Business Performance Management - An Innovative Approach

The evolution of business sector in the modern world creates the need for companies to ensure that they perform better than the competing firms especially customer satisfaction. Most companies set aside funds specifically for the market research so as to identify the opportunities and threats that may affect the performance of a business. Operating a company in the modern business environment is easy due to the use of information technology, but businesses are also faced with the challenge of meeting the demands of customers while maximizing the shareholder's wealth [1]. The concept of business performance management is crucial in ensuring that companies meet the expectations of all the stakeholders [2: 136]. The concept entails applying managerial and analytic processes to facilitate achievement of set targets or goals. It involves all the activities that are related to success in business including training of the employees and ensuring accountability in utilization of funds. Different countries have applied the concept of business performance management to achieve better results in the business sector. This research discusses approaches in business performance management in Romania as a way of enhancing the nation's business sector.