Why some organizations fail to stay competitive in the market?
One of most important reasons is that they have no Performance Management System that Collect, Analyze and Report Information regarding the performance of the organization.
The purpose of developing a system for effective measuring of performances is to understand, adjust and improve business in all department of the organization. Performance measurement enable effective organizations to express their success by numbers. Beside control function indicators of performances also have two other functions:
- Developing and guiding function; they present a base for formulating and implementation of the strategy of the organization
- Motivation function; they induce management to fulfill goals and motivate all stakeholders to realize those goals and on even higher level
Performance Measurements and Key Performance Indicators are the means to monitor the execution of the Strategy of the Organization. It is, therefore, absolutely vital that organizations should have proper strategies and proper means of executing the strategies. In 2006 the Monitor Group asked Senior Executive about their number one priority and the answer was “Strategy Execution”.
Delegates to this exciting and innovative PetroKnowledge Interactive Workshop will highlight the vital role of key performance indicators in measuring your company’s performance and in turning your strategy into action using the Balanced Scorecard.