Collect success measures. What Key Performance Indicators (KPIs) signal project success? Understanding these measures helps the team focus on the truly important tasks and helps guide project planning.
A dashboard is a vital tool for monitoring the daily health of your organization. From a single interface, decision makers have access to Key Performance Indicators (KPIs) 'ac-tionable information that can be used to actively guide business performance. A dash- board is like an executive intranet, a site where everything of interest to you is displayed in logical groupings. At a high level, it may seem relatively easy to build one. Companies that have a good handle on what performance indicators are of strategic importance to the organization, may feel collecting and summarizing supporting data and putting it in one place shouldn't be that difficult. However, such oversimplification can lead to a failed project before it ever gets off the ground.
Implementation plans should encompass the five best practices of strategic alignment: Define strategy and align initiatives, metrics, people, and tasks with corporate goals Clearly communicate strategies and plans Use incentives to drive employee behaviors needed to meet objectives Collaborate and monitor progress regularly to identify problems Measure performance using key performance indicators (KPIs) so that issues can be resolved early
Establishing key performance indicators (KPIs) early and measuring them often are a key trait of best-run businesses. By gaining visibility of their business and tracking metrics, leaders can drive accountability into the business (and extend it through their value chain). Once business processes are defined and unified, these KPIs can be built into automated tasks, reports, and real-time analytics. Metrics empower employee decision making at the point of action, reduce risk, and ensure better control and long-term business viability. Better yet, small decisions don’t get bottlenecked at the top.
The management team expects to cut costs, bring products to market sooner, comply with regulations, and improve core end-to-end processes, like the order-to-cash process. The business case is built on the fact that the new ERP system will have paid for itself and begun putting profits into the company’s coffers within 18 months of deployment. For the executive team, the decision to go ahead with the purchase is sound, but something unexpected happens along the way to realizing that ROI. Months after the ‘go-live’ fundamental Key Performance Indicators (KPIs) have not improved as planned. What Do You Say When the CEO is Asking Why Your Company Didn’t Reduce the "Order-to- Cash" Cycle Time by 10 Percent, As Planned?