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Finding the right balance between high profits, low costs, quality products/services and safety standards is not an easy process. Companies continue to face problems when trying to adjust to one of these components, rather than the other. An example in this direction is British Petroleum (BP).
According to the Airline Quality Rating, the U.S airline industry succeeded in achieving its best performance of all times last year, in 2013, since the ranking system was launched in 1991.
In recent times, the use of data, statistics and analytics has flooded the sports environment, with more and more professional sports teams adopting data analysis to measure their performance. This trend has been ascending continuously since the launch of the much debated Moneyball, by Michael Lewis, which covered the deployment of statistical analysis in baseball.
Proper standardization is pivotal in setting the right ground when embarking on the road to establishing a performance management system. This standardization will ensure proper differentiation and understanding of performance management tools and principles.
Legal departments provide important support services for a company by handling legal issues that range from drafting waiver forms for employees to handling lawsuits from angry customers. Internal legal services should make sure that all documents signed by the company are in accordance with its interests and compliant with the latest legislation.
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