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Insight : Financial Market Outcomes |
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Volume:02 / Issue:19 - Published on
January 2007 |
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Financial and market metrics have come of age. Traditional accounting and stock market outcomes are being replaced by tougher metrics that firms choose to pursue as their objectives in the quest for delivering stakeholder satisfaction.
A firm is in business to make money – an oft-repeated truism. It has a pretty ripple effect too. It generates jobs for employees, wealth for stakeholders, products and services for consumers and a better GDP for the country. In an ironical landscape where rapidly saturating markets coexist with ever-increasing spending power, capturing market share is an imperative – even for those who just want to chug along with the tide. So the quest for a better set of financial figures and a bigger slice of the market is eternal. |
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Insight : Human Resource Outcomes |
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Volume:02 / Issue:18 - Published on
December 2006 |
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Human Capital is undoubtedly the most strategically important resource for firms operating in the knowledge economy. For the HR function to succeed in its role as a strategic partner and growth champion, it needs to focus on deliverables that flow from the organizational strategy. |
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Insight : Customer-Focused Outcomes |
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Volume:02 / Issue:17 - Published on
December 2006 |
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While every organization recognizes the need to acquire new customers, very few succeed in retaining their existing customer base. The measurement of outcomes related to customer-directed operations is vital to ensuring sustainability and long-term value creation.
In an economy where customer is king, customer satisfaction is the key to profitability. Satisfied customers are loyal customers who stand by you and keep adding to your bottom line. Right? Wrong, and wrong again.
Consider this – Frederick Reicheld, an authority on customer loyalty, estimates that around 65% to 85% of customers who defect to another brand or service state that they were satisfied or extremely satisfied with the previous company. In the automobile industry, the average rate of customer satisfaction is 90%, whereas repurchase rates are as low as 40%. What these figures highlight is a plain truth that firms across the global business landscape are beginning to assimilate – customer satisfaction, though important, is no longer a sufficient measure of an organization’s customer-focused performance outcomes. In order to predict and aid sustainability, measurement of customer satisfaction should be part of a balanced framework that incorporates other long-term results. |
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Insight : Product and Service Outcomes |
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Volume:02 / Issue:16 - Published on
November 2006 |
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The product or service outcome of a business is not merely the result of processes; it is the vital factor that justifies business operations and determines customer loyalty.
“The time was when a man could order a pair of shoes directly from the cobbler. By measuring the foot himself and handling all aspects of manufacturing, the cobbler could assure that the customer would be completely satisfied” - Dr. Yoji Akao, pioneer of Quality Function Deployment
The knowledge economy has, perhaps, rendered this degree of personal interface a Utopian dream; but the final word in quality still belongs to the customer. Business has become more customer-centric than ever before, with customer satisfaction being the raison d'être as well as the acid test of every organization. Consequently, quality can no longer be defined in terms of statutory requirements or standards alone. These need to be accompanied by customer-centric metrics, and all modern quality management systems are based on the principle that the customer is the best judge of quality. Outcome metrics that point to the customer’s preferences and requirements are an indispensable tool for any organization that aspires to remain competitive. |
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Insight : Support Processes and Operational Planning |
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Volume:02 / Issue:15 - Published on
November 2006 |
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The process of value creation is sustained by support processes and resource availability. Every organization needs to build proactive support systems and utilize resources efficiently to ensure continuity in the value chain. |
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Insight : Value Creation Processes |
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Volume:02 / Issue:14 - Published on
October 2006 |
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Value creation might be the current management buzzword…but it comes with a huge dollop of reality bytes. Firms that are not taking a closer look at their value creation processes would do well to sit up and take notice. |
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Insight : Customer Relationship and Satisfaction |
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Volume:02 / Issue:13 - Published on
October 2006 |
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Building lasting customer relationships and measuring satisfaction help firms garner loyal customers and stay ahead of competition. However, for tools like Six Sigma, ServQual and CRM to be effective, top management buy-in is crucial, as is a culture that is intrinsically customer centric. |
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Insight : Customer and Market Knowledge |
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Volume:02 / Issue:12 - Published on
September 2006 |
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Customer and market intelligence is the essence of competitive intelligence. It is a strategic competency that creates and sustains competitive advantage.
When the Romans first declared that the voice of the people was the voice of God–vox populi vox dei, they were referring to democracy as a form of government. Centuries later, corporations across the globe have embraced the adage in letter and spirit, albeit in a different context – that of customer knowledge. |
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Insight : Employee Well Being and Satisfaction |
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Volume:02 / Issue:11 - Published on
September 2006 |
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Employee satisfaction and well-being are fundamental to talent management and retention. The physical and emotional wellness of employees has direct implications on performance and productivity. Thus it is essential for the organization to create an environment that supports employee health and well-being and promotes satisfaction. |
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Insight : Employee Learning and Motivation |
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Volume:02 / Issue:10 - Published on
August 2006 |
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Education and reinforcement of learning are essential to ensure high performance in any organization. Learning is not only a means to survive; it is also a powerful motivator. Thus every organization needs to foster a culture that promotes generation and transmission of knowledge. |
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