A prior strategic finance article tided "Balanced Forecasts Drive Value" looked at the four barriers to success and why 9 out of 10 companies fail to implement their business strategies,"' popularized by Robert Kaplan and David Norton, and encountered by companies failing to realize their strategic objectives and results. Five Key Principles expands this thinking and cites MIT professor Dr. [Charles H. Fine]'s research on industry rate of change or "clock speed" and its impact on companies brought about by failing to understand and develop strategic and management processes to address. Clock speed provides concrete examples of how industries exhibit different rates of evolution. Strategically minded CPM executives and programs must understand and integrate CPM processes to not only deal with today's challenges but also enterprise preparedness for evolutionary changes. Clock speed provides a template to understand evolutionary dynamics of industries. Fine states, "The faster the industry clock speed the shorter the half life of your competitive advantage."4 As a result, the strategic management processes should identify and leverage a company's competitive advantages. Further, in reactionary efforts to address the four barriers and clock speed, enterprises often commence corporate performance management (CPM) projects, many of which fail. Clearly, the allowable time for effectively implementing strategies to achieve results has been compressing and new solutions are desired.

Key principles of executing strategy are described in a new book entitled Five Key Principles of Corporate Performance Management (Five Key Principles). This article, the first in a series, focuses on Principle 1: Establish and Deploy a CPM Office and Officer. Executives are expected to demonstrate results faster than ever before. CEO, CFO, COO, and CIO turnover has accelerated rapidly in the past few years. A prior strategic finance article titled "Balanced Forecasts Drive Value" looked at the four barriers to success and why 9 out of 10 companies fail to implement their business strategies, popularized by Robert Kaplan and David Norton, and encountered by companies failing to realize their strategic objectives and results. Five Key Principles expands this thinking and cites MIT professor Dr. Charles Fine's research on industry rate of change or "clock speed" and its impact on companies brought about by failing to understand and develop strategic and management processes to address.

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