Hi Hima,
So basically what you are looking for is an automation of performance management system. Although there are several tools/software available in the market which supports your requirement however before being getting into automation, one has to understand the basic concepts and principles of PMS.
The reason behind every PMS is to check regular that employees are synchronized with management set goals for the defined period. In order to verify this, several PMS system like BARS, 360 Degree, management by objective, Assessment Center, Critical Incident Technique, Essay Evaluation and other are adopted and implemented. However often companies tend to forget or skip the alignment of human resources with basics. A manual understanding of each method is critically required. Analyzing why and which method is required is a key factor as per environment and conditions of the business of SBU.
To comment further on this, I would like to add Mr Dinesh Divekar who is an expert in this area and would certainly guide your further. Please wait for his updation on the topic.