PERFORMANCE MANAGEMENT SYSTEM (PMS)
Chasing the bottom-line of ﬁnancial proﬁtability, organizations often lose sight of the fact that long term profitability relies on many others factors as well, including: customer loyalty, staff’s quality, and others. Broadening the perspectives in performance management and striving for the balance and steady growth of the business are the key to ensure long term success. This is the concept of Balanced Scorecard.
Speedminer PMS with main components of Strategy Map, the Balanced Scorecard and the Initiative Management supports Kaplan and Norton’s 3rd generation Balanced Scorecard design and the United Nations Result Based Management methodologies. PMS cultivates employees to habitually align their work and focus with corporate strategy via communication on organizational goals and objectives, enforcement of accountability, and tracking and management of individual, departmental and corporate performance.
With the features to create and manage initiatives, risks, actions and plans, as well as supporting modules like Knowledge Management, Mobile Messaging and Collaboration, PMS facilitates the performance management process of planning, feedback, coaching and corrective action, as well as monitoring, reviews, sharing of ideas and best practices.
The Initiative Management allows users to plan out “initiatives” to be taken to improve overall performance of corporate. It could also be considered as an evolving business plan that describes how their organization will work towards achieving the Strategic Objectives.
The Initiative Management come with multiple areas of control including Timeline, Report, Relationship, Discussion, Budget, Action, Staff, Outcome/Impact, Category and External Reference.
Organizations implementing PMS cultivates employees to habitually align their work and focus with company objectives. Through monitoring and management of metrics, initiatives, activities and plans, the KPI improves over time and thus brings long term business growth to the organization. Communication facilitates direct discussion and feedback on the performance, and the Action Plan feature allows the management to instruct on execution of strategy.
Many KPI projects rely on the manual keying in of data (e.g. monthly KPI value, periodic exchange rate, benchmarking and other information) burdening users, eventually causing delays in data input and thus failure to deliver on time analysis and report. Through the Speedminer Data Ingestion tool, data from operation database can be extracted to perform complete or partial calculation of corporate’s KPI automatically, thus minimizing or even eliminating the need for manual data input. The seamless access to data sources to report the performance results in higher accuracy, instantaneous feedback, and reduction of costs.
Speedminer Data Ingestion even supports crawling of social media including Facebook, Tweeter and web sites to capture customer sentiment that can be used to measure KPI on customer satisfaction.
PMS has an integrated wizard that guides the user through a simple step by step process to create and maintain the Strategic Map. The process is so simple and easy that users can literally create the Strategic Map within minutes.
- User can navigate through performance to the relevant operation databases to gain insight on the root causes.
- Speedminer Workflow supports implementation of structured performance assessment with escalation process.
- Automated generation and distribution of performance reports, alerts, and notifications.
- Support of Cascading Scorecard: drill to departmental level and even unit level scorecards.
- Open standard where PMS data can be accessed by external system via ODBC, JDBC and other industry standard protocols.
- Data Ingestion crawls social media to capture customer sentiment, and extracts from database to calculate corporate’s KPI and eliminates the need for manual data input
- No programming effort, all features are out of the box and easy to learn and implement.
- With drill down and drill through to transaction data, users start from high level business performance overall, then drill and navigation to details or problem areas to identify root causes.
- Integrated Knowledge Management and Forum enables comments on the performance, provide feedback, sharing of ideas and best practices across the organization.
- Action & Plan enable execution/assignment of corrective actions.
- Cause and Effect Analysis enables visual understanding of the impact of Action and Plan on the performance.
- Dashboard allows total customization on the visual presentation of Strategy Map as well as other performance related information.
- Forecasting/Predictive feature in Speedminer alerts the key issues in advance of time including non-achievement of targets.