Business performance monitoring is to observe, analyze, and possibly control the execution of business operations. Often in the information technology implementation environment, dynamic events are generated to indicate the states of the business processes. These isolated and heterogeneous low-level events create needs for adaptation and standardization, before the events can be handled by a central mediation engine, which filters, sorts and correlates events into key performance indicators relating to business goals. In this paper, we propose an intelligent event adaptation mechanism for capturing, analyzing, enriching and transforming applicationdependent IT-level events into a standard event format called the Common Base Event1. The resulting event adapter can capture and process low-level events and forward only business related events to the central mediation engine. We select the SAP system as a reference application, and illustrate the configuration issues between the application and its adapter. The architecture and functionality of the proposed event adaptation mechanism are explained with practical industry problems and scenarios.