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Le magazine du trésorier - n°68 - 4ème trimestre 2009 - (Page 31)

1. INTRODUCTION Measurement is a critical component of any management system; Senior Management Teams (SMTs) recognize its central role in communicating, incenting, and tracking the achievement of their organization’ strategy. And yet, probably now more than ever before, there is a need of high quality Performance Management (PM) systems within the organizations, considering that PM is one of the key elements to retain talents. Performance Management Systems (PMS) and processes that were built with confidence are typically modified within a year of their introduction and replaced completely after few years. Most companies want to continuously change their management systems, and they fail to tailor them to their corporate objectives and strategy or mirror them to corporate culture and values. Certainly, the latest ones must be reflected in any PMS. Well, executive management generally considers the Balance Scorecard (BCS) framework from Norton and Kaplan to be the proven tool to translate organization’s strategy into actions. Nevertheless, there is a gap between the theorical approach and principles of BSC and its effective application into an enterprise. nature. We then recognize three main types of measures (as shown on Figure 1): G 2. MONITORING THE ORGANIZATION THROUGH KPIS Most organizations have performance management system in place and KPIs in place to evaluate the performance against a baseline. Are these indicators appropriate? Consistent? Up-to-date and aligned to the corporate strategy? These are challenges faced by organizations that aimed to measure their performance and initiate actions to reach their targets. First of all, it’s important to notice that KPIs’ are neither goals, nor Key Result Areas (KRAs), nor a target, nor Critical Success Factors (CSFs). However, these terms are often used interchangeably with a KPI. In fact, performance measures should be distinguished by type and G G Key Result Indicators (KRIs) measure your past performances. These are indicators that are important for the Executive team, since they give you a clear picture of the direction your organization has followed. Typical examples of result indicators are financial indicators such as revenue and return on invested capital. Although, a performance measurement system based solely on financial reporting indicators has limitations because it focuses on past performance and takes a shortterm view of strategy. Performance Indicators (PIs) measure what to do now (on ope rational basis) in terms of initiati ves to start within the different department of an organization. Key Performance Indicators (KPIs) highlight what to do in the close future to improve significantly your organization’s performance. Extensive analyses on the subject suggest that we can define KPIs with 6 different characteristics: J Current or future oriented as opposed to past measures; FORUM OF ADVERTISERS Performance Management: from strategy to winning KPIs

Table des matières de la publication Le magazine du trésorier - n°68 - 4ème trimestre 2009

Couverture
Sommaire
EDITORIAL
- Une dette, cela se rembourse...
FINANCIAL HIGHLIGHTS
INTERVIEW
- Mrs.Aline Weier, Robert Half  Finance & Comptabilité
FOCUS
- Evolution de la fonction de trésorerie en période de crise
- What services expected from a trading floor and changes after the financial crisis
- Adding Value for Stakeholders Through Improved Risk Management
- J.P. Morgan’s 2009 Global Cash Management Survey reveals the latest investment trends among corporate treasurers
FORUM OF ADVERTISERS
- Performance Management : from strategy to winning KPIs
- 15 minutes avec… le CRP Henri Tudor
TREASURERS’ ASSOCIATIONS
- Conférence Banque Degroof : Risques Climatiques
- Trésoriers de l’ATEL à l’honneur
- EACT semi-annual meeting Copenhagen
- Questions to Richard Raeburn, EACT Chairman
NEWS

Le magazine du trésorier - n°68 - 4ème trimestre 2009

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