Reimagining the future of business is exciting, but investigating the different paths for unlocking business performance and potential needs to take a holistic approach.
A high potential organization can grow, innovate and transform by taking a systematic approach to identify and develop potentiality into a more solid form and transform it into differentiated business competency.
Performance is accumulated daily achievement; potential is about future performance worthy investment: Performance is an achievement made by business operation; potentiality is the worthy investment and hidden dimension to explore the emerging opportunities. There is performance at strategic and tactical level; there’s individual performance, team performance, and corporate performance. When performance is below their expectations, the management needs to make reasonable inquiries and connect all critical dots for diagnosing the problems and fine-tuning performance smoothly. When performance is under expectation, the management needs to ponder: Is it caused by a lagging mindset, immature capabilities or soft factors such as poor communication or inertia culture? Is it caused by a disconnected or distant layer of management hierarchy or disengaged employees? Is it caused by unclear priorities, bureaucracy, misaligned processes, or lack of clarity or direction, trust, or teamwork? Etc. It’s important to balance a diverse viewpoint of performance management and well define the right “outcome.” It’s strategic imperative to unlock potential – the future performance for accelerating business growth.
Business potentiality includes the overall organizational ability to perform in the future by discovering their strength and building their core competency. It is the worthy investment and hidden dimension to explore the emerging opportunities, explore new business models, and investigate different paths for growth. The potential portfolio investment needs to enhance the strategic objective alignment and accelerate future growth of the business. Performance exploitation is a crucial component of strategy management and potential exploration is an integral part of organizational transformation effort in a structural way. The purpose of performance management is to make continuous improvement. The importance of potentiality management really depends on how and what the organization is utilizing the potential for and how to invest collective potential for building the business competency.
Business intelligence provides clues on performance acceleration and potential maximization: Performance is about crunching data, but goes beyond it. Organizations can harness the power of data to provide the business with a more fact-based performance oversight. All forward thinking companies across the vertical industries are doing data mining to gain in-depth understanding of customers and employees, integrating business intelligence and corporate performance features to run a high performance business. Business Intelligence-led performance management implies the ability to make inferences or predictions from the performance data for making continuous performance improvement. Workforce analytics tools could be diagnostic, or prescriptive, when productivity is low, further analytics is needed for an understanding of the cause. Data based workforce intelligence can unlock collective human potential by leveraging the right talent to solve problems effectively.
Business intelligence with the visualized forms such as reports, dashboards etc, can help business managers understand the business operations from a historical, current and future perspective, in a succinct and visually understandable format. Identifying and exploring talent potentiality is both art and science. There are resources of the individuals who comprise the firm, such as knowledge, education, training, insights, experience, etc. Now with analytical intelligence capabilities combined with social pulse, the organization has more visibility of people's sentiments; they can work to make a motivating environment to increase employee values and optimize employee experiences.
Successful capacity planning and resource management unlock performance and unleash potential: Organizations and their leaders often become so preoccupied with bottom line performance that they lose sight of the human factors that account for it as well as the long term vision on how to unlock future performance. Organizations have limited assets, resources, talent, and time, capacity planning needs to be part of the corporate initiatives around continuous improvement. Corporate resource management needs to be integrated for not only producing high performance results today, but unleashing corporate potentiality.
In many organizations, resources management becomes a bottleneck for digital transformation success. How resource allocation is determined should be understood by all important parties. Create liaison and business partnership, figure out what the business needs, share unique business insight as to what capacity can provide, retool management to model powerful collaboration. Successful capacity planning and resource management are critical to ensure that resources are available before they are needed. The resource allocation scenario needs to be transparent, take advantage of resources effectively, optimize cost, set the right priority, and ensure that the business capacity plans are in line with the corporate direction to achieve the well-defined business goals.
Reimagining the future of business is exciting, but investigating the different paths for unlocking business performance and potential needs to take a holistic approach. Most organizations fail to manage performance effectively because they only focus on assessing past performance, improving processes or crunching numbers only. Performance Management is more as planning than tools, a robust performance management system needs to be more future-oriented, people-centric, output-driven, not process-driven, etc, to enhance a performance improvement-potential discovery continuum.
Business potentiality includes the overall organizational ability to perform in the future by discovering their strength and building their core competency. It is the worthy investment and hidden dimension to explore the emerging opportunities, explore new business models, and investigate different paths for growth. The potential portfolio investment needs to enhance the strategic objective alignment and accelerate future growth of the business. Performance exploitation is a crucial component of strategy management and potential exploration is an integral part of organizational transformation effort in a structural way. The purpose of performance management is to make continuous improvement. The importance of potentiality management really depends on how and what the organization is utilizing the potential for and how to invest collective potential for building the business competency.
Business intelligence provides clues on performance acceleration and potential maximization: Performance is about crunching data, but goes beyond it. Organizations can harness the power of data to provide the business with a more fact-based performance oversight. All forward thinking companies across the vertical industries are doing data mining to gain in-depth understanding of customers and employees, integrating business intelligence and corporate performance features to run a high performance business. Business Intelligence-led performance management implies the ability to make inferences or predictions from the performance data for making continuous performance improvement. Workforce analytics tools could be diagnostic, or prescriptive, when productivity is low, further analytics is needed for an understanding of the cause. Data based workforce intelligence can unlock collective human potential by leveraging the right talent to solve problems effectively.
Business intelligence with the visualized forms such as reports, dashboards etc, can help business managers understand the business operations from a historical, current and future perspective, in a succinct and visually understandable format. Identifying and exploring talent potentiality is both art and science. There are resources of the individuals who comprise the firm, such as knowledge, education, training, insights, experience, etc. Now with analytical intelligence capabilities combined with social pulse, the organization has more visibility of people's sentiments; they can work to make a motivating environment to increase employee values and optimize employee experiences.
In many organizations, resources management becomes a bottleneck for digital transformation success. How resource allocation is determined should be understood by all important parties. Create liaison and business partnership, figure out what the business needs, share unique business insight as to what capacity can provide, retool management to model powerful collaboration. Successful capacity planning and resource management are critical to ensure that resources are available before they are needed. The resource allocation scenario needs to be transparent, take advantage of resources effectively, optimize cost, set the right priority, and ensure that the business capacity plans are in line with the corporate direction to achieve the well-defined business goals.
Reimagining the future of business is exciting, but investigating the different paths for unlocking business performance and potential needs to take a holistic approach. Most organizations fail to manage performance effectively because they only focus on assessing past performance, improving processes or crunching numbers only. Performance Management is more as planning than tools, a robust performance management system needs to be more future-oriented, people-centric, output-driven, not process-driven, etc, to enhance a performance improvement-potential discovery continuum.
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