Corporate Performance Management
Every business needs to gather, consolidate and publish information on performance as quickly and effectively as possible so decision-makers can respond to changes, take advantage of opportunities and plan for growth.
Effective Performance Management means asking 3 key questions:
- How are we doing?
- Why is performance what it is?
- What should we be doing?
Reporting and Analysis addresses questions 1 & 2 above, while question 3 is addressed by Planning and Forecasting. The diagram below illustrates typical data sources that would feed into a Performance Management System and the type of reports that can be produced.
The Elements of a Performance Management System
The tools now available for manipulating data and making it available for analysis are so sophisticated that midsize enterprises can deploy a performance management system easily and for a relatively low cost. If a business is collecting data for its finance system for standard reports it will typically have the data sources outlined below that can feed into a more comprehensive view of business performance.
For more information download our White Paper, "Performance Management in the Hospitality Sector" here
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