What is Performance Management?
Performance Management started to emerge around 2000 with the aim of reconciling strategic objectives and effective business activities. Simply put, to what extent does your company achieve its strategic goals, and how can you improve your methods of working to achieve those goals faster & more efficiently?
This is a brief overview of some of the building blocks for an effective Performance Management solution:
- Key Performance Indicators (KPIs) or Balanced Scorecarding
- Linking KPIs with financial processes, e.g. planning, forecasting, budgeting, etc.
- Activity-based management or profitability analysis
- Drawing up strategy with a clear planning
- Integration with financial consolidation and management reporting processes
By intelligently connecting these building blocks, it becomes possible to make the right analyses for your company, with the result that you can improve your processes with a view to achieving your strategic objectives.
Your path to an integrated vision
element61 has more than 10 years of experience in assisting larger Flemish and Belgian companies as well as smaller organisations in achieving stronger Performance Management. Not only do we assist in setting out and implementing a step-by-step plan or roadmap, we also support the automation of all important budget and planning processes in your company, in your existing data warehouse architecture.
That is why it is crucial that you choose an integrated vision for both Performance Management and Business Intelligence. Both are based on common (historical) data, meaning that the combination of the two can lead to a powerful way of working for your company.