What is Corporate Performance Management?
Corporate Performance Management Software (CPM)
|
Corporate Performance Management (CPM) refers to the processes designed to help organizations plan, budget, forecast, and report on business performance as well as consolidate and finalize financial results (often referred to as "closing the books"). Corporate Performance Management Systems are primarily used by CFOs and the office of finance, while other functional areas, such as HR, sales, marketing, and IT, use EPM for operational planning, budgeting, and reporting. |
|
|
Corporate Performance Management (a.k.a. Enterprise Performance Management ) has two natural sides: a strategic side oriented towards helping companies plan their future and an operational side oriented towards monitoring business performance according to key performance indicators (KPIs.) Critical for linking financial and operational metrics to insights-and ultimately guiding strategies, plans, and execution-CPM software allows managers to drive improved performance across the organization by monitoring financial and operational results against forecasts and goals and using analytics to recognize key trends and predict outcomes. |
|
CPM software features can include:
- Budgeting & Forecasting - use real-time data to drive operations and make both short-term and long-term decisions that deal with financial budgeting, forecasting, scenario modeling, and more.
- Financial Reporting and Consolidation - create reports on a daily, monthly, or any other basis you're looking to monitor. Provides real-time financial statements, management reports, and a level of automation to ensure decision-makers receive reports in a timely fashion.
- Performance Monitoring, Measurement, and Analytics - personalized dashboards, KPIs, profitability analysis, OLAP Analysis, and benchmarks allowing you to interpret the metrics in the context your corporation understands.
- Strategic Planning - configure specific methodologies being used by your business such as Balanced Scorecard, Strategy Map, Six Sigma, SWOT Analysis and more. This will let your Corporate Performance Management solution speak in the language most relevant to your goals.
- Risk Management - ensure the integrity of your reports through proper audit trails.
Over the past couple of decades, CPM software platforms evolved from Windows-based client/server systems to internet-enabled, web browser-based applications. Today, there's an increasing demand for cloud-based Corporate Performance Management Software, also known as software as a service (SaaS). When CPM software is "in the cloud" it simply means that the application is housed on a network of remote servers, instead of at a company's location.
The cloud offers a more affordable alternative for CPM that lowers both operational expenses (OpEx) and capital expenses (CapEx) because it can alleviate the need for companies to purchase software and hardware or hire additional IT staff. With no costly infrastructure to support, resources can be invested in growth opportunities, while employees can focus on more value-added tasks instead of managing IT.
Contact MindStream
Fill out the form below to request more information about Corporate Performance Management (CPM) and how to select and enable solutions that are beneficial to your organization.
Partner SpotLight
OneStream CPM
OneStream aligns to your business needs and changes more quickly and easily than any other product by offering one platform and one model for all financial CPM solutions. OneStream employs Guided Workflows, validations and flexible mapping to deliver data quality confidence for all collections and analysis while reducing risk throughout the entire auditable financial process.