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Bernard Marr

Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He is a best-selling author of 20 books, writes a regular column for Forbes and advises and coaches many of the world’s best-known organisations. He has over 2 million social media followers, 1 million newsletter subscribers and was ranked by LinkedIn as one of the top 5 business influencers in the world and the No 1 influencer in the UK.

Bernard’s latest book is ‘Business Trends in Practice: The 25+ Trends That Are Redefining Organisations’

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Performance management software – the make or buy question (part 1)

2 July 2021

The market for performance management software solutions is growing rapidly. You just need to turn to the Internet, search on strategic performance management software solutions, and you will easily find in excess of 50 different vendors all of whom are willing to offer you a performance management application. Each performance management software vendor will claim unique advantages and features of their particular product, and each vendor will be able to provide credentials from satisfied users.

Make or buy Performance Management Software

One of the fist questions you will be faced with is: Do I buy a packaged performance management software application from a specialised vendor or do I build my own? Some organisations choose to develop their own software. The “create your own” solution allows organisations to address their unique needs and objectives; however, it is generally more cost-effective to purchase a packaged application rather than to create your own. Besides the cost factors, packaged applications are usually quicker to implement with vendors offering a wide variety of ancillary services such as conversion assistance, implementation training and system integration. These performance management software solutions also tend to represent the cumulative efforts of many individuals and organisations over a longer period of time, which usually results in better, more user-friendly applications than most first-time attempts to create “home grown” applications.

Creating your own Performance Management Software

DaimlerCrysler, for example, initially decided to develop their own performance management software solution. The problem was that it took 5 -10 people over 18 months to develop the first, dubbed application. On the other hand, companies such as Skandia and Ericsson developed their own solutions and then later converted their developments into a product. Both have spun off a company which now sells the software solution to other organisations.

Data Strategy Book | Bernard Marr

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