Magazine article Strategic Finance

Driving a Culture of Performance

Magazine article Strategic Finance

Driving a Culture of Performance

Article excerpt

Companies face increasing difficulties implementing business strategy successfully. Global workforces, disruptive technologies, and macroeconomic upheaval are only some of the factors making today's business analysis extremely difficult. Businesses also face an explosion of data, making it even more difficult to provide meaningful information to decision makers. In Drive Business Performance, authors Bruno Aziza and Joey Fitts provide a well-crafted roadmap for any business looking to improve how it analyzes and plans its business operations.

Aziza and Fitts present a three-step framework that businesses should follow when implementing or improving performance management systems: monitor, analyze, and plan. The authors look to extend the teachings of Robert Kaplan and David Norton's The Balanced Scorecard into an implementation plan for all employees to access the information needed for decisions, detailing a six-stage process that businesses can use to build performance management capabilities:

* Increase visibility by developing consistent data and aligning execution.

* Move beyond gut feel to drive data-based decisions instead of decisions based on individual intuition.

* Plan for success by turning the planning process from a resourceintensive academic exercise into an efficient, accurate forecast of future events.

* Execute on strategy to deliver results compared to plan, and develop a culture of trust and accountability.

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* Power to compete by incorporating external market factors into the planning process and adjusting planning for these factors.

* Create a culture of performance based on shared accountability, adaptability to changing conditions, and the value of information as a prized asset.

Many business executives will find their own companies within one of these steps. …

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