What is Goal Management?
Goal Management provides organisations with a method to effectively communicate strategies and business objectives to every manager, department, and individual within the organisation. The key is to establish a coherent thread between strategies, objectives, KPIs, and activities through appropriate tools and communication.
This gives employees new conditions to understand how their roles contribute to the success of the company. Strategic plans are tied together with operational plans and tangible results through Goal Management.
The purpose of Goal Management is thus to structure, communicate and set objectives at various levels. The goal is more efficient strategic work and for strategies to be translated into everyday business operations.
Many organisations view the rollout and execution of strategic work as a challenge - and Goal Management and Goal Management tools as a solution to this problem. Goal Management is often equated with the concepts of Performance Management and Management by Objectives.
Examples of what Goal Management can be used for:
- Business Plans
- Operational Plans
- Balanced Scorecard
- Risk Management
- Quality Management
- Strategic Planning
Goal Management in Practice
In practice, Goal Management is a type of decentralisation and operationalisation of strategies, as different units gain more autonomy and relate to their own goals - while their own goals are clearly tied to the overarching objectives.
From a management perspective, Goal Management provides an overview and greater control over how strategies are implemented in practice. Employees gain an expanded understanding of the strategic goals and can better self-regulate, understand, report, control and adhere to the operational objectives - and thereby, ultimately, the strategic objectives.
The goals set for the business and the business's future position become something everyone influences. Everyone understands the "what", "how", and "why", even if not everyone needs to have individual goals attached to them.
Goal Management tools give you:
- The ability to ensure that you do not have too many objectives, which is a common mistake in Goal
- Management, and which often affects the employees.
- A flexible model support for breaking down overarching strategies into objectives, sub-objectives, and activities.
- Increased steerability, a long-term focus, and engagement.
- Efficient and digital business and operational planning via a unified system support.
- Opportunities for follow-up through linking of indicators and key figures to objectives and sub-objectives.
- Employees who can (easily) find out how they should relate to their work, based on relevant goals.
- This, for example, makes it easier for employees to prioritise.
- Opportunities to link the overarching business planning with operational planning, financial planning and follow-up.
10-minute video demo of Hypergenes solution:
What is Strategic Planning?
Strategic Planning forms the basis for setting goals and priorities, and for ensuring that an organisation’s plans are going in the right direction. When the plans of different departments are unified and in line with the overall goals, the company has established a common direction.
What is GRC?
GRC is an organisation's ability to reliably achieve goals, manage risks and act in accordance with laws and regulations. GRC stands for Governance, Risk Management, and Compliance.
What is Corporate Performance Management?
Corporate Performance Management includes all the actions taken by management at different levels to achieve a particular result. This includes leading, managing, and developing your business to ensure your resources are used as effectively as possible in achieving your goals. Management can be viewed as a cycle with three components: Planning, implementation, and monitoring.