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Performance measurement and management

Measuring the state of your business and your comparative position versus the competition is key to knowing what's working, and what needs improvement. While everyone has measurements of some sort, they often fall short of providing the kind of information needed for key decisions because they are not timely, contain conflicting objectives, or use a one-time status instead of an ongoing management approach.

:: Developing relevant performance measurements

The Bridgefield Group assists companies in developing performance measurement systems that have the following characteristics:

• Provide timely data, not just a quarterly status report

• Contain proactive leading indicators and warning signals

• Align individual and department goals with overall organization goals

• Contain a prioritized, manageable number of measures

• Provide comparative information vs. industry/competitive standards

Operations  →    Raw data  →    Synthesis/analysis

If it's not measured it can't be improved, so the first step is making sure that relevant, consistent measurements are generated as part of the process. Raw data provides the background for how a status was created; the true value is in creating systems that provide tools for analysis on a predictive, or at least close to real-time basis.

:: Performance management: getting there, staying there

Business and industry conditions are continually changing; processes and measurements that were relevant at a point in time may no longer be helpful in moving forward. Benchmarks provide targets for high levels of performance in your industry, and best practices represent the known optimal methods used to reach those levels. Performance management systems are based on a process instead of a transaction or status point of view, and include not only measurements but also workflow and process modeling tools that help align activities with best practice models and business rules.

:: Bridgefield Group performance measurement/management services

We work with organizations to create dashboards of 5-7 key metrics, higher-level scorecards aligning overall objectives from multiple functional areas, and many other combinations. We help define the measurements, and collection method/timing, that best provide a view towards your key strategic objectives. Our internal database of over 800 general and industry-specific measurements in manufacturing, distribution, finance and IT helps provide a starting point for developing those most relevant to your organization.

In addition to our 2-day Business Performance Measurement education course, we provide fixed-deliverable consulting services to create measurement and management systems, and assist in analyzing workflow, creating process models and building tools that incorporate business rules and unlock value in unstructured data.

For more information, please contact: info@bridgefieldgroup.com