Prof Kenneth K OderoPerformance measurement of any economic activity is considered valuable for a number of reasons. It allows for gauging the rate of return on investment. It enables continuous (strategic, financial, production, demand, revenue, scenario) planning for more informed decision making. It enhances collaboration within, and across, organisational boundaries, et cetera. ‘You cannot plan (let alone manage) that which you do not measure’ is an old adage, but nevertheless relevant for highlighting the functionality and importance of measurement, in general, and relevant, and high-quality data in particular. To be sure, it is not only measuring per se that is important, equally so, is what is measured! Let us use an example to illustrate the point.A standard economic measure of most activities is their aggregate contribution to the Gross Domestic Product (GDP): The higher the contribution the greater its perceived role. However, the “contribution” of logistics to the economy (i.e., its % of GDP) ideally should be as low as possible for an economy to be considered competitive. According to this counter intuitive interpretation of logistics’ contribution to the GDP, optimisation of logistics (as well as the supply chain) is seen not just the right thing to do, but also… Read full this story
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