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Can you imagine your organization as a Ferrari or a McLaren? Your management team as the pit crew and your sales force as the race team? A Formula 1 racing team model can be used as a metaphor for business, as they have many elements in common.
KPIs are a vital part of any Performance Management or Strategy Execution system. Yet how many times have you struggled to understand or to explain what is meant by “KPI”? On the surface, it seems simple enough – Key Performance Indicator.
Since R. Kaplan and D. Norton’s article “The Balanced Scorecard – Measures that drive performance’”, published in 1992 in the Harvard Business Review, the Balanced Scorecard (BSC) methodology has become one of the most popular performance management frameworks, used nowadays in both public and private organizations.
Performance management, at least at the employee level, has received serious criticism from multinationals such as Microsoft, General Electric, Adobe, Goldman Sachs Group and Google, in the past 5 years. The traditional ranking system and KPI measurement used in the appraisal process provided little added value for the organization, for managers or for the individual. Practice has proved that a measurement system is merely a promise of improvement.
Many individuals begin their careers in the field of Business/Performance Management. For others, such knowledge comes over time, as an added layer of specialization to their existing primary professional prowess.
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