Monday, 30 November 2015

What are the two most essential ideas at the core of quality management?

The relationship between scientific method and business management gave rise to quality management through the evolution of the problem solving solutions by engineers, managers, executives and government. The key to understanding quality management is to recognise how people solved problem through the different generations and how they found new ways to apply the scientific method to engineering and business by separating business management from technical engineering.

There are two essential ideas at the core of quality management. These include the following ideas:

1)    Standardisation
A standard is when we try to conform to a defined target or goal that can be observable and measurable while standardisation is the process that is used to see if we’re conforming to a standard whilst making the necessary corrections to ensure better conforming to that standard. In order to standardise something, it’s important to:
1.    Understand the standard
2.    Make a comparison to the process or thing to the standard
3.    Know what the acceptable variation from the standard
4.  Take action where necessary to meet that standard.

2)    Scientific Method
Empiricism is one of the defining elements of science. It is the idea that knowledge is the basis of experience and observable facts. This is one of the distinguishing features of science that separate it from philosophies and religions. Science doesn’t use divine sources; it examines what is and what will work. Empiricism is used is business and engineering, by focusing on what works and not doing what fails, which is good business sense.

Another aspect of science is scientific method. This is when scientists make and test theories, the process involves:
1.    Observing something, be it reality or nature
2.    Creating a hypothesis, a statement stating why possible reasons for the events that happened in observation
3.    Designing a test that will provide results that can be observed so the hypothesis can be evaluated.
4.    Carrying out the test and recording the findings
5.    Evaluating the results. If the hypothesis is confirmed, it can move forward to becoming an accepted hypothesis, or a theory.

Saturday, 28 November 2015

Chit Chat: A Look at Telecoms Trends in 2016

2015 has been a good year for the global telecoms industry despite operators struggling to expand their revenues. The industry is growing thanks to big data management, cloud computing, mobile broadband, OTT and M2M services along with fixed broadband. The expected trends for 2016 are:

  • Big data management, cloud computing, mobile broadband, OTT and M2M services will continue to propel the industry.
  • Wearable technology will become more advanced and focus will be turned towards 5G
  • Developing areas will grow the most when it comes to mobile penetration through 2016-2020
  • 4G, LTE and 3G will expand in an effort to meet customer demand and mobile data is expected to double each year for the next few years
  • 5G will grow and the development is already underway but no standards are in place as yet. Early tests will soon provide information on what can be expected from 5G technology
  • 5G is not expected to be made available until at least 2020 and not deployed fully until closer to 2030
  • Shared opportunities are expected to grow in wider communities thanks to smartphones, apps, location based technology and so on
  • More countries will have access to fixed broadband in 2016
  • Cloud computing will continue to grow with the cloud solutions being adopted by more consumers, enterprises and the government

Friday, 27 November 2015

What are the ingredients of a sustainable supply chain strategy? Part 5

(Ingredient 5 - Balancing Economic, Environmental, and Social Objectives)

Here’s a brief six step process that can be followed to integrate the principles required for a sustainable supply chain into an existing supply chain.

  1. Assess the current state of the supply chain, covering the strategies, practices, resources and the capabilities. The main focus is on the internal factors and considered elements that are usually within the company’s control.
  2. Assess the external environment of the supply chain and identify existing and future trend development. These may include factors which are not normally under the direct influence of the company.
  3. Evaluate the impact that the internal and external scenarios may have on your existing supply chain. This will aid and define the “sensitivity” of the company and supply chain.
  4. Adjust the supply chain strategy and redesign where necessary.
  5. Implement the strategy focusing on balancing the social, economic and environmental objectives through sustainable Supply Chain Scorecard.
  6. Operationalisation of the sustainable supply chain. Monitor the supply chain from the financial, sustainability, supply chain and learning perspective

Thursday, 26 November 2015

What are the ingredients of a sustainable supply chain strategy? Part 4

(Ingredient 4 - Balancing Economic, Environmental, and Social Objectives)

Over the last three days we’ve shown how relevant balancing social, economic and environmental objectives are in building a sustainable supply chain.  Before this is possible, it’s necessary to have a solid understanding of the relationships between all three dimensions. It’s also necessary to align the three dimensions into the corporate strategic goals in spite of possible trade-offs.

