Performance Measurement and Improvement
The conscious measure of success takes many forms. For shareholder driven businesses this is about increasing stakeholder return, for small businesses this might be profitability and cash flow, for entrepreneurs it might be market penetration, for advertising agencies and advertisers it is about campaign impact and for professional sports teams it might be games won. However, these measures of performance might be just snapshots of an entity’s current status or it might be simple averages over longer time periods.
Is there a better way for investors, owners, marketers and human resource managers to make informed decisions based on analysis techniques of performance indicators? Most companies focus on generating a flood of key performance indicators (KPIs) which simply need a lot of expensive time and effort to generate and ultimately enter complicated excel sheets that churn this information to generate colourful charts and more confusion.
We believe that Occam’s Razor is key to any analysis technique. It should be simple and explainable. While in real world scenarios there will be no magic formula throwing out perfect solutions, it would be possible to have scientific techniques help you make informed decisions.
To explain our approach an example from the world of sport might help because many people seem to love and swear by sport and individual and team performance is visibly determining overall game outcomes. This means teams, coaches or players might suffer occasional wins or losses due to luck or debatable umpiring/ referee decisions. They also might have a short winning streak or slump because of a short change in form or due to a temporary mental or physical recuperation being needed by them or their opponents. Nevertheless, these intermediate changes in form should not retract in measuring the due competence and potential performance of the team on a wholistic basis. Conversely this might mean a team’s performance could be further improved. Subsequently such analysis will help discuss and evaluate the investment or commitment to be planned towards the players, the coach and the team.
While simple performance indicators are visible by simple averages and trend analysis, our approach is based on defining input measurements, concisely called “quality” and “quantity”. By then analysing the “Quasity” and “Exergy” of the entity under evaluation factors like temporary form and luck become less important and overall capability and potential of the entity get appreciated to the optimum amount. In the world if sport this just means that a consistent player who scores regularly and during important occasions is often more valuable and reliable to you than a person who recently scored high in easy or less demanding circumstances.
Our team brings our real world experience to discuss with you and then to determine what factors should used to define “quality” and “quantity” in your context. After this the “Quasity” measures optimised by our research team for your specific industry or use case then generate the analysis reports. In other words the approach values the fact that consistent quantity brings with it a special quality of its own. This combined with the actual quality measurements gives us the new measure called “Quasity” helping you proceed with your decision making.