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The Value of Standards in the BPM Market

Originally published April 17, 2006

It has now been more than two years since the BPM Standards Group was formed, and it is a good time to revisit the topic of standards for business performance management.

In an April 2005 article, Business Performance Management Standards, Craig Schiff described the group, its members and the benefits of standards for business performance management. Be sure to review that article for a comprehensive description of the group.

This article provides brief update on the BPM Standards Group, its recent activities and its next key initiative. The BPM Standards Group Web site describes the group and its goals as follows:

The BPM Standards Group represents all the major categories in the BPM industry – application vendors, tools vendors, implementation consultants, IT/data warehousing experts, industry analysts, management consultants and system integrators. The customer/user perspective is represented through an affiliation with the members of the BPM Forum, a business-oriented thought leadership group of senior level practitioners in operations, finance and information technology. BPM Forum members will be invited to test and validate the BPM Standards Group concepts.

Goals:

  • Accelerate adoption of successful Business Performance Management (BPM) practices across the enterprise.

  • Provide consistent thought leadership and establish standards for vendors, service providers and consultants in the industry as well as users of BPM.

As a first deliverable, the BPM Standards Group developed a common definition of BPM that provides appropriate context for performance management, including the following principles:

  • BPM is a set of integrated, closed-loop management and analytic processes, supported by technology, that address financial as well as operational activities.

  • BPM is an enabler for businesses in defining strategic goals, and then measuring and managing performance against those goals.

  • Core BPM processes include financial and operational planning, consolidation and reporting, modeling, analysis and monitoring of key performance indicators (KPIs) linked to organizational strategy.

Following agreement on a consistent definition, the group collaborated in the development of the BPM Framework that provides end users, vendors and service providers with a clear definition of business performance management and the components that support it. (The framework can be downloaded from the link in this paragraph.) This framework provides a technology architecture, highlighting the enabling technologies that make business performance management possible.

The next key initiative for the group is to compile and publish a combination of success stories and best practices that will be helpful for end users to gather a more complete vision for the scope of their project and help them improve the odds for success with their BPM initiative. If you are an end user, service provider, analyst or vendor and would like to contribute objective, non-commercial content for review by the BPM Standards Group members for posting on the group’s Web site, please forward an e-mail to info@bpmstandardsgroup.com

Your participation in this initiative is encouraged. Please consider contributing to the effort and be sure to take some time to review the resources available from the BPM Standards Group.

  • John ColbertJohn Colbert
    John, Vice President of Research and Analysis at BPM Partners, is responsible for market trend analysis, services development and technology vendor relationships at BPM Partners, the leading independent authority on business performance management (BPM) solutions. Prior to BPM Partners, John was Senior Director, Product Marketing at Hyperion Software, responsible for directing Hyperion's OLAP Business Analysis financial software products. Earlier in his career, John was an end user of performance management solutions while a product manager at Raychem Corporation, a Fortune 500 company that has since been acquired by Tyco. John has contributed to many publications including the New York Times, BPM Magazine, Information Week, Business Finance and eWeek, and he is a regular presenter at performance management related conferences and web seminars.

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