February 2020: How to define KPIs? Key Performance Indicators (KPIs) can be defined as major metrics that portrait the status of several aspects of a certain element. They can be measured quantitatively in terms of raw numerical measures, e.g. financial measures, or quantitatively in terms of scored or scaled subjective measures. KPIs are defined based on any desired scope to understand, analyze, and improve performance of element(s) in scope. For example, they can be defined to measure performance of a process, an activity, a project, a department, an individual, etc. KPIs can be leading indicator by predicting future status and performance trends, or lagging by describing status and performance over an elapsed period. KPIs need to be realistic and to measure what they are intended to measure to provide correct guidance for decision making, otherwise they will be misleading indicators.
January 2020: What is meant by Business Analysis? Business analysis is the discipline of identifying business needs in the form of requirements, designs, and plans, in order to achieve defined objectives which deliver value to the business. Business analysis initiaives are usually implemented in the form of projects that enable changes in the organization. Business analysts communicate with all stakeholders, throught the life span of the project, to gather requirements, get feedback on partial deliverables, and keep all stakeholders engaged and informed. Techniques used in business analysis include, but not limited to, elicitation and collaboration, business modeling, process analysis, solution design and evaluation, communication and facilitation, etc. Requirements involved in business analysis cover several categories of requirements: business requirements, stakeholder requirements, solution requirements, and requirements for transition to future state.
December 2019: How to define Project Lifecycle? Every project should follow a defined lifecycle with defined phases through which the project will be managed. Depending on the industry and the organization type of business, the phases of the project lifecycle will be different. For example, software development projects lifecycle defines phases different from phases in the lifecycle of construction projects, or developmental nonprofit projects, etc. Along with defining the phases of a project lifecycle, phase gates, and inputs and outputs from each phase need to be defined. In large projects, a single phase of the project lifecycle may be managed as a standalone sub-project, with its own budget and timeline. Usually gate reviews for transitioning outputs from one closed phase to the following phase will need to be done. Project lifecycles standardized across a certain organization should include tailoring guidelines when needed.
November 2019: What is Strategic HR Management? While the tradinitional meaning and function of Human Resource Management is mainly transactional activities (recruiting, compensation, performance management, etc.), the more evolved and more prevailing concept in modern organization is Strategic HR Managament (SHRM). This goes beyong transactional activities to more tranformational activities. Now HR is working in alignment with the overall corporate strategy, and many of the traditional HR activities are decentralized and moved to line management responsibilities (staff planning, assessment, training needs, etc.), while the corporate HR activities, as a strategic partner, are concerned with organizational change management, succession planning, executive development, and coaching function to line managers related to HR responsibilities. It's now an investment center rather than a cost center.
October 2019: Are you realizing benefits of AI for your business? Artificial Intelligence (AI) is spreading across all industries nowadays, it's enabling innovation and breakthrough initiatives that have not been possible before. By increasing productivity, and providing deeper insight into data analysis, AI opens horizons for business growth. Not only in technology industries, AI techniques are adopted everywhere. Technologies like machine learning, neural networks, robotic process automation, augmented reality, virtual reality, etc., are getting more and more supported by technology vendors and manufacturers, and consequently increasingly adopted by companies in their businesses. Risks resulting from this trend are threatening of human jobs which will be replaced by machines and robots, which is expected to be in large scale effect. The benefits to businesses on the other hand are much surpassing human factor losses in terms of business results.
September 2019: How to use KanBan in Process Improvement? KanBan is a visual management tool used in applying lean management approach. As for all lean management tools, the purpose is to reduce waste and minimize effort and time for best productivity, while avoiding over production. It's a visual management tool because it uses color coding and written indications for controlling process flows. KanBans can be in the form of item cards which include item descriptions, or it can be using colored boxes, which are used for replinishment signals at the item production point. KanBans are used to move produced parts to their point of use, and after prodcued items are consumed or sold, the KanBans are returned back to reproduce. Production only is triggered by number of empty KanBans, so that no excess items are produced unless there is consumption needs placed. Eventually this saves losses, costs, storage, and several wastes.