TOWER Automates Enterprise Performance Management
TOWER Automates Enterprise Performance
with PeopleSoft Balanced Scorecard
Auckland, 11 December 2001 – TOWER Corporation expects to improve overall organisational performance thanks to its implementation of PeopleSoft Balanced Scorecard. Balanced Scorecard, a major component of PeopleSoft’s Enterprise Performance Management (EPM) suite, provides detailed information and ‘at a glance’ details of how divisions and individuals within them are performing, developing and learning.
TOWER’s implementation of Balanced Scorecard commenced in September in a phased rollout across the corporation’s eight subsidiary companies in New Zealand and Australia. The system delivers strong return on investment through simplified production processes and ensuring accuracy and timeliness in reporting. Phase one of the project will affect 150 employees but over two years TOWER’s entire workforce in New Zealand and Australia will have access to the system. Aside from financial analysis, the system also evaluates customer interaction, company operations, and the learning and growth of employees in a fully standardised environment that ensures all subsidiaries can conform to the corporate standard. This means reduced resource requirements.
TOWER Financial Services’ Group Manager of Business Systems, David Hannah, says, “Up-scaling to a completely automated mechanism for managing and measuring performance represents major advantages in providing an enhanced overall performance picture of TOWER for senior management.”
“Over the past four years Balanced Scorecard has become a critical component of TOWER’s performance metrics. Now, with the incentive to regularly set concrete targets for performance in the financial, organisational, employee and customer areas and the means to continually and promptly measure results, the ability to add value has been significantly increased.”
“The key advantage of an automated Balanced Scorecard tool is the ability to evaluate and rationalise performance-based data from across the organisation and integrate findings with strategic management objectives in a time-critical manner,” continues David. “Implementing PeopleSoft Balanced Scorecard will empower senior management to utilise the information gathered and ensure it is effectively filtered down through staff levels.”
TOWER previously used a manual, paper and spreadsheet-based form of the Balanced Scorecard, developed in-house and implemented in 1996. Although it provided a comprehensive insight into performance across the company, the lengthy process of collating materials and statistics often resulted in reports that were produced too late to provide full value.
“The move to a completely automated version of Balance Scorecard will not only provide more accurate and timely data updates, but with a phased introduction of the system, all subsidiaries will maintain an equivalent level of automation and consistency,” says David Webster, Managing Director New Zealand and Australia.
Completion of a fully automated Balanced Scorecard across all subsidiaries is expected in 2002. PeopleSoft will provide most external consulting and support services.
TOWER Group has been one of the fastest growing financial services businesses in Australasia for more than 10 years. Through a successful policy of organic growth and strategic acquisitions and mergers, TOWER has established itself as one of New Zealand's most dynamic companies. It currently has NZ$22.1 billion in-group assets under management.
TOWER continues to rapidly expand its activities and build its position as a strong competitor in insurance, savings and investment, asset management and trustee services markets.
Within the past six years, TOWER has also developed a strong and growing presence in the Australian market. Today, over 70 percent of TOWER’s revenues are generated from outside New Zealand.
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