an example of BPM through a Balanced Scorecard, download Brad's presentation.
Contact Socius if you would like assistance implementing a Balanced Scorecard approach to BPM in your organization.
If so, it might be time for a new performance management system. Ohio Business Intelligence Software consultant, Brad Blackmore presented the following solution at Socius' Aspire conference in October:
BPM is a series of business processes designed to optimize the development, execution and management of business strategy. It involves two primary goals:
- Facilitate the creation of strategic goals
- Support the subsequent management of the performance and progress toward those goals
Underlying every BPM is a Performance Management System that compares actual results to the objectives. This comparison is necessary to give the data meaning. An effective Performance Management System will:
- Focus on critical success factors
- Be a mix of past, present, and future
- Balance the needs of all stakeholders
- Flow from top to bottom
- Have research and reality based targets
So what does an effective Performance Management System look like? One great example is the Balanced Scorecard. 
Follow these steps to develop a Balanced Scorecard:
- Values
- Mission
- Vision
- External environment
- Industry environment
- Balanced Scorecard SWOT
4. Align strategies and actions in a strategy map
5. Select metrics and set targets
6. Implementation
7. Roll-out and conduct strategic reviews
To see an example of BPM through a Balanced Scorecard, download Brad's presentation.
Contact Socius if you would like assistance implementing a Balanced Scorecard approach to BPM in your organization.
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