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In this article we introduce the concept of third generation performance measurement systems. First generation measurement systems were based on the assumption that financially biased measurement systems should be supplemented with non-financial indicators, including intangibles. Whilst this was a valuable development, the problem with these first generation approaches was that they were static and failed to illustrate adequately the linkages between different performance measures. Second generation measurement systems addressed this issue by using strategy and/or success maps to take into account the dynamic nature of performance and the transformation processes linking objectives and resources. Third generation measurement systems will build on these developments and seek to link explicitly the non-financial and intangible dimensions of business performance to the generation of free cash flow.