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Business Performance ManagementA growing number of business journals, academic institutions, and technology industry analyst firms are ascribing the term "business performance management" to the applied use of software to manage and measure activities that support strategic business goals. As eLearning evolves, many pioneering corporations have moved beyond traditional learning management to a set of initiatives that more closely line up with the concept of business performance management. One example of this is Wachovia, a leading provider of financial services throughout the East Coast and the United States. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 4 states and global services through more than 0 international offices. Operating in an intensely competitive and heavily regulated market, the ability to quickly introduce innovative new products and services, and the ability to demonstrate compliance with complex regulations is essential. The Patriot Act, which was enacted in October of 001 to help combat international terrorism, has added an additional set of compliance requirements to the core set of financial service requirements that are already in place. Wachovia is deploying Docent to ensure its employees have the knowledge and skills to meet these strategic imperatives. Docent recently completed an extensive survey of its global customer base and identified over 15 unique business applications that support and track to the key strategic goals of the corporations in which they are deployed. Several of the most prevalent applications include · Customer and Channel Education Self-service training to improve customer satisfaction, deliver incremental revenue, and reduce support costs. · Product Launch Cross functional and multi-channel education to accelerate go-to-market readiness, provide real time feedback between field sales personnel and corporate marketing staff, and shorten "time to revenue" when rolling out new products. · Sales Force Readiness Designed to shorten the time it takes to bring new sales representatives up to full productivity levels, accelerate ramp up time associated with new product education, ensure up to the minute global competitive intelligence, and improve sales force retention. · Regulatory Compliance Driven by regulatory and statutory guidelines for purposes of protecting customers and employees from hazards and liabilities, minimizing corporate liability risk, accelerating product lifecycles, and promoting a safe and effective working environment. · Corporate University Often the central point for education on business skills (ex. Program management, selling, team building), company policies and processes, and IT training.
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