We have learned from carrying out numerous projects for clients that everything can be measured. At Paramount, we obsess over key performance indicators (KPIs)! If utilizing KPIs for the first time, we suggest starting small and then building up the measurements. When created, logged, and tracked for future use, KPIs provide confidence, clarity, and predictability in a project, even with anticipated cost.
Use a Statement of Work
Prior to commencing any major project, we recommend preparing and adhering to a statement of work (SOW). A quality SOW will define the vision and objectives, as well as the scope, anticipated milestones, and key deliverables. Referring to what has already been said, the SOW is the ideal place to provide projected KPIs. Lastly, with measurable objectives outlined, it should be possible to include a fairly accurate cost estimate.
Communicate Clearly and Often
Before, during, and after this described process, communicate, communicate, communicate. Spread the message, expectations, and achievements to all stakeholders. Create a repository of important instructions. At Paramount, we are accustomed to communicating regularly with our clients through Teams. Internally, we have chosen to use Slack exclusively. In fact, internal email at Paramount is banned completely! Through these communication channels, conversations containing critical information and insights are not lost when staffing assignments are revised or turnover occurs.
How to Establish Clear Lines of Communication
For establishing clear lines of communication, an internal online chat platform, such as Teams or Slack, keeps communication transparent and open. Conversations containing critical information and insight are not lost when staffing assignments are revised or turnover occurs. Anything that can be measured should be measured. Progress is then tracked and understood through the use of key performance indicators. KPIs present accountability and encourage continuous improvement.
Intelligent Land Operations
Based on our experience working with multiple organizations large and small, we developed Intelligent Land Operations. This theory is comprised of six steps that lay out what land departments need to be doing to evolve and survive while maintaining their low G&A.
In the following installments, we will go through each step of the Intelligent Land Operations hierarchy and the actions you can take to evolve. This series is not asking you to forget everything you know about land and land administration, but it will challenge you to think differently about how common key functions have been performed. It will also provide ideas and insights to consider in order to create the most value for investors and stakeholders in any environment.
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