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Evolution of the concept of “Business Performance Management”

Journal: Management of the economy: theory and practice (Vol.14, No. 14)

Publication Date:

Authors : ;

Page : 101-108

Keywords : Business Performance Management; evolution of the concept; tools; smart analytical systems; business intelligence; business efficiency; performance management.;

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Abstract

The article is dedicated to the study of the evolution of the concept of Business Performance Management (BPM) – an approach to managing business processes that focuses on achieving strategic goals and maximizing efficiency. The article explores the history of the development of the BPM concept, from the initial idea of controlling financial indicators to modern innovative performance management methods, such as the Balanced Scorecard (BSC) and data analytics. The purpose of the article is to analyze the evolution of the concept of “business performance management” (BPM) and to determine its role in ensuring successful management activities of modern companies. The authors discuss the main trends and challenges that have influenced the evolution of BPM, such as the growth of data volume and complexity, the expansion of the global market, and the changing perceptions of the role of information in business management. Specifically, the role of business analytics technologies and their impact on the development of BPM is examined. The article highlights that BPM is a complex approach to management that requires the integration of many factors, such as strategy, business processes, information technologies, and the human factor. The authors provide recommendations for successful BPM implementation and emphasize the need for an integrated approach to performance management. The article provides examples of areas of application of Business Performance Management (BPM) tools that allow metallurgical enterprises to increase production efficiency and optimize costs by collecting and analyzing data. The scientific novelty of this article is that the recommendations and conclusions provided by the authors can be useful for companies looking to improve their performance management. The recommendations contains an overview of the key trends and stages of the evolution of the Business Performance Management concept, as well as guidance on selecting and implementing a performance management system in an organization. The authors emphasize the importance of a balanced approach to measuring performance and the need to consider the individual needs and characteristics of each company. In general, this article is useful for those who wish to gain a more detailed understanding of performance management in business.

Last modified: 2023-07-18 19:45:58