Streamlining operations, enhancing efficiencies and monitoring performance across various business units, divisions and branches is critical in the financial services sector, says David McWilliam, director at Cortell Corporate Performance Management.
This is the only way for banks to remain profitable, as their prices for “selling” goods and services are determined by the market.
Competitive advantage is intrinsically linked to efficiency, innovation and the ability to service customers effectively, and measuring and understanding key performance indicators (KPIs) against predetermined metrics is key in achieving this. For these reasons, performance management (PM) is seen as a vital tool in financial services.
However, where many organisations go wrong is in assuming that technology is a “silver bullet” which will automatically deliver the required data in a format which is easy to understand and consume.