If you are using the term talent management for something like professional services staff management the answer is "no." It is often called workforce optimization software. This tracks the skills and experience in a pool of employeees and can be used for team selection. There can be a performance manangement component but its purpose is to get the right people on the right project. It is used by project managers or similar people putting together a team. I think of performance management as software most often used in a HR function.
Having been involved in the Entertainment Representation business for 17 years, I read "talent management software" as something totally different then the descriptors used by Tom.
This is not to say Tom is wrong; but more to say that terminology can change depending on the industry you belong too.
Case in point. I took the abbreviation EMS. The "Free On-line Dictionary" lists 146 definitions.
So, what is the referential point for the question?
Great point - I took it to mean the "annual review process".