The term "performance management" is appearing in many different places these days. Unfortunately, as with many new terms, a bewildering array of adjectives has been developed to describe various flavors of performance management: enterprise, corporate, business, financial, operational and workforce, to name just a few. Some of these appear to be different words for the same thing (e.g., enterprise and corporate performance management), but others are similar sounding terms for fundamentally different concepts. Financial performance management describes next-generation budgeting and planning, while workforce performance management refers to compensation and motivation planning for employees.
Despite their differences, almost all performance management solutions share one thing in common: their focus on improving performance begins with creating metrics from the data already available to the organization. While metrics-centric performance management is an improvement over traditional reporting and business intelligence, it can still fall short of an organization's expectations for several reasons:
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