Approach to Work
As is evident with every successful venture, predefined processes for preemptive results is a key for every reason in project planning, execution, evaluation and redefining for improvement. The complete project cycle, if clearly defined will ensure complete transparency, business continuity and documentation, which is deemed as a vital necessity in such industries. The 7-step process to work can be given as:
Business metric selection: This stage refers to the ability of vendors and customers to identify business metrics based on process needs and output.
Benchmarking: This stage involves measuring the process's performance as against others and constantly reaching out to higher levels of performance by increasing the benchmarked expectations.
Key Performance Indicator (KPI) selection: This stage refers to identifying the key process areas and quantifying improvement through process improvement metrics and goals.
Investment evaluation: In this stage, we review each of the cost centers and profit centers and assuring of the KPI goals by determining their respective performances.
Business benefit contracting: This is a stage of including all of the above results in a contract.
Financial engineering: This stage is about performance evaluation by evening costs and benefits over the life of the contract.
Business benefit-based services delivery: This is the final stage of implementation.