3 Answerthink Overview | June 30, 2003 Achieving Payroll Best Practices Through PeopleSoft Payroll 3  Aligns with strategy  Reduces costs  Improves
{"Image DocumentName": "Best Practices Defined: A Hackett-Certified Practice is a proven technique that delivers measurable value", "Image ImageDescription": "Aligns with strategy. Reduces costs. Improves productivity. Promotes timely execution. Enables better decision making. Leverages existing and exploits emerging technologies. Ensures acceptable levels of control and risk management. Optimizes skills/capabilities of the organization. Promotes collaboration across the extended enterprise. 1. Efficiency: cost and productivity improvements such as cycle time, level of detail and level of manual effort required. 2. Effectiveness: improvements in the quality and value of the activities performed, such as resource alignment, improved accuracy and better decision-making. 3. Apply to a broad spectrum of organizations. A best practice should be capable of being adopted by a wide range of organizations, given reasonable resources and executive commitment. Distinguishes a best practice from a distinctive capability (a company\u2019s unique skills or abilities in a given area, such as those that result from internal innovation, proprietary knowledge or some other driver of competitive advantage). 4. Exploit proven technologies. World-class companies that adopt tech-heavy practices such as self service actually have 47% lower total finance costs compared to those who do not. While world-class companies spend 6% more than average on technology as a percent of finance cost, they end up spending 45% less relative to revenue. 5. Ensure acceptable level of control and risk management. Best practices are synonymous with a well-controlled and well-managed process. Implementation must involve appropriate changes in people, process and technology that ensure that employees are trained and rewarded for adopting the new process, and that adequate control is maintained in the new environment. Hackett\u2019s Best Practices are certified when there is a correlation with world-class performance metrics.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}