Measurement: The Key to World-Class Performance
DOI link for Measurement: The Key to World-Class Performance
Measurement: The Key to World-Class Performance book
Measuring the right variables has a lot to do with the likelihood of one's future success. Just as better blood analyses have allowed doctors to predict and control health problems before they get out of hand, business executives need to use better data to lead their organizations on a successful path for the future. This is the first chapter of this book, which is about how to rethink one's approach to organizational measurement. Some characteristics of this new approach to measuring organizational performance are concepts such as measuring the vital few key variables rather than the trivial many and linking measures to the factors needed for success, the key business drivers. The benefits of implementing strategic measurement include an 80 percent reduction in the volume of reports that were generated on a monthly basis by a corporate finance function and a more than 50 percent reduction in the amount of time spent in monthly senior management meetings.