… Is NOT Only a Function of Your Finance Department.
Are you familiar with the concept, single source of truth?
A majority of organizations apply this principle and assign its application to its finance department only. CFOs are charged to create and execute to factors they deem critical to the success of the enterprise.
To effectively implement single source of truth as a measuring stick, it only works when strategy is aligned. All members of its leadership are expected to step up and align its thinking and actions as a whole. Those building blocks include, but are not limited to, its core essentials and driving force. When correctly measuring, it ensures companies are externally focused to meet the needs of the customer or client.
Why should a business leader be concerned about adopting ‘single source of truth’ as an operating standard?
- It is NOT just a finance issue.
- It supports the organization’s corporate identity.
- The reporting provides a realistic view of your company’s market impact.
- Adopting the practice focuses on the external needs of the client/customer – not the internal wants of the organization.
- Helps reduce the creation of destructive silos.
- The right objectives are aligned with the right measure categories PRIOR to assigning targets and goals.
- Lays the foundation for leadership members to drive value within all four perspectives of its strategy.
- Empowers your cross-functional team to execute to the ‘single source of truth’ and understand its impact to success.
- Drives efficiency, innovation, and continuous improvement.
- Provides an environment to fail fast and quickly recover.
- Positive cultures are proof they are aligned and measured by the right categories of success.
- Reward and recognition systems are in integrity with thinking and action.
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