A business management system patent press release titled “Metric Goal Setting: A Patent to Counter Destructive Behaviors and Common Pitfalls” provides an innovative system that addresses the gaps in metric reporting and paves the way for substantial process enhancement.
We know that organizations must continually improve; however, traditional associated goal-setting actions can have unintended consequences.
Provided in this business management system patent press release is an enhanced way of conducting an organization’s business.
What does this Business Management System Patent Press Release Provide?
A few years ago, a large bank’s goal-setting practice led to a “fake accounts scandal” that cost the company $3 billion in payments to the Department of Justice and the Securities and Exchange Commission. This bank’s “playing the numbers game” issue is a commonplace metric reporting and goal-setting problem frequently occurring in organizations.
The issue with this bank’s performance metric reporting and goal-setting approach is more than simply setting appropriate organizational goals. The fundamental problem is that traditional table-of-numbers, red-yellow-green scorecards, and Key Performance Indicator (KPI) reporting do not track metrics from a process-output point of view and encourage process improvement to enhance future metric responses. This form of metric reporting is the elephant in the room that needs resolution.
The system and software described in the “Systems and Methods for Measuring and Reporting Enterprise Performance and Making Process Improvements” patent resolves this metric reporting and process improvement shortcoming. Enterprise Performance Reporting System (EPRS) software is available for implementing this May 2023 published patent methodology.
Key Features of the Integrated Enterprise Excellence Patent Press Release Patent
- Integrated Approach: An Integrated Enterprise Excellence (IEE) 9-step business management model
- Dynamic IEE Value Chain: A module that provides automatically updated, predictively-reported performance metrics that link with their generating processes
- Interactive Interface: Clickable metrics and processes that provide in-depth details, accessible to the entire enterprise 24 x 7
- Data-Driven Insights: Collection of real-time and historical data for each metric, providing statistical models to discern predictive metrics or identify special-cause events requiring immediate attention
- Process Improvement Focus: When a metric indicates an undesirable future response, this reporting signals the need for process enhancement
- Comprehensive Analysis: The system evaluates process-output responses based on supplier inputs, procedures, and variability, distinguishing regular output responses from anomalies or trends.
- Enterprise Improvement Plan (EIP): A module highlighting strategies for enhancing predictive-reported operational metrics, ultimately benefiting the organization’s financials
- Impact Assessment: A function that evaluates the success and impact of completed EIP projects on the organization’s financial objectives.
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