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Is there any difference between performance monitoring and performance management? If yes, what would be some of the main things someone should look at, in order to find this difference?
Robert S. Kaplan and David P. Norton’s 1996 book ‘’The Balanced Scorecard: Translating strategy into action” is considered to be a major contribution to the development of performance management, as their work has changed the way performance is measured. In the almost 20 years that have passed since its publishing, the Balanced Scorecard System has been implemented by thousands of companies and organizations worldwide, proving its value in time.
Have you ever wondered what operational performance is? The term is linked to the company’s performance at departmental level. Performance management can be analyzed at several levels in an organization: strategic, operational, team and individual.
It is common for organizations and individuals alike to set goals, objectives they want to reach. Instinctively, people have felt that having clearly defined goals is useful for achieving the desired results, and goal setting has been used as a way of improving organizational and personal performance.
“Measurement is the first step that leads to control and eventually to improvement.” – H. James Harrington, CEO of the Harrington Institute.
Across the years, companies have traditionally and exclusively measured their success in terms of financial achievements. In the rapidly emerging business world it appeared the need for a much broader range of measures, in order to keep companies and organizations on track into achieving their goals. This is how the fulminating interest in dashboards, scorecards and KPIs can be explained, and Procurement and Supply Management is no different.
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