Business Performance – Performance Management

Business performance is the performance of an organisation over a period of time basis the set goals and objectives. This includes a set of predetermined objectives which are numerical presentation of vision and mission of the organisation. Business performance could be enterprise performance or a corporate performance which compares the desired output with the goals set at the beginning of the establishment. Business performance evaluation is done periodically however at organisational level it’s done once in a year specifically at the end of the financial years. Usually the organisations consider the calendar year and evaluate the performance at the end of the year. At the same time considering the deviations which could be both negative and positive they create or modify the goals for the next financial year.

Traditional & Modern School of Thoughts

Business performance has been the key function at all times. In ancient times business performance was evaluated on manual data which might be kept or collated at the time of performance evaluation. For a bigger organisation collating data for huge volume used to be extensively time consuming activity which was not even error proof. Once the data was collated it was compared with the targets. Then evolved the scorecard method wherein month on month, quarter over quarter and for the entire year performance was mapped and evaluated. This helped in not only saving time but also helped in changing the approach to avoid losses and deviation. Modern Business performance is automated and system oriented. Data has been fed daily with which one can easily fetch weekly, monthly, quarterly, half yearly and yearly trends of any business.

Business performance helps Decision Making

Business performance is the key activity required while planning the organisational objectives. Similarly at the time of evaluation when the controlling is done business performance helps in eliminating unnecessary activities and adding meaningful and result oriented tasks to the list for more profitability and minimizing risk of loss. Decision making at an enterprise level can’t be done without Business performance.

Business Intelligence – Next Level of Business Performance Management

Business intelligence is the modern and innovative approach towards business management. This is certainly dependant on lot of tools and software which are pre embedded with different types of analysis and trends at organisational level. Business intelligence saves time and money simultaneously for the business as it endeavours to take the right decision for the business at the right time. Business performance is controlled properly with the help of business intelligence. Business intelligence is useful for all types of businesses.

Business Performance – Vision & Mission Of Organisation
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