Strategic management of business performance based on innovations and information support in specific conditions of Slovakia

Abstract

Business performance management and measurement is a relatively complex and difficult process, which is currently undergoing significant changes in terms of both theory and practice. Previously used indicators, methods and models, largely based on financial indicators and methods of financial management, have been gradually modified and improved to provide owners and managers with a sufficient true and fair view of business performance. Despite the efforts for continuous improvement, it appears that the traditional management of enterprise performance based primarily on financial management hits its limits and companies around the world are beginning to promote new non-traditional indicators, methods and models, based primarily on non-financial, strategic and often qualitative indicators. We recommend that enterprises apply the selected methods and models of strategic business performance management in different industries of the Slovak Republic. By applying the selected strategic methods and models such as BSC, BI, strategic planning and controlling, innovations and others, a higher performance of companies can be achieved.