Implementing balanced goals require the people involved to be given incentives and motivation; thus changing their attitudes to direct towards the balanced goals. Companies need to see if the inter and intra company incentive systems are enough to tackle objectives that are out of balance. Additionally, the business model needs to be examined to ensure they are enough to motivate and act as an incentive in order to create balanced and sustainable goals.

People need to be made aware of the long term benefits of changing and implementing the best practices in the daily activities of the company is going to be a challenge. Lots of areas need to be addressed:

·         Branding
·         Collaboration
·         Communication
·         Culture
·         Knowledge management
·         Knowledge development
·         Transparent cause and effects
·         Trust

Wednesday, 25 November 2015

What are the ingredients of a sustainable supply chain strategy? Part 3

(Ingredient 3 - Implementation of Economic, Environmental, and Social Objectives)

In adapting “new” supply chain objectives on environment and social goals, it is necessary to implement integrated long term objectives into the short term operational goals. The implementation process usually involves a KPI system which is used to implement the strategic goals into the operations of the company.

The KPI system is a quantitative tool which can influence the strategy implementation but the challenge for the supply chain managers is to break down the goals into the correct KPIs and set targets for set time periods. It may be necessary for trade-offs to be made if the new goals conflict with other goals. Having the ability to translate strategic goals into operations via an adaptive and intelligent KPI system is something that is achieved by the best practice companies. These KPI systems will look at the trade-offs between the social, environmental and economic goals.

In order to be successful, it’s necessary for the top management to commit to the decided goals. Social and ecological goals and financial figures are linked. Sustainability practices require it to be fully financed and be able to pay back the finance in an approved time span. The sustainable strategy should not to be confused with the social strategy of the green strategy as they are all separate.

Tuesday, 24 November 2015

What are the ingredients of a sustainable supply chain strategy? Part 2

(Ingredient 2 -Recognizing and Assessing Both Current and Future Trends)

Complex supply chains are affected by a number of issues:

1.     Globalisation
2.     Competition
3.     Social and economic trends
4.     Longer supply chains,
5.     Demands from shareholders and stakeholders

The sustainable strategies should be flexible so that they can adapt to trends early and quickly with the focus on ensuring the long term success of the company. Supply chain managers will need to be able to evaluate the positive and negative aspects of the supply chain and identify the trends.  Managers and stakeholders should involve themselves in the traditional tool of “scenario planning” early on to plan and develop different business paths. This standard tool is used quite frequently by companies due to the simplicity and successfulness of application. It is important for companies to be able to identify the trends but also to assess the possible impact it have on their supply chain.  Understanding the cause and effect relationships between the trends and the supply chain are essential in helping companies embark on critical action that require long lead times.

Monday, 23 November 2015

What are the ingredients of a sustainable supply chain strategy? Part 1

(Ingredient 1 -Strategic and Holistic Approach)

What ingredients can help to create an effective and sustainable supply chain? We’re going to be answering this question over the next five days. Today, we begin with ingredient one, the strategic and holistic approach.

Sustainable practices may vary, solutions are often implemented with the appearance of being sustainable but in reality, they may only sustainable for the company itself and not the entire supply chain while large corporations often use the “island solutions” by singular business units with a regional or set customer scope.

The reasons for these errors may be caused by the following reasons:
·         Lack of commitment from the top management
·         A lack of sustainability goals in the corporate strategy and supply chain strategy
·         End to end responsibility of the logistics and supply chain managers
·         Failure to implement knowledge and experience

It’s necessary to define sustainability as a strategic issue and address it with full support and commitment from the top management and board level. All knowledge and learning needs to be transferred, ensuring both good and the worst practices are shared. Responsibility should be shared and involved in all stages; as well, people need to be trained and motivated.

Saturday, 21 November 2015

Chit Chat: A Look at Travel Trends in 2016

Here are four of the travel trends that have been predicted by three marketing experts from Hawaiian Air, Celebrity Cruises and TripAdvisor during 2016.

1.    Bleisure Travel
Business travellers are now expecting more from their time and are looking to combine business trips with leisure. These consumers might be bringing family along on their business trips, extending their trips and finding a better balance between work and life. These travellers are arriving at airports earlier, making use of the lounge and staying connected using Wi-Fi. They’re able to work anywhere rather than staying put in a business centre.  Marketers will benefit from recognising how to cater towards business and pleasure customers who want to get the most out of life.

2.    Experimental Travel Marketing
Brands are using experimental travel marketing as a way of discovering how they can connect to their consumers on a more personal level. The use of pop-ups and hosting shows and putting on special events is proving popular and gives the brands a way of getting noticed and standing out from the competition. Creating experiences is key.

