Performance
management (PM) is a set of activities that ensure goals and
objectives of an organization are consistently met in an efficient
and effective manner. The primary aim of performance management is to
evaluate the performance of any employee, a department, organization,
or even a process that develops a product or a service. With
technology advancements, software solutions for performance
evaluation known as performance management systems have witnessed
unprecedented demand globally. Performance management systems offer
flexible and continuous evaluation platform for self-improvement.
These systems consists of basic principles such as performance review
cycle, performance improvement plan and human resource specific
professional practices. Performance management systems have its
application across various end use industry verticals including,
government, manufacturing, healthcare, retail, IT and telecom and
media among others. Moreover, they are used in consulting companies,
banking sectors, financial and insurance (BFSI) institutions.
The
market for performance management systems is surging forward and will
continue to do so in the near future. Performance management systems
have witnessed unprecedented demand with introduction of Software as
a Service (SaaS) delivery model. Currently, the performance
management systems offer a broad array of facilities catering to
multiple application areas such as performance evaluation,
performance appraisal in educational institutions, universities,
corporate and training organizations. . Recent performance management
solutions such as Taleo (Oracle) and Kenexa (IBM) offer
out-of-the-box functionalities such as candidate searching, candidate
relationship management, which reduce deployment time, along with the
consulting costs.
Increasing
adoption of cloud computing solutions and mobile phones, and growth
traction in social networking service and big data are likely to play
a vital role in market growth for performance management systems.
Performance management systems help to filter data speedily and reach
organization/company insights and take decisions. Introduction of
advanced software solutions has contributed to a surge in demand of
performance management systems. Additionally, increased spending on
performance management solutions by the IT industry, despite
organizational budgetary restrictions is also a key factor fueling
the growth of the performance management systems market.
Established
vendors in the market are continuously involved in introducing new
and updated versions of their solutions every year. For instance,
vendors such as Adaptive Insights and Host Analytics, Inc. offer
small updates every quarter. These updates help the organizations
expand core functionalities of their products and subsequently
increase its customer base
Players
such as IBM Corporation, CA Technologies, Inc., Compuware
Corporation, Keynote Systems, Inc., BMC Software, Inc., Microsoft
Corporation, SAP SE, SAS Institute Inc. and Hewlett-Packard Company
dominate the performance management systems market. However, their
market leadership is under pressure owing to threats from new
entrants such as AppDynamics and New Relic. Additionally,
technological advancements in the existing performance management
solutions are key factors to obtain a competitive edge. For instance,
Longview Solutions successfully introduced the SaaS version of its
tax solutions. Similarly, Tagetik Software and Axiom EPM introduced
the updated versions of their products, while Prophix Software, Inc.
in its latest release introduced strong mobile capabilities. Such
developments are further expected to fuel the market growth of the
performance management systems.
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