Synergizing performance measurement and management: A comprehensive approach towards sustainable business practices

In the contemporary global business environment, fostering sustainable practices remains a complex endeavour due to the vast array of market dynamics, technological advancements, and regulatory frameworks. This research paper comprehensively explores the integration of performance measurement and management to streamline sustainable business practices effectively. We posit that a harmonized approach facilitates data-driven decision making, improving operational efficiency, and promoting environmental, social, and business sustainability. In addition to a literature review, six sustainable companies were interviewed to understand their approaches to business sustainable practices, using a case study approach. The findings reveal that synergy between performance measurement and management fosters transparency, encourages accountability, and optimizes resource utilization.

This research provides a novel conceptual framework, demonstrating that an interconnected system of performance measurement and management can direct strategic planning towards sustainability goals, enact efficient operational control, and generate a dynamic learning environment for continuous improvement. This proposed framework has the potential to serve as a guiding tool for businesses aiming to imbibe sustainable practices into their strategic objectives, thus bridging the gap between theory and practice in sustainable business performance management.