3.    Mobile Friendly Travel
Mobile continues to thrive and it helps the consumers to remain connected while they are travelling. Consumers want to share their experiences with their friends and family back home and as a result they act as influential brand ambassadors. Providing travel companion apps are one way to benefit from this ongoing trend.

4.    Seamlessness
Customers want to complete the entire organisation and booking of their travels in one place. Mobile customers want to have a seamless booking experience that includes all parts of the process, from researching to planning, booking to organising trips and excursions. Booking opportunities are available at the touch of a button.

Friday, 20 November 2015

What are the 6 Critical Success Factor for Sustainability?

  1. Work to discover a unique way of competing so profits can be guaranteed over a limited period of time while considering the business environment that’s being developed.  The objectives and aims specify the competitive strategy and this establishes the competitive advantage.
  2. The competitive strategy allows the company to come out on top and outperform in the market. The two basic types of competitive advantage are differentiation and low cost.
  3. The company works towards becoming the lowest cost producer in their industry.  Gaining the cost advantage usually include proprietary technology, access to raw materials and economies of scale.
  4. A differentiation strategy is used so the company is able to produce and create products or services that are seen as being unique in the industry.  Customers respond well to companies that are able to differentiate themselves with their loyalty.
  5. Companies are in competition with each other but so are the entire supply chains. There are two basic types of supply chain, lean and cost efficient supply chains and agile and fast response supply chains that are service driven.
  6. Lean supply chains work well with a cost leadership strategy, they are successful if the logistics costs represent the high proportion of the cost of goods that are sold and if the chain gives sufficient possibilities to reduce and control the costs. The agile supply chain works well with the differentiation strategy, especially if it’s essential to have a customer oriented differentiation.

Thursday, 19 November 2015

What is EDI vs ERP System?

EDI is Electronic Data Interchange which acts as a standardised format is used to share business information using the electronic interchange.  Basically, EDI shows how a company is able to send information, invoices and purchase orders for example, to a different company without using paper or traditional methods. The businesses that conduct business electronically are known as trading partners.

ERP is Enterprise Resource Planning. ERP is the process that works towards consolidating the company’s departments and the various functions within the company into a single computer system. The system meets the specific needs of each department that use it. It brings together people, software and hardware to an efficient service, production and delivery system that bring in profits for the company.

ERPs are designed for the specific company so that all the various departments and the different information, data, software and hardware can be tailored to fit and benefit the company. The id ea is to have one software solution that is fully integrated seamlessly, so all decision making information can be shared up and down all the various departments.

Wednesday, 18 November 2015

What are the Benefits of the Vendor Managed Inventory (VMI) System?

The Vendor Managed Inventory System, known as VMI, is a method of supply chain management. The system sends the sales information from the store to the supplier, where the supplier will then manage the reorder process. This is a system that works to reduce the inventory level for the company and costs are reduced as a result. It is beneficial to the company as it is able to forecast demand more accurately.

There are many benefits for the links in the supply chain. Manufacturers may benefit from:
  • Improving planning and scheduling
  • Forming closer ties with the customer
  • Providing more accurate information on the market
  • Reducing the raw and finished inventory investments
Retailers may benefit from:
  • Improving market information
  • Optimising the product mix
  • Reducing admin replenishment costs
  • Reducing the stock-outs with higher inventory turnover
  • Reducing transfer costs

Tuesday, 17 November 2015

The Push and Pull System in Supply Chain Operations

A common system that is used in the supply chain is the push and pull system. The push system needs the company to keep a certain stock level. The needs of the customer can be fulfilled immediately by the company having the right level of stock. This system has lots of advantages:
  • Inventories are controlled easier
  • Obtaining economies of scales
  • Reduces the risk of the customer choosing a different product due to lack of stock
The disadvantages include:
  • The company may overstock or under stock as the demand levels may change
  • The firm might have high inventory costs

The pull system is a production method. The order is placed and production begins. The advantage of the pull system is:
  • The inventory levels are minimal so the cost of inventory is reduced
The disadvantage is:
  • There is a high risk of being out of stock
Many companies use both the push and pull systems for production. Some components will be kept in the inventory, using the push system, and when the customers place a customised order the firm then uses the pull system. The combination of both systems is commonly seen in Dell and Rolls Royce.

