business (noun, busi-ness, \ ˈbɪznəs \) performance (noun, per-for-mance, \ pərˈfɔːrməns \) management (noun, man-age-ment, \ ˈmænɪdʒmənt \)
Definition: is a management style that demands the alignment of the organization’s strategic and tactical objectives and perceives a company as a unified entity instead of an array of divisions. BPM requires constant control over the organization’s financial performance and determining how the company can be transformed to reach its goals faster and more efficiently. BPM allows managers to receive aggregated data related to the company’s activities and make more informed decisions.
In a Sentence:
- According to the reports gathered after we’ve implemented the business performance management system, the marketing department isn’t as efficient as we’ve hoped them to be. If we want to achieve our projected income, we have to either cut costs spent on marketing or improve the department’s productivity.
- Thanks to the business performance management approach, the regional managers of our branch offices are well aware of the current financial position of our company. Now, they can factor in our budget needs when making decisions regarding any of their branches’ business activities.
Synonyms and related words: corporate performance management, business management, business management system, enterprise performance management
