New criteria of performance management

The emergence of a global manufacturing and outsourcing network and the real time transparency of information via the Internet have redefined the business performance management process. New metrics are emerging as externally focused and adaptive for competing in the collaborative economy of suppliers, producers, distributors and customers. The challenge is how to optimise measures to improve and sustain business advantages. This paper suggests a six‐stage performance management process to meet these new criteria and convert challenges to opportunities.