Monday, 16 November 2015

What Does Order Fulfilment Involve?

Order fulfilment refers to the total customer process that starting from a sales enquiry all the way to the delivery of a product to the purchaser. There are many processes involved in order fulfilment and here’s a quick example of the various steps that firms have to go through in order to complete an order.

  1. Product enquiry – this may be visiting a website, requesting a catalogue or asking about a product.
  2. Sales Quote – Getting a sales quote may refer to asking the sales assistant for a price, looking at the price in the online shopping basket, asking for a quote online or over the phone etc.
  3. Order Configuration – For example, selecting various options to select the right product for the customers.
  4. Order Booking – Placing the order or closing the deal, getting the name and address from the customers.
  5. Order Acknowledgement & Confirmation - Confirming the order has been received through email confirmation or even calls from sales officers.
  6. Invoicing and Billing – Giving the commercial invoice to the customer so they can pay.
  7. Order Sourcing & Planning– Locating the items so that they can be shipped to the customers.
  8. Order Changes – Making any changes where necessary.
  9. Order Processing – The distribution centre/warehouse fill the order – receiving and stock inventory, pick and packing, shipping the order.
  10. Shipment – The goods are transported.
  11. Delivery - The customer receives the product to the set address providing during the order booking.
  12. Settlement – The payments for the goods, additional services and charges..
  13. Returns – Goods that are not suitable or acceptable are returned.

Saturday, 14 November 2015

Chit Chat: Healthcare Trends 2015

Healthcare providers need to compete hard in an industry that has multiple challenges caused by the policies, the empowerment of the consumers and the restrictive margins. It is necessary to focus on the important signals and the 2015 trends that are a result of the important signals are as follows:
  • Consumers are taking healthcare into their own hands more than ever before. They want to play their own part in the decision process of choosing healthcare coverage and the treatments they receive.
  • The federal government continues to solidify their position as a healthcare market maker.
  • The reimbursement from insurance becomes meaner.
  • Employers finding new ways of remaining paternalistic using new funding models and new care bundles.
  • A new marketplace in healthcare is the one that is combining care and financing. This new marketplace needs to be more transparent and competitive. New retail channels are added and the risks are being transferred over to the providers and the consumers.
  • Healthcare payers may have decisions to make, especially in care delivery if they want to support the shift of risks to providers and help to enable and accelerate it.
  • The costs can be reduced by using standardised processes, patient flow, aligning resources with strategic priorities and using modern industrial engineering techniques.
  • Playing to the strengths and recognising the diversification in the industry may not be suitable for everyone. Sometimes it is better to focus on a specific market and gain an advantage in this market rather than stretching the company and under performing.

Friday, 13 November 2015

What is the Difference Between OEM, OBM and ODM?

OEM (Original Equipment Manufacturer) manufactures the components or the products that will be bought by a company and then sold under the purchaser’s brand name. OEM is in production, but it can also be found in service such as quality control and delivery. OEM has a responsibility to produce the product they are assigned to make. The products have to meet the needs of the customers.

OBM (Original Brand Manufacturer) is a company that retails their own branded products that are either the entire products or component parts produced by a second company. They sell the goods under their own brand name in order to add value. The OBM will be responsible for everything including the production and development, supply chain, delivery and the marketing.

ODM (Original Design Manufacturer) is responsible for designing a product and also the production of the product. The ODM goes on to sell the products they have designed and produced to wholesalers, they do not sell directly to the market.

Thursday, 12 November 2015

How to Define the Right Metrics Using Three Steps? Step 6

Step Three – Understanding the Metrics that Help Define a Best Practice Performance Management Process

Data is big business, but all of this data is causing many organisations to lose focus and become confused. Companies can now access a large amount of data but they also need to focus on the metrics that really matter and not get lost in all the information. Understanding the metrics is the most important way to obtain and analyse the information so that it can be used in helping theorganisation meet the objectives and goals.

The best practice companies are the ones that are:

·         Making speedy decisions
·        Confident in decision making
·         Have focused, fast and simple processes
·         Attract, train and leverage staff
·         Do not spend much money in supporting effective performance management            processes
·         Spent more time in planning and analysing data and less in collecting and validating  data
·         Are able to deliver tailored information that meets the needs of the person

Wednesday, 11 November 2015

How to Define the Right Metrics Using Three Steps? Part 5

Step Two – Isolate the Underlying Causes

Calendar Driven
Many companies are now calling themselves agile and responsive, yet these terms cannot be assigned to their performance management processes.  An organisation that has agile and responsive processes will be able to get their hands on the right information exactly when it is required so that decisions can be made in a timely manner. Unfortunately, many organisations are only available on a predetermined calendar, and this same calendar also has an impact on the forecast process.

