Performance Management is normally a term that refers to managing and improving the performance of employees. The process starts with an articulation of the company goals and objectives and then communicating these high level goals to employees.
It is a system that ensures that goals are consistently being met in an effective and efficient manner. From these high level goals we develop agreed employee goals, competencies and standards of behavior. To maintain a high level of performance there must be system check and balances. There must be good communication and high morale. Typically we might ensure that all employees have a job description, regular performance reviews and reward, recognition and disciplinary systems
Business intelligence (BI) is the ability to slice and dice the information contained within a business into meaningful data. It is a way for the business to drill through the organisation and get the information that is needed to effectively manage the business.
Often this information will come from different systems within the organisation. For instance sales and profit will come from the accounting system. The number of sales calls may come from the CRM system and web visitors may come from google analytics.
Wikipoedia refers to BI as the ability for an organization to take all its capabilities and convert them into knowledge, ultimately, “getting the right information to the right people, at the right time, via the right channel”.
If we understand that the Business Dashboard may be a single view or scorecard then Business intelligence is really the combination of multiple views and scorecards of the business.
KPI is an abbreviation for Key Performance Indicator. It is a term that is used primarily in business. Kpi’s or key performance indicators could be factors such as revenue, profit, number of customers, product unit sales, customer satisfaction. See list below.
These kpi’s or key performance indicators are a way to determine the success of an organisation or at least the progress toward success. Key performance indicators (kpi’s) fall into two categories. Leading and lagged
Sample “Lagged KPI’s” : These KPI’s look at the outcome of performance. Revenue and profit are examples of this. They are the result of the efforts of the company.
Sample “Leading KPI’s”: A leading KPI refers to a KPI that will lead to success within an organisation. For instance customer enquires might be a good measurement. The more customer enquires that are driven into the organisation the higher the possibility of revenue. Therefore ‘customer enquiry” is a leading Key Performance Indicator (KPI).