Performance Management System
A performance management system is a computer software application that is designed to support companies in their efforts to optimize the performance of a department, a business unit, or the enterprise as a whole. With features that include dashboards and/or scorecards, reporting and analysis, metrics management, and real-time alerts, a performance management system enables an organization to better track and manage mission-critical strategies and goals, the operations that impact them, and results.
Businesses that have deployed a performance management system have noted significant benefits, including a shorter time to implement strategic and operational changes as a result of evolving customer demands or changing market conditions. Increased sales and revenue, improved cost-efficiency, greater employee morale and retention, better regulatory compliance, improved communication and collaboration, and increased agility are also among the many advantages that can be realized by the improved transparency and increased organizational alignment that a performance management system can provide.
The right performance management system, built on innovative and fully-integrated technologies, is crucial to the success of any performance enhancement initiative. When selecting a performance management system, organizations should look for the following features and capabilities:
- Broad data access, for complete visibility into performance data, no matter where it resides
- Powerful, yet simple and intuitive business analytics functionality, so everyone - even non-technical business users - can track and manage metrics and key performance indicators (KPIs) related to their roles and responsibilities
- Dynamic alerts, so real-time notifications of critical events and issues can be sent directly to those in a position to respond immediately
- Advanced security, to ensure that everyone can see only the data that is relevant to them
The WebFOCUS Performance Management Framework (PMF) from Information Builders is a comprehensive, robust, feature-rich platform for defining, aligning, monitoring, and measuring strategies, plans, goals, and objectives. With direct access to any performance information located in any data asset, PMF gives users at all levels the ability to track metrics and KPIs through secure and user-friendly dashboards, drill through to detailed data to learn what's behind patterns and trends, schedule alerts, perform cause and effect analysis, and view performance trending.
PMF is highly scalable and flexible. Whether you follow a just-in-time model, adhere to Six Sigma standards, or are seeking to take a balanced scorecard-approach to performance enhancement, PMF can meet all your needs. And because it is designed to leverage existing assets, the Performance Management Framework offers rapid deployment and low total cost of ownership (TCO).