BUSINESS PERFORMANCE MANAGEMENT IN RETAIL INDUSTRY
The ability of businesses to drive sustained improvement in their performance is significantly hampered by the seven challenges (strategic misalignment, local optimization, uncompetitive reactions times, etc.). The situation is being continually exasperated due to the factors such as volatile economic and regulatory conditions, emerging management techniques, multi-organization business models and underutilized operational information.
In this research paper we are discussing as how BPM helps in resolving the above factors, BPM in retail industry and also about how business performance provides businesses with solutions that ...view middle of the document...
The situation is further compounded by multiple, stand-alone siloed systems, often distributed across the different countries of operation, that fail to present a unified picture of the business, support collaboration between management teams or drive the execution of frequently revised plans. How can businesses reconcile the enormous pressures they face with the increasingly difficult task of generating the growth in stakeholder value that these same market conditions offer? A large part of the answer lies in adopting the right tools for the job.
Business Performance Management is a new term that denotes a process-centric, holistic approach to business decision-making that is intended to improve the capability of a business to gain insight and manage its performance at all levels by combining stakeholders, managers, staff, customers and suppliers within an integrated management environment. Business Performance Management delivers both timely management information and hosts the individual management processes in a single, interactive and collaborative work space that allows teams of managers, from the board room to individual departments and across the extended supply-chain, to collectively measure performance, anticipate results and drive profitability.
In short, Business Performance Management offers the way to strategically improve the quality of the management process and hence grow an organization from a collection of loosely coupled business units into the highly coordinated and agile enterprise that is necessary to succeed in today’s economy.
WHY BUSINESS PERFORMANCE MANAGEMENT?
Business Performance Management is an emerging term. Other names are being used to cover the same concepts (for example, the IT analyst firm Gartner uses ‘Corporate Performance Management’). Some vendors use the phrase ‘Performance Management’ to imply simple scorecards, dashboards and Key Performance Indicators (KPI’s).
Yet others might argue that the term Business Performance Management means the same thing as decision support (DSS) and business intelligence (BI) and thus there is no need for yet another term. However, over the years terms acquire meaning through their use and the terms BI and DSS both acquired a data and software application-centric meaning. Client organizations that implemented BI or DSS solutions within the context of a data warehousing environment typically built solutions on an application-by-application basis.
Business Performance Management is a new term that denotes a process-centric, holistic approach to business decision-making that is intended to improve the capability of a business to gain insight and manage its performance at all levels by combining stakeholders, managers, staff, customers and suppliers within an integrated management environment.
Challenges Faced By Business Managers
Every part of the business must be directed by a shared commitment to the strategic goals of...