The business landscape is changing rapidly. There are economic uncertainties, consumers are becoming better informed, technology is changing how business is conducted, the pace of business is increasing and competition is fierce.
This is requiring companies to invest in decision-support systems so that they can make better decisions faster. Good decision-making requires access to both financial and non-financial data and for many companies that is a major obstacle. Most companies spend 80% of the time gathering data and 20% analyzing it to make decisions due to:
- Dispersed and inconsistent data sources
- Manual environment / Labor intensive
- Paper intensive
- Inconsistent reports
- Inconsistent business processes
- Inconsistent business definitions
- Wrong technology or tools
Business Performance Management (BPM) is a disciplined process to solve the above challenges. BPM includes:
- BPM collectively represents all the processes, disciplines, metrics, data and systems designed to manage business performance
- BPM is founded on intentionally amassing and strategically disseminating organizational data to drive the desired behaviors within an organization
- BPM creates a culture that is disciplined and performance driven based on good decision making that focuses on operational excellence
BPM strategies are usually developed over time and are approached in multiple phases. The correct sequence of projects is very important. Henderson & Myers helps companies navigate through the challenges of these strategic and large-scale projects.