We live in a world where performance is a key measurement to daily living. It has become ingrained in every action that we take: “Is this the optimum route to my destination?”, “Can I become more effective with daily tasks?”, “How can I utilise my time more efficiently to meet those deadlines?”
Performance management is the active undertaking of re-shaping an organisation with a view to enabling enhanced performance in its field as well as strategic success. When considering the term at its most fundamental level, all organisations undergo performance management via their executives and managers.
In order to increase performance, managers must work towards an ultimate strategy through incremental implementation involving the management, measurement, and reporting of crucial data. Because there are various factors involved, Performance Management is often seen as two related fields that collaborate to form a total endeavour; these fields pertaining to a given corporation and its personnel.
Corporate Performance Management
Sometimes also referred to as Strategic Performance Management or Enterprise Performance Management, Corporate Performance Management (CPM) focusses on the performance of an organisation as a whole. The term covers the management processes aimed at the definition and execution of a strategy. In that regard, the term also applies to the measurement and monitoring of the performance that drives strategic decision-making and growth.
Thus, like Performance Management itself, Corporate Performance Management applies to various sub-categories of processes aimed at improving strategic performance, such as the definition of strategies, performance measurement and analysis, as well as performance reviewing and reporting.
In order to effectively manage these processes, CPM utilises various tools, such as financial and operational analytics, planning and budgeting, scenario planning and forecasting, statutory and stakeholder reporting, management reporting, and financial consolidation.
Effective Performance Management Solutions
Performance Management itself is the culmination of the effective management of an organisation. By introducing automated processes to align the strategic goals of organisations and their employees, and successfully manage and report on the processes central to those strategies, many companies are able to clearly and efficiently outperform their competition.
Cortell’s Performance Management solutions supplement our consultants’ extensive experience with the deployment of leading automation software. If your organisation would like more information on the specifics of Business Performance Management, please visit our website or feel free to contact us.
While all organisations might undergo some level of performance management, CPM that effectively targets the achievement of enterprise objectives requires a unique amalgamation of process and personnel alignment. But, through this amalgamation it is possible to re-shape an organisation in such a way that it ensures ultimate performance; sustainable in the long-term.