artificial intelligence, blockchain technologies, and internet of things will usher in Industrial

Revolution 4.0 which is expected to not just revolutionise but increase volatility in how
businesses are conducted (Baldwin and Von Hippel 2011).

Nudurupati et al (2021) predicts five key trends are impacting performance measurement and
management practices in organisations. These five are, i) emerging technologies, ii) technology
driven networking and collaboration, iii) servitization, iv) environment and sustainability, v)
innovation and value co-creation. As a tool of control for business, PMM will adapt and evolve
along with the trends impacting the way businesses operate.

3.2.1 Influence of Technologies

Technology, being the most profound factor of change, is having a profound impact on
efficiency and effectiveness of companies’ operations as well as impacting the way they
implement and use performance measures (Nudurupati et al 2021). Social media as a technology
introduces new questions for management and organisations as a whole and at every level as it
changes fundamentally how people communicate, collaborate, create, and consume (Aral et al
2013). However, on the flip side, social media platform technologies in combination with data
science are giving businesses new PMM tools to monitor key metrics incorporating customer
opinion, employee morale, industry trends, and competitor offerings (Bourne et al 2000).

3.2.2 Impact to Strategic Objectives

At some companies, technology is driving the delivery of value for the business. For example, in
the music industry, firms that used to distribute music on physical media saw changes in their
business as music distribution moved from vinyl records and tapes to digital media - compact
discs media, at first, then to file downloads and then maturing to full direct streaming.
(Nudurupati et al 2021).

Another example, banks having been swept up by technology, moved from servicing customers
face-to-face over the counter transitioned to fully digital internet-based banking allowing for
greater speed and volume transactions. Strategic objectives now involve offering even greater
range of services on-line through digitalization of financial transactions (Nudurupati et al 2021)