Using Real-Time Financial Benchmarks to Drive Dynamic Decision-Making and Action
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This document promotes the benefits of using real-time financial benchmarks and peer comparisons to drive decision making. It summarizes the learning objectives which are to identify the benefits of continuous performance monitoring, learn how to develop the right benchmarks, and understand how benchmarks can deliver information to maintain competitive advantage. It then introduces Proformative as an educational resource for finance professionals with online courses and announces a new Academy platform. The remainder consists of an agenda for a webinar on using benchmarks, with speakers who will discuss transforming leadership and performance management practices.
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Using Real-Time Financial Benchmarks to Drive Dynamic Decision-Making and Action
- 1. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals Using Real-Time Financial Benchmarks to Drive Dynamic Decision-Making and Action
- 2. Learning Objectives After attending this event you will be able to: • Identify the benefits of self-setting, continuous, “relative” performance systems and on-demand decision-making for your company • Learn how to develop the right benchmarks and associated peer groups for your company to maximize the value of your investment in real-time benchmarking • Understand how to use real-time benchmarks to produce continuous dialog and reflection, and deliver the information company leaders need to develop and maintain competitive advantage
- 3. Welcome to Proformative Proformative is the leading educational resource for corporate finance professionals. Announcing the new Proformative Academy: • On demand video courses taught by peers and SMEs • Over 125 finance and accounting courses and growing rapidly • CPE for CPAs, CMAs, CTPs, and CIAs Check it out at www.ProformativeAcademy.com
- 4. Ask, Share, Learn – Within the Largest Community of Corporate Finance Professionals Using Real-Time Financial Benchmarks to Drive Dynamic Decision-Making and Action Niels Pflaeging, Author, Influencer, Advisor on Leadership Transformation Jon Kondo, Sr. Software Executive and Advisor
- 5. The historic course of market dynamics Local markets, high customization high dynamics
- 6. The historic course of market dynamics Sluggish/dull, low dynamics high dynamics Spacious markets, little competition Local markets, high customization
- 7. The historic course of market dynamics Sluggish/dull, low dynamics high dynamics high dynamics Spacious markets, little competition “Outperformers” exercise market pressure over conventional companies Local markets, high customization
- 8. The “Taylor Bathtub” - and what it means for companies today Dynamic part of value creation Solution: Man Formal part of value creation Solution: Machine Sluggish/dull, low dynamics high dynamics high dynamics Age of Crafts Manu-facturing Industrial Age/ Age of Tayloristic Industry Age of Global Markets 1850/1900 Spacious markets, little competition “Outperformers” exercise market pressure over conventional companies Local markets, high customization 1970/80 today
- 9. We must stop riding the dead horse: Let´s work on the model, not in the model!
- 10. How to let go of traditional Performance Management practices • Fixed, individual targets • Management by Objectives • Budgets and Plans • Performance Appraisal • Hierarchical Pressure • Pay by Position or Performance • Incentives and Bonuses • …
- 11. How to let go of traditional Performance Management practices • Transparency & Improvement • Comparisons between peers • Comparisons with previous periods • Dialog and Dissent • Social and group pressure • Pay by market value • Results Sharing • … • Fixed, individual targets • Management by Objectives • Budgets and Plans • Performance Appraisal • Hierarchical Pressure • Pay by Position or Performance • Incentives and Bonuses • … High dynamics Low dynamics
- 12. Using Real-Time Financial Benchmarks to Drive Dynamic Decision-Making and Action Thank you for your interest in this presentation. View the on-demand webinar or download the full presentation at: www.Proformative.com