Corporate Performance Management (CPM) is essential when it comes to monitoring and managing organisational progress. It can significantly impact on a wide range of areas across the business, from productivity through to the level of insight available for strategic decision making and planning. Fundamentally, it involves aligning available resources with the business’ goals and objectives – it is valuable business intelligence that can have a truly transformative impact.
The software question
CPM software integrates many of the metrics and methodologies that have been used to enable performance management and monitoring. It can bring an analytical function to existing data, as well as elements of time and resource saving automation. Plus, it often makes collaboration much easier to achieve. If you’re considering CPM software for your business there are three significant advantages to making this investment:
- Streamlining workflow. Generally, the process of CPM in any business involves a number of different people and when managed without software this can lead to a slow and clunky workflow that doesn’t always deliver results. What the use of CPM software enables is a much smoother process. So, for example, with CPM software it’s possible to ensure marketing plans have been entered onto the system and approved well before sales forecasts start being added. The ability to add automation is key here – it’s this that will speed up time taken, introduce more efficiency and help to reduce the potential for errors. Some of the relevant processes that can be automated include the distribution of reports, requests for approving data entered, scheduling of specific processes that will run at certain times and delivering notifications of upcoming deadlines.
- In depth data analysis. The more extensive the data analysis available, the more effective it’s possible to be when it comes to aligning the resources within the business with defined goals and objectives. CPM software offers a way to drill down into data viewed to generate deeper insight, to use tools such as graphs for data visualisation and to be more specific about the data you want to view in terms of factors such as time periods or accounts. Many CPM software programmes feature a dashboard that can provide an overview of available data and an easy way to measure and monitor progress.
- Simplifying calculations. Using CPM software for calculations doesn’t mean extensive customisation or understanding of scripting languages. The interface is intended to be straightforward but powerful when it comes to simplifying calculations that can be used in the process of performance monitoring. CPM software can enable a wide range of different calculations, including scenario analysis across multiple situations, calculations related to modelling growth and inflation, as well as allocating costs to complete analysis of profitability e.g. to activities or customers.
CPM can be hampered by an inability to run large scale calculations, by a lack of data insight and also where workflows are inefficient and poorly designed. Integrating CPM software into your business has the power to change all of these for the better to deliver more effective and impactful performance monitoring right across the company.