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The ubiquitous technology distraction in today’s business landscape and the significance of intangible resources such as data analytics deemed the traditional performance measurement system inadequate. The focus on short-term financial indicators is longer enough if businesses are to compete in the marketplace (Chenall & Langefiled-Smith, 2007).
The Balanced Scorecard (BSC) created by Kaplan and Norton in the early 1990s was developed to extended the performance measurement metrics to include skills and competencies to address the needs of emerging business models.
Today, the Strategic Performance Measurement Systems (SPMS) caught the attention of most modern enterprises to gauge their business standing among their competitors. Simply put, SPMS, is a performance measure that includes financial and nonfinancial measurements to operationalize strategic objectives.
For this academic paper, you are required to research the topic of SPMS.
Synthesize and not address it as Q & A, the following touchpoints:
Discuss the shortcoming of the traditional performance measurement system.
Discuss why the traditional performance measurement system worked well during the industrial revolution and not now.
Besides BSC, discuss other SPMS widely adopted and implemented by businesses today.
