Performance Management from Office of the CFO series of events 2013
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During 2013 we hosted a series of Office of the CFO events. One section related to Performance Management and was based on materials from CIMA. This slideshare is an extract from that presentation. It was delivered originally by CIMA and then subsequently by myself.
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Performance Management from Office of the CFO series of events 2013
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- 5. © 2013 Grant Thornton International Ltd. All rights reserved.
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- 10. 10 Performance Management Mr. Rick Yvanovich FCMA CGMA FCPA (Aust.) Board Member South East Asia Regional Board, CIMA
- 11. 11 What organisations exist to do ORGANISATIONS • Create value for stakeholders BOARDS & SENIOR MANAGERS • Lead long-term sustainable success for organisation • Develop, approve, communicate and oversee strategy and business model MANAGEMENT ACCOUNTANTS • Support and drive decision making • Manage performance • Create, preserve and report value • Ethical conscience of business
- 12. 12 Aircraft Example Imagine travelling from Sydney to London
- 13. 13 You sit in the plane and the pilot announces ... • We will be flying you from Sydney to London • The flight is approximately 24 hours • We will try to get you to London but don’t count on that • We might not pay attention to the signals we receive as we fly • If we are unable to continue we will “land” wherever we are even if it is in the middle of shark-infested seas • And by the way we don’t have life jackets ... so God help you ... What will you do? ... Will you still fly?
- 14. 14 A few lessons • Pilots carry us from one place to another • Journey is not always smooth and comfortable • But failure is not an option because: – At best failure can be very inconvenient – At worst failure can be fatal • To succeed they have to: – Map the journey well – Ensure that they have what they need to fly – Plan for and manage risks – Work well with others – Use information well
- 15. 15 Aircraft information distribution TOTAL INFORMATION 3900 ENGINE MAKERS PILOTS 460 ACTIVE USE 120 OCCASIONAL USE 340 MAINTENANCE TEAM
- 16. 16 A simple model of creating value Opportunities Cost Value Risk
- 17. 17 To deliver excellent performance 1 • Develop and design a robust and resilient business model 2 • Configure and align the 4 R’s 3 • Design and implement a performance management system
- 18. 18 To deliver excellent performance 1 • Develop and design a robust and resilient business model 2 3
- 19. 19 The business model How do we create value? For whom do we create value? How do we deliver value? How do we preserve some of the value for our owners?
- 20. 20 To deliver excellent performance 1 • Develop and design a robust and resilient business model 2 • Configure and align the 4 R’s 3
- 21. 21 Defining the 4 R’s R R R R
- 22. 22 Defining the 4 R’s R R R Resources Inputs used to create value
- 23. 23 Defining the 4 R’s R Routines R Resources Processes convert inputs Inputs used to create value
- 24. 24 Defining the 4 R’s Relationships Routines R Resources Processes convert inputs Inputs used to create value Access to resources & markets
- 25. 25 Defining the 4 R’s Relationships Routines Risks Resources Inputs used to create value Processes convert inputs Access to resources & markets Failed objectives and 3 R’s
- 26. 26 Aligning the 4 R’s => create value •leverage relationships to markets / resources •Convert resources to output •Manage risks •Outline and prioritise the 4 R’s •Configure / manage 4 R’s for business resilience •Infrastructure to manage performance •4 R’s are related to each other Relationships Routines Risks Resources
- 27. 27 To deliver excellent performance 1 • Develop and design a robust and resilient business model 2 • Configure and align the 4 R’s 3 • Design and implement a performance management system
- 28. 28 Making things happen Performance Planning Performance Execution Performance Reporting To ensure that this is implemented we use the performance management system The objective is use the PM system to make things happen
- 29. 29 Summary - Delivering excellent Performance Management Performance Planning Performance Execution Performance Reporting How do we create value? How do we deliver value? How do we retain some of the value? The business model must answer the following questions: To ensure that this is implemented we use the performance management system The objective is to have a robust and resilient business model The objective is use the PM system to make things happen To build a business model we must outline and prioritise the following: Relation- ships Routines Risks Resources The objective is to configure and manage the 4 R’s
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Notas do Editor
- Good morning Ladies and GentlemenThank you and welcome for investing your valuable time in joining us at today’s eventLast year TRG turned 18 andwe decided that since we were coming of age, it was time we updated our image to more accurately reflect who we really were.For those of you who know us at TRG you would have noticed our new logo. With the concept “guiding your business to greatness” an idea comes from the guiding star. The star stands for the success that TRG helps guide the client’s business to. The lower case letters feel innovative and modern, whilst being a little understated, our colours are youthful, vibrant and positive, which represents our outlook and aspiration.[CLICK to Tagline slide]
- Following on from the concept “guiding your business to greatness” our new tag line is “We help your business to shine” We do this by [Click to Vision slide] guiding your business to greatness every day
- Like a great tennis coach, we implement the systems that drive elite performance. Nadal or Federer don’t think consciously what is making them perform at their best, but they have all the systems and enablers installed. Likewise, customers today don’t care how their systems work and many don’t want to know how they work … as long as they do work and perform at their best. Thus at TRG we continue to do what we have done for the last 19 years, … [CLICK to Mission slide].
- provide stuff that works … and we do this for a range of solutions [ CLICK to Solutions slide ]
- To help your business to shine we bring you today the concept of the Office of the CFO.[ CLICK to OCFO placeholder slide ]
- We’re not trying to sell you anything, but rather we want to show you how we can help you by showing you some of the tools that are available to you todayToday’s event is an opportunity to listen, learn, share experiences, and see how the tools and ideas and solutions of the Office of the CFO can help your business to shine.Today in this room we have a huge range of experiences and many of you have decades of success, however we still aim that even you gurus will see at east one thing to make you shine even brighter.These are the areas our speakers will coverOCFOPerformance ManagementFinancial ManagementQ&ANetworkingWe trust you all will enjoy the event, make new contacts and friends and walk away with some new knowledge and understanding to help you to shine.Thank you
- Resources are the inputs that organisations use to create value. These include raw materials, technology, financial and other resources. Security of supply, quality and cost are essential[ CLICK ]
- Routinesare the processes by which inputs are converted into output to create value. The focus is on effectiveness and efficiency. It is linked to the types of resources on offer and the type of technology. [ CLICK ]
- Relationships with stakeholders: suppliers, customers, investors, employees and the community within which the organisation operates. The relationships provide access to both resources and markets and should be seen as value creation partnerships. The organisation incurs costs to maintain the relationships and derive value from them[ CLICK ]
- Risksrefer to the possibility that we can’t achieve our objectives and also that we will cease to exist in the way we prefer.It covers all the activities that the organisation is involved in. These risks arise out of the other 3 R’s[ CLICK ]
- Value is created by leveraging relationships that give access to resources and markets. Resources are converted to outputs and value through processes (routines) in the face of various types of risks.To build a business model we must outline and prioritise the 4 Rs.The objective is to configure and manage these to make the business model resilient and to provide the infrastructure for the organisation to manage its performanceThe 4 Rs are related to each other
- Well balance the Relationships, Risks, Resources and RoutinesCreate robust and resilient business model using performance management system