Companies of all sizes in all industries seek a performance management process that at a glance can tell them everything they need to know about the state of their businesses. This is especially true in the financial industry, where traditional performance management systems are often ineffective. The O&T of a large North American financial institution was grappling with how to build a performance management process that consistently delivered insight on the health of the business, the customer experience and employee performance. It turned to the Alacer team for a solution.
Traditionally, the intense focus financial institutions place on financial indicators means that they ignore indicators representing overall organization performance – yet it is these indicators that can help organizations plan ahead and predict future needs. In this instance, the institution’s various functional areas staffed by 3,000 people had been trying to measure performance through informal dashboards, but the process was plagued with varying approaches and data integrity issues. By using the Balanced Scorecard approach, Alacer could not only help the organization and its employees at all levels better understand the company’s vision, it could realign the organization’s strategy and risk management to better contribute toward its overall goals.
In less than three months, Alacer developed a robust performance management process and delivered holistic processes and systems specifications leveraging Design for Six Sigma methodologies. Using Balanced Scorecard principles, the performance management process included:
• Alignment to organization strategy maps as well as risk management and strategic projects contributing directly to the Key Performance Indicators (KPIs)
• Fully automated Balanced Scorecards that are transparent and easy to use and navigate
• Robust governance to ensure data integrity – critical for adoption and reward and recognition programs