Being on top of the competition has always been the primary goal of most companies, which is the main reason why business systems keep on improving through the years. For a business system to successfully work in favor of the company and its customers, a lot of factors and queries must be taken into consideration. Some of which include the following:
l. Baseline: To measure performance of a business system or program, there should be an established baseline that will serve as the control. Usually, the initial data that was collected will act as the baseline and the succeeding results or scores will determine the effectiveness of processes involved in the business system.
2. Goal Alignment: This item is all about company objectives and strategic goals that will lead the way in measuring success. Having well defined goals will result to a synchronized alignment of activities and processes that will eventually result to improved performance.
3. Metrics: Creating standard metrics to measure performance is another critical phase of the business program, which usually depends on the management and the products or services to be measured. Metrics should always be reachable, reasonable and logical, just to be fair in acquiring such valuable information.
4. Customers and Stakeholders: Determining the people who will benefit from the initiative and who will pay for it is another important factor to be considered so as to come up with better strategic plans that will result to an increase on the level of satisfaction, not only of customers, but employees and shareholders as well.
5. Cost and Risk Analysis: Estimating the financial cost and identifying possible risk factors is necessary in coming up with better business decisions.