What is Performance Management?

MindStream Performance Management Analytics

Business continues to change at an ever more rapid pace. Volatile market dynamics have immediate impact on a global scale. Organizations today are faced with higher degrees of uncertainty, forcing them to reinvent management practices, and to develop superior capabilities to manage the current performance and long term sustainability of their business. Corporate Boards and regulators are placing greater demands for transparency and accountability on these organizations. These new demands are piled on top of the traditional risks of globalization, deregulation, technology advancements, and commoditization. Data is also becoming increasingly more complex, less insightful and more difficult to analyze. As a result, executives are facing more pressure to ensure that information about their operations is correct and consistent. They must have confidence in their processes and in the results that they are reporting.

Performance Management is a management discipline that focuses on supporting integrated management processes on a strategic, financial and operational level enabling organizations to more effectively run their business. What if you could have timely, accurate, and relevant intelligence with which to plan and control your entire organization? What if you could have the most important metrics to measure the performance of the organization at your fingertips? What if all of your management systems could work together to provide what you need, when you need it?

There are many benefits to Performance Management:

Augmented organizational flexibility
Improved communication
Stakeholder alignment
Governance and compliance
Better preparation for changes
Superior business management
Connected business processes
Defined Business process framework
Accountability and visibility
Timely actionable information
Decreased total cost of ownership
Increased return on investment
Leverage ERP / CRM systems
Increased predictability
Reduced risk
Strategic, competitive advantage
Standardized management processes
Enhanced efficiency and adaptability

As always there are many challenges to implementing, optimizing and realizing full value of an PM system implementation. There are many factors that may lead to challenges for companies. How will my business process change? What changes can be made that better leverage the technology? How do we integrate the data? Who should have access to what? How can we optimize our system for performance and ease of maintenance?

MindStream Analytics has years of experience dealing with these questions and working with companies and their PM needs. PM can create a competitive advantage for the companies that adopt it by enabling them to anticipate and respond to a changing business climate faster than their peers. MindStream can help you achieve your advantage.