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What is performance measurement?
performance measurement (PM) includes activities that ensure goals are consistently being met in an effective and efficient manner. For example, performance measurement can focus on the performance of:
- An organization
- A department
- An employee
- The processes to build a product or a service
Impact performance measurement
performance measurement has a high impact on managing employee or system performance and aligning their objectives which facilitates the effective delivery of strategic and operational goals. It is important to use integrated software for performance measurement, because it delivers significant return on investment through a range of direct and indirect sales benefits, operational efficiency benefits and optimizing the potential in every employee’s work day. Benefits of PM also include:
- Direct financial gain – grow sales, reduced costs in the organization, and stops project overruns
- Motivated workforce – optimizes incentive plans to specific goals, improves employee engagement, creates transparency in achievement of goals, improves confidence in bonus payment processes, and provides professional development programs
- Improved management control – flexible, responsive to management needs, displays data relationships, helps audit and comply with legislative requirement, simplifies communication of strategic goals scenario planning, and provides well documented and communicated process documentation
8. Relation between KPI and performance measurement?
A key performance indicator is a type of performance measurement that evaluates the success of an organization or of a particular activity which it engages. It is important to choose the correct KPIs for the good understanding of what is important to the organization. Strong research and facts have defined characteristics of effective KPIs:
- Non-financial – not expressed in dollars, yen, pounds or euros
- Timely – measured frequently, for example 24/7, daily or weekly
- Simple – all staff must understand the measure and what corrective action is required
- Team based – responsibility can be assigned to a team or a cluster of teams who work closely together
- Significant impact – affects more than one of the organization’s top CSFs and more than one balanced scorecard perspective
- CEO focus – acted upon by the CEO and senior management team
The key strategies in identifying KPIs are having a pre-defined business process, having requirements for the business processes, having a quantitative/qualitative measurement of the results and comparisons with set goals, and investigating variances and tweaking processes or resources to achieve short-term goals. KPIs have a high impact on business performance, because they benefit:
- Identification of problems
- Cost saving
- Convincing potential clients
- Revealing potential strengths of the organization
By advancing the company’s key goals and project aims, managers are more likely to enhance the organization’s market competitiveness and market share.
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