Extended Cycle Times
Performance management is costly and it takes up a lot of time. While many organisations work hard to reduce cycle times, they have failed to apply this to their performance management process and therefore the performance management is inefficient. It is necessary to speed up processes and ensure the performance management is productive.

Poor Staff Leverage
The staff leverage ratio measures the ratio of high value work of the staff verses low value reporting activities and data manipulation. An attractive goal for businesses is to reduce costs yet ensure that value is added. This is a difficult goal to achieve. Investing in people is a best practice but it’s not cheap. Investing in people by using career development programs is a must. Providing training and investing people will help the business.  .

Automating Inefficiency
Technology investments haven’t always worked out. Promises in saving time, improving control and visibility haven’t always been met. The investments may have been made, but the companies have not implemented the technology effectively and as a result they are left feeling cheated and frustrated. The organisations needed to leverage the investments in the enterprise resource planning, online analytical processing systems and data warehousing.

Management by Spreadsheet
Most companies depend on spreadsheets as their planning and budgeting tool. Sadly, the efficiency and ability to create models does depend on the skills of the users. Spreadsheet work is also time consuming and many organisations are basically slaves to spreadsheets, keeping them updated, secure, creating backups and creating routine calculations all take up time. Organisations would benefit from adopting advanced analytical tools and r eleasing themselves from the tight grip of spreadsheets.

Tuesday, 10 November 2015

How to Define the Right Metrics Using Three Steps? Part 4

Step Two Isolate Underlying Causes 

Information Overload
Leading measures provide insight into the results of the future and expected values, whereas lagging measures give actual results over a set period of time. Financial measures are a translation of the operational measures into financial values and non-financial measures track values of the activities that take place in the business. Finally, internal measures concentrate on things inside the company, while the external measures are focus on things outside. A lot of information that is passed on to managers actually has questionable value. 

Most organisations focus on reporting the internal historic and the financial measures and this is basically the opposite of what the managers use to make their decisions. Cycle times are too long and organisations are having a hard time reacting to the market and failing to target people at the right times because historic data is used more than the future’s and leading measures.

Mistake Detail for Accuracy
The amount of data that’s being curated and collected has exploded in recent years. As a result the potential to use the data has also increased but often the data being used is not the most beneficial to the company. It’s so easy to collect all the data and find that the performance management processes are missing out on the most relevant and important data because it has become obscured by all the information. Getting more data doesn’t always result in greater accuracy. The more the irrelevant detail results in, the more the needs of complex reporting and analysing activities is required in place.

Overtly Financially Focused
Companies often have annual financial plans that fail to take into consideration the following important questions:
·         How much will come from acquiring new customers or increasing the amount of sales made to existing customers.
·         How much will come from new products verses an increased number of sales of the current products being sold.

As a result the financial plans are not linked to the strategies and they’re being used to support. Additionally, there will be variances that need to be planned for. Without add ressing the questions above the financial plan will not provide much assistance throughout the year.

Lack of Process and Project Orientation
The overall performance of an organisation depends on the effectiveness and efficiency of the processes they perform. Therefore, the objective of the organisation is to create performance management processes that can be examined in real time, along with making plans and models that can be used to make fast decision making.

Monday, 9 November 2015

How to Define the Right Metrics Using Three Steps? Part 3

Step Two – Isolate the Underlying Causes

Tying Plan Achievement to Compensation
The behaviour of people often depends on how people are rewarded and the way they are rewarded is a vital part of the effective management process. Many business plans are extremely focused on the finances, so it’s not surprising to learn that a third of businesses tie in incentives to the performance in relation to the annual financial plan.

Another common practice is for organisations to determine bonuses based on the achievement of business plans. Plans are developed to decide the tactics that are to be used and to allocate the resources to achieve the objectives that have been agreed upon in advance. If compensation is tied to hitting targets of the financial plan, there is often a tendency to be conservative in order to increase the chances of fulfilling the plan.  It is often a risky way to run things this way and there is a need to have a clear understanding of the cause and effect relationships that are found between tactics and objectives. It’s also important to be able to identify problems and any changes in order to rectify any issues.

