The CFO Show Quantifying Impact: Navigating Business Performance Metrics
Mar 19, 2024
Craig Schiff, Founder and CEO of BPM Partners, shares his expertise in Business Performance Management. He discusses the importance of effective KPIs, dashboards, and scorecards in aligning business strategy with execution. Craig highlights the pitfalls of outdated metrics and internal resistance, urging finance to take the lead in shaping a performance-driven culture. He emphasizes prioritizing a few actionable KPIs and fostering trust, accountability, and enjoyment in the workplace. Find out why embracing simplicity can transform your approach to performance metrics!
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Dashboard ≠ Scorecard
- Dashboards are just visual displays while scorecards are collections of KPIs that measure strategic performance.
- KPIs are metrics that matter and populate a performance dashboard when tied to a scorecard.
Tech Is Ready, Culture Is Not
- Technology for dashboards has advanced but companies often lack scorecards that connect metrics to strategy.
- Many projects focus on fixing budgeting or close processes instead of enabling strategy execution.
Phase In Measurement And Pay
- Start small and let teams get comfortable before tying KPIs to compensation.
- Build trust in the data and treat the initial period as learning time with adjustable targets.
