We strongly recommend companies follow a structured approach to develop a holistic P2P performance management framework:
- Define common metrics, and clearly delineate objectives, descriptions, and interdependencies with other performance measures.
Establish a standard methodology and system
to track and report performance; key components include:
- Measurement scope, parameters, method, data source, and frequency
- Benchmarking methodology and data source
- Reporting dashboards, frequency, and forum
- Measuring and tracking performance metrics
- Benchmarking and reporting overall P2P performance
- Identifying and prioritizing continuous improvement (CI) opportunities
- Reviewing and approving CI projects
- Implementing and monitoring CI initiatives
- Calibrating performance metrics based on evolving business objectives
There's no question that the old management adage "You can't manage what you don't measure" holds true in the case of end-to-end process management. Having a common set of appropriately-designed performance metrics is both an enabler for and indicator of successful P2P transformation.
If you require support, help in establishing your performance methodology or have any queries regarding P2PBenchmarking.com, please send an email to [email protected].