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On November 9, our Boston chapter presented Minding The KPI Gap, a panel discussion focusing on the best ways for CFOs to help business unit managers understand, accept, and work towards their KPIs.
Our Expert Speakers Were:
Here’s What They Advised Us:
- KPIs should align with corporate goals and objectives and focus on what’s important to the business and its investors – in other words “what rings the cash register”.
- A “balanced scorecard” can be effective in identifying financial and non-financial KPIs and in ensuring that they are aligned to corporate strategy.
- KPIs will vary by industry and state of company maturity.
- Consistency must be ensured in KPI reporting.
- KPIs can and should be tied to management compensation and incentive programs.
- It is important to identify 3 critical KPIs for each organizational function and then roll them up to the corporate level.
- Quarterly KPI reporting and measurement tend to be the common practice in most companies.
- KPI targets should be reviewed on a regular basis and adjusted based on organizational or industry changes.
KPIs and metrics can be collected through today’s CPM/EPM platforms and presented through many methods including:
- formatted financial statements
- management reports
- graphical scorecards and dashboards with interactive charts
- Excel spreadsheets with links to CPM/EPM databases
- mobile devices
For further details about this discussion, check out the following blog, written by program moderator, John O’Rourke, Vice President of Product Marketing at HostAnalytics, one of our renowned sponsors:
If you would like more information about the Boston CFO Leadership Council, take a look at its chapter page or contact Caroline Boyce at email@example.com. And, don’t miss out on our next Boston event on February 8, Technology For The Finance Executive.