Performance management is a highly effective way to streamline productivity and improve results and insight when it comes to business finances. Corporate Performance Management (CPM) software effectively enables any organisation to ensure that the resources that you have available are being intelligently used to help drive the business towards its goals and targets. There are 3 key benefits that make CPM software essential to any enterprise.
Understanding Corporate Performance Management
CPM focuses on business performance and is made up of a range of metrics, systems and methodologies that can be used to monitor and manage it. Via the analysis of data and records CPM can be used to get better insight into the business and to inform more accurate forecasting. It can be integrated into a wide range of different planning and control functions to help improve operations and performance.
Why do you need Corporate Performance Management software?
- Optimising data analysis. One of the principal reasons for investing in CPM software is the level of insight that it offers when it comes to business data. Comprehensive data handling and analysis will enable your business to be more competitive. It can benefit many different processes, from forecasting and informing better decision making to helping to identify new business opportunities. Many CPM software options have been designed for ease of use with a simply structured dashboard that makes it simple to carry out tasks like visualising data or drilling down to specific time periods or accounts so that you can use data analysis to generate results.
- Making workflow more effective and efficient. Essentially, CPM software makes it much easier for all those involved in the process of performance management to access data and reports and carry out functions that relate to their part in the workflow process. For example, marketing planning content can be inputted and signed off prior to sales forecasting data being added into the system. Data can be automatically imported into CPM software from other sources and many of the functions that indirectly influence workflow can be automated for expediency. For example, the automated elements of CPM software can be used to send requests for specific data approval, perform certain calculations or conversions and schedule processes in advance to run at specific times.
- Improving and expanding calculations. Data aggregation is simplified in CPM software thanks to the combination of spreadsheet-style calculations and an OLAP (Online Analytical Processing) database. Reports can be enhanced with ratios and statistics generated via CPM software and much larger scale calculations are possible within this type of infrastructure. For example, scenario analysis is simple to conduct using data that can be adjusted across a wide range of different scenarios and profitability analysis is more accurate thanks to effective cost allocation.
Achieving a competitive edge today is difficult to do, as many markets are saturated and innovation doesn’t come cheap. However, when it comes to improving operational performance, investing in CPM software can help to set your business apart from others that are simply not using all the data available to their advantage.