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Enterprise and Corporate Performance Management Essay

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Updated: Jul 17th, 2021

Many companies do not receive the results they desire due to applying intuition rather than factual data when approaching the process of decision making. In order to reach the best outcomes, it is crucial to employ the basics of enterprise and corporate performance management (EPM/CPM). The term CPM, which was coined in 2001, was expected to address such aspects of a unified management system as efficiency, alignment, visibility, accountability, and focus (Dimon, 2013).

EPM involves several aspects, among which there belong enterprise planning, business intelligence, the connection between reporting and planning, and the balanced scorecard. Thus, EPM/CPM now means seamless integration of various approaches employed by management to gain the necessary operational improvement. With the help of EPM/CPM, Conair will be able to arrange its production and distribution in the most effective way.

No matter how successful a business is, it cannot work on the established premises for a long time. Change management is crucial to enhance the processes and motivate employees. Behavioral change management may involve certain risks and challenges, such as people’s resistance to new methods of work (McCalman, Paton, & Siebert, 2016). However, in the long run, the effectively introduced change can alter the organization’s productivity and profits to a great extent. The following table presents the factors related to behavioral change management that could be implemented in Conair and offers their explanation:

Resistance Some employees may view change as a threat to their autonomy. To eliminate this risk, the manager needs to predict the possible complications and explain to the team members that their apprehensions are unwarranted.
Consistent communication Communication plays a significant role in any organization, but it should be given specific prominence during the process of change implementation. This way, employees will not feel anxious and will see that their management takes care of them.
Training and establishing the objectives Setting the purpose of the change is as important as explaining it to the employees. However, it is also necessary to train workers so that they are ready to meet the new requirements.
Recognition A good way of encouraging employees to accept the change positively is by recognizing their contribution to the company.

Table 1. Factors related to change management (created by the author)

In order to make strategic planning and management at Conair more successful, it is necessary to create a balanced scorecard (BSC), which covers four aspects: customers, learning and growth, finance, and processes. According to Kaplan and Norton, the BSC “retains traditional financial measures,” but these measures alone cannot present an adequate story for modern companies (as cited in Pramudita, 2016, p. 3). Thus, it is necessary to include more than one aspect in the BSC. The following graph depicts the BSC for Conair.

Balanced scorecard for Conair
Figure 1. Balanced scorecard for Conair (created by the author).

Finally, the manager should take care of fostering goal congruence both for the organization and employees. To promote such an agreement in Conair, it is necessary to make sure that each team member is aware of the mission and goals of the company. Also, it is important to motivate workers to work toward reaching the objectives. Taking these aspects into consideration will enable the manager to foster goal congruence in Conair.

References

Dimon, R. (2013). Enterprise performance management done right: An operating system for your organization. Hoboken, NJ: Wiley.

McCalman, J., Paton, R. A., & Siebert, S. (2016). Change management: A guide to effective implementation. Thousand Oaks, CA: SAGE.

Pramudita, C. D. (2016). The balanced scorecard as strategic controlling instrument: Introducing the indicators-based BSC for implementation of a corporate strategy from four different perspectives. Hamburg, Germany: Anchor Academic Publishing.

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