Incomplete Strategy Definition
Strategies will describe what the organisation intends on doing but not many strategic plans include the things that the company isn’t going to do. In many cases, defining what the company isn’t going to do is just as, or more, important that stating what they’re going to do. By stating what’s not part of the strategy helps to simplify the choices that need to be made.

Inadequate Risk Recognition

The economic slowdown in 2008 raised awareness of how many industries had failed to appreciate the risks and the impact the economic crisis would have on the business. For performance management to work, it’s necessary to address the risks and uncertainties so that rational decisions can be made. A formal scenario plan along with the internal and external risks should be considered when developing the business plan, followed by a risk assessment process but many businesses still fail to do so.

Saturday, 7 November 2015

Chit Chat: Passenger Transportation Trends 2015

Overcrowded cities and increasing urban sprawl due to overpopulation has resulted in multiple issues for the transportation industry.  If this trend continues, people will become even more reliant on cars, especially in emerging markets. 

The amount of cars on the road is predicted to reach 3 billion by 2035. Congestion will become more of a problem resulting in loss of time and eroding GDP. Pollution, accidents and noise will all cause more problems and this may leave scars on local communities.

To cope with this increase, governments will need to focus on passenger transportation. Mass transit must be improved and upgraded to ensure governments get the most out of their investments. The mass transit needs to attract commuters but currently it is failing in many cases. Passengers deal with overcrowding, delays and long routes that are not ideal. One of the reasons for this is the routes are no longer relevant to the modern age. Modernising routes and upgrading transport will bring in essential improvements for the government and the commuters.

Another challenge is making passengers alter the way they use transportation and spread out their commuting hours. The change of hours will remove some of the demand in the peak periods. In order for this to work, employers need to be willing to stagger work days and change working hours so that the employees arrive at different times. Flexible hours need to be provided and school times staggered along with extending shopping hours.

Pricing will need to be established. At the moment the cost of using transportation doesn’t cover the cost of supplying the service. Aligning future supply and demand may require real costs that will be able to create a network that is sustainable.

Friday, 6 November 2015

How to Define the Right Metrics Using Three Steps? Part 2

Step Two – Isolate the Underlying Causes

Business Needs Mismatch with Performance Management

Business is increasingly competitive, it’s global and it makes use of advanced technology. These are three trends that have resulted in competitive markets, increased uncertainty risks and made the business worked more volatile. The business cycles have also increased and management practices have not been able to keep up. These days it is not enough to produce quarterly forecasts and expect budgets to remain valid throughout the entire year. Things move and change daily, sometimes hourly. It’s not possible for monthly reports to be accurate or reflect real time activities.

Planning and Reporting Wrong Information

Often performance management processes a re focus on things that they don’t need to be focused on. The plans fail to describe initiatives that are going to be performed and the financial plans fail to show expected costs or the total investments that are being made in the critical areas of the business.  Planning and reporting is being focused on more than vital things that are required in the business.

Thursday, 5 November 2015

How to Define the Right Metrics Using Three Steps? Part 1

Step one – Identify the Magnitude of Pain Inflicted by a Detective Performance

It is possible to identify the level of pain that is inflicted in the organization by a defective performance by using the following statements and seeing if you agree or disagree with them.
  1. One of the most valuable management processes is the planning and budgeting process.
  2. Senior management is confident in the planning and forecasting process outputs.
  3. The planning process is completed and has management approval within less than 30 days.
  4. Planning identifies the resources, investments and the tactics required to attract new customers, retain customers, attract and retain associates, come up with innovative products or services and make sure that the company is environmentally sustainable.
  5. The expected key measures of the initiatives are identified and included in the planning.
  6. The forecasts and the plans show the future expectations without the use of manipulation.
  7. Incentives are not linked to the budget or the meeting plan.
  8. The company is using technology to improve planning efficiency and performance management processes.
  9. The analysts don’t spend more than one third of their time collecting and assembling data and creating reports.
  10. Contingency plans are created that identify the risks and come up with options.
  11. A forecast can be created within 24 hours when demanded.
  12. Managers are able to get information when requested that enable them to make business decisions.
  13. Management reports contain both leading and lagging information that shows the link between financial results and the key business drivers.
  14. The cost of analytical support has been reduced by 10 per cent for each of the last three years.
  15. Analysts can analyse the impact that different decisions on future performance without the need for spreadsheets or new models.