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Each company has several leaders who are responsible for their respective areas of expertise. For instance, a chief information officer is tasked with managing IT staff, developing department goals, overseeing the IT budget, maintaining IT systems, and managing the organizations software development needs. A chief privacy officer is responsible for managing risk concerning information privacy laws and compliance regulations and protecting the integrity of the information of the companys customers (Baltzan, 2019). A chief data officer is given the responsibility of overseeing the management, collection, and storage of organizational data, as well as for conducting an analysis of data to inform business decisions and strategy. Companies need all of the aforementioned leaders and people, such as chief strategy officers, in order to manage the business comprehensively and thoroughly by addressing every aspect of its operations. When there are leaders responsible for clearly-defined areas, it also becomes easier to overcome existing problems and make positive adjustments.
Companies use different tools to measure their operations, the main ones are MIS efficiency and effectiveness metrics. The difference between the two lies in the fact that the former focuses on a certain business process or technology, such as measuring the number of daily transactions. The latter is used to see how the performance of certain business processes aligns with the goals of the company. CSFs measure the causes and factors which can guarantee the success of a certain company, while KPIs measure the effects of the causes and factors. There are many metrics which can measure the success of supply chain management, including measuring the inventory turnover and the cycle time of the supply chain. In order to measure the success of CRM systems, companies can rely on the metrics such as close and upsell rate, net-new revenue, and length of the sales cycle. The purpose of the balanced scorecard is to improve the strategic management performance of companies and help them to identify and improve their internal operations.
Reference
Baltzan, P. (2019). Business driven technology (8th ed.). McGraw-Hill Education.
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