Traditional line-item, or black box, budgeting that explains year-over-year incremental changes has resulted in diminished credibility and left more citizens questioning whether taxpayer dollars are being put to good work. Consequently, this type of budgeting is fast becoming a relic, giving way to a new, more strategic approach of budgeting called Performance-based Budgeting (PBB) and its variants - priority-based budgeting and budgeting for outcomes.
Topics: Performance-based Budgeting, performance management, methodology, transparency, open data
Government mandates to be more transparent have gone a long way to make information more available to the public, but posting raw data on a website doesn’t automatically make it accessible or digestible. Agencies still need to present the information – often about budget and performance – in ways that make immediate sense to average citizens. Sharing formulated strategy, implementation progress and performance results help taxpayers understand how strategic goals translate into dollars, so they can see how their money makes a difference.
Topics: Performance-based Budgeting, performance management, methodology, transparency, open data
Enterprise Performance Management (EPM) is an umbrella term used to describe the methodologies, metrics, processes, and systems that help enterprise companies monitor and manage their business’s performance.
Executives seeking deeper insights into business trends and potentially ambiguous opportunities utilize Performance Management. Sub-components of EPM include: Enterprise Planning, Performance Monitoring & Measurement, and Enterprise-Wide Reporting.
Benefits definitely outweigh the challenges in deploying an EPM capability. These benefits include:
Failing to properly manage or dedicate your company to continuous improvement of your performance management capability can lead to undesirable outcomes. Organizations must be aware of common ways that performance management initiatives can be undermined, causing business performance to stall or decline, instead of thrive.
Topics: software solutions, Performance-based Budgeting, performance management, methodology, reporting, metrics
With the stagnant economy, cost control has become the new mantra of every business. Businesses are deploying various strategies to contain costs and maintain profitability. Amongst such strategies is control and visibility into spending with external suppliers.
Spend analytics is the process of aggregating, cleansing, and analyzing corporate spending data for the purpose of reducing costs and improving operational performance. According to industry analysts, businesses deploying spend analytics have been able to reduce spending by 12% based on weighted average. If spend analytics is so critical, why are organizations facing difficulties?
Here are top hurdles to deploying a spend analytics capability that you need to know about:
Topics: industry insights, methodology, reporting, Spend Analytics
If data dictates our decisions, then why would we allow key information to sit idle simply because it is too hard to reach or too time-consuming to understand or even uncover? More than ever, decision-makers must accelerate how quickly they collect, consume, interpret and analyze data.
Topics: interactive, dashboards, implementation, methodology, visualization, dashboarding, reporting, dashboard, metrics, interactive dashboards
