Business Performance Management

Four companies that have excelled in business performance management are winners of the 2003 vision Awards presented by Business Finance Magazine and Hyperion.

The winners are Best Buy (Minneapolis, MN), Fuji Film (Valhalla, NY), St. John's Hospital (Springfield, IL) and United Asset Coverage Inc. (Naperville, IL) in revenue categories of over $5 billion, $1.1 to $5 billion, $501 to $1 billion and under $500 million respectively.

"In just the past 18 months, Business Performance Management has emerged as a key ingredient for elite companies driving for improved performance and profitability," said Nazhin Zarghamee, chief marketing officer for Hyperion. "The economic climate is unforgiving and the reporting environment increasingly stringent. This year's Vision Award winners have adapted to the tough environment and are proof positive of how Business Performance Management solutions help drive performance."

Now in their seventh year, the Vision Awards are the only awards developed specifically to recognize business performance management (BPM), which includes strategic planning, business planning and budgeting, performance measurement and business and financial reporting. In addition to having demonstrated excellence in these processes, award winners have established organizational cultures that support and reinforce best practices in business performance management.

"Judging by the growing numbers of companies who apply to these Vision Awards, and the excellence more and more of them are demonstrating, it's clear that business performance management is a fundamentally important trend in business today," said David Blansfield, Publisher, Business Finance magazine.

Corporate executives are placing increasing emphasis on business performance management, according to two new studies on the topic. A study by Readex Research conducted for Business Finance Magazine, found that senior finance executives describe business performance management as their most important strategic initiative. A second study, underwritten by Hyperion and conducted by the Business Performance Management Forum, describes performance management as the top concern of responding corporate board members.

Past Vision Award winners include Merrill Lynch, Citigroup, Herman Miller, Inc., The Dow Chemical Co., Northrop Grumman, Lucent Technologies, Covenant Health Care, Advantage Sales & Marketing LLC, Structural Dynamics Research Corp., Roy F. Weston Inc., Zebra Technologies Corp, Spray Equipment & Service Center Inc., The Boca Raton Resort & Club, Bar-S Foods, Disney's Contemporary Resort, National Transportation Exchange, InTuition Inc., McCoy Corp., Momentum Group, Bal Seal Engineering Co., and American Petroleum Institute.

This year's winners will be feted at the Business Performance Management Summit, October 2-3, at the Doral Arrowwood Resort in Rye Brook NY. In addition to providing a forum for the Vision Award winners and their case studies, the BPM Summit will bring together leading performance management practitioners to help participating executives and their organizations achieve maximum value from BPM systems and processes.

Source: Business Finance Magazine
4 Sep 2003