The paper "Business Performance Management" is an outstanding example of a business literature review. Success or failure of a business process is described by how far the business has attained its desired goals. This, therefore, is a measure of business performance. How far the business achieves the goals is simply determined by how well or otherwise the business management manages performance towards the desired goals. This brings about the concept of business performance management, hereinafter referred to as BPM, and is the core subject addressed by this paper. First, it is important to note that in this competitive world, all businesses want to have a better competitive advantage otherwise chances are, the business can easily face competition problems.
This, therefore, means that all companies want to know how they are performing and therefore try to find solutions to their problems if at all there are any. This, in the simplest logical understanding, the businesses must manage their performance in order to remain relevant in the business. Before looking at any intrigues of the subject, it is good to understand what BPM is and what it actually encompasses.
What therefore is BPM? BPM defined There are many definitions and perspectives by several people towards an understanding of BPM. This paper just explores them as put forward by Elbashir, Collier & Sutton (2011). From the said reference, one definition has it that BPM is a narrow concept that applies to planning, scheduling and budgeting practices in business. Another postulation goes that it is the process of assessing progress towards achieving predetermined goals (this definition invokes particular interest). Others include a definition by Kimberly (2015) that describes BPM as a holistic approach to fully manage performance through informed and proactive decision-making.
There are those definitions that can be described as formal. BPM standards group, for example, describes BPM as a set of integrated, closed-loop management and analytic process, supported by technologies that address financial and operational activities. BPM researchers, however, describe it as the methodologies, metrics, processes and systems which are used to monitor and manage business performance (Sturdy 2012).
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Elbashir, M, Collier, P, & Sutton, S 2011, 'The Role of Organizational Absorptive Capacity in Strategic Use of Business Intelligence to Support Integrated Management Control Systems', Accounting Review, 86, 1, pp. 155-184.
Nelson, Kimberly. 2015. Business Intelligence, Strategies and Ethics. Hauppauge, New York: Nova Science Publishers, Inc, 2015.
Popovic, A, Turk, T, & Jaklic, J 2010, 'Conceptual Model Of Business Value Of Business Intelligence Systems', Management: Journal Of Contemporary Management Issues, 15, 1, pp. 5-29.
Sturdy, GR 2012, Customer Relationship Management Using Business Intelligence, Newcastle upon Tyne: Cambridge Scholars Publishing.
Veljković, S, & Kaličanin, D 2016, 'Improving Business Performance through Brand Management Practice', Ekonomski Anali / Economic Annals, 61, 208, pp. 137-167.