Friday, March 20, 2020

The Monthly “Performance Master” Summary: Performance Management Pitfalls Mar. 2020

Performance management is about how organizations manage performance at both strategic and operational levels to achieve the well-set business goals and objectives. 

Corporate Performance Management is a management control from strategy to the shop floor. "If you can't measure, you can't manage," legendary management guru Peter Drucker once asserted. Managing performance means understanding results, setting metrics, fixing plans, and making decisions to ensure it happens. It takes multifaceted approaches from multidimensional perspectives to unlock digital performance and catalyze change.


Performance Management Pitfalls

Three Pitfalls in Measuring Digital Performance Digital transformation represents a break from the past, with a high level of impact and complexity. The change efforts need to be undertaken as the means of getting to a differentiated capability to accomplish a defined goal. Otherwise, they cannot have a clear focus and business rationale that is essential to gaining any traction in changing. Keep in mind, you can only manage what you measure. It’s important to avoid varying performance measurement pitfalls, to ensure that digital performance measurement is both qualitative and quantitative and tell the data-based.

Performance Management Pitfalls Performance management is about how organizations manage performance at both strategic and operational levels to achieve the well-set business goals and objectives. Due to fierce competition and exponential growth of information, Performance Management is critical as new competitive challenges and active market changes underscore the strategic imperative of managing performance more than ever.

A Set of Blind Spots in Performance Management Performance Management System (PMS) is a working tool that improves performance or productivity within an organization. Often strategy management and performance management go hand in hand. There is a danger of not having a dynamic process to "develop, nurture, and measure" business performance.

The Pitfalls of Performance Measurement Performance Management is not a bunch of paperwork, but a combination of management approaches leading to constantly improving business results. The purpose of managing performance is about setting performance metrics to evaluate the status of strategy management, making objective assessments of business results, and understanding performance measurement contextually.

Digital Performance Measurement Pitfalls Digital transformation is a journey, from digital strategy crafting to organizational structure tuning, it has to permeate into the business vision, strategy, mindset, culture, communication, action, process & capability, and last, but not least, performance measurement and management. There are a lot of additional parameters, correlations, and context that should be taken into account as digital transformation is dynamic, complex and holistic. How to avoid performance measurement pitfalls and make the objective assessment of digital organizational maturity?

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Nice article, it is very helpful for me. i really appreciate your efforts. this is interesting to read and very clearly explained the ideas. thanks for sharing such an amazing article.

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