Getting the most from your investment into a Corporate Performance Management (CPM) solution heavily relies on a successful platform implementation. While a lacklustre implementation limits the platform’s true scope and utilization, it also fails to inspire user adoption due to potential gaps in product training, improper or incomplete template, report, and process design, and inefficient user on-boarding processes. Organizations sometimes question whether or not they need outside support to help them deliver a CPM project. But with so much riding on successful implementation, it is critical to evaluate whether your organization has the skillsets and resources required to ensure project success [...]
Implementing a new Corporate Performance Management (CPM) solution is not a simple task. Significant attention must be paid in multiple areas to ensure that the promise of workflow automation, data integrity, auditable processes, and greater financial planning flexibility are realized once the platform goes live. A successful implementation isn't a product of chance. By carefully coordinating a strong implementation process, potential project pitfalls can be avoided, resulting in a smoother implementation and a better solution. We've compiled a few key factors to watch out for during a CPM implementation and provided some tips to help along the way. Choosing The Right [...]
What factors should organizations consider when selecting a Corporate Performance Management solution for their budgeting, forecasting, and reporting needs? This is a very subjective question as the answer is different based on each company’s unique requirements. You must know the right questions to ask software vendors when looking to enhance your financial planning processes. These questions will help narrow down the platform options you should consider, save time and cost throughout the lifecycle of the solution, and most importantly, enable you to select the ideal software partner to meet your organization’s unique needs. Below are just a few key areas every [...]
An important step when selecting a Corporate Performance Management (CPM) solution is deciding whether to use a cloud-based or an on-premise solution. They both have their benefits and perceived drawbacks but, with the increasing availability, flexibility, and scalability of cloud services, on-premise solutions are becoming a less preferred option. However, that doesn’t mean you should opt for a cloud solution every time. There are several factors to consider and, given the requirements, an on-premise solution can be the better fit. Cloud vs On-Premise Implementation A SaaS platform offers many benefits when it comes to implementation. The low initial investment required for [...]
Best practices for implementing leading Budgeting, Forecasting and Reporting solutions like CCH Tagetik, Adaptive Insights and Venaadmin
Leading budgeting solutions like CCH Tagetik, Adaptive Insights and Vena help businesses optimize their budgeting practices with automation and process enhancement. Successful implementation of a budgeting solution requires strategic planning, skillful resources and meticulous execution. You should start the implementation by first understanding the existing business process and what you are looking to achieve in your implementation. This includes gathering functional/technical requirements, defining the scope of the project and prioritizing immediate needs while also identifying the roadmap for future growth. Here are some highlighted best practices for implementing budgeting solutions: Train Your Users Early Once the plan has been created, you [...]
With the increasing benefits of cloud servers, on-premise solutions are fast becoming obsolete and irrelevant. Cloud-Based Corporate Performance Management (CPM) solutions are the immediate future and exponentially gaining popularity in both SMEs and large enterprises. The major benefits are detailed below: SaaS (Software-as-a-Service) For small to medium businesses, the benefit of a subscription service is an important one to consider when comparing fixed costs vs. variable costs. For on-premise solutions, there is a high initial cost involved to set up servers and infrastructure to support the solution. Whereas for cloud-based services, companies subscribe to “pay as you go” licenses and will [...]
A budgeting or reporting solution implementation can go smoothly if you apply some implementation best practices. Before you start your solution implementation, revisit your business process. This is the prime time to re-engineer your process! Define your business requirements which align your corporate strategy with your end-users. After you are satisfied with your business process, avoid these four common pitfalls to implement your budgeting solution right the first time. 1. Requirements Are A Constantly Moving Target You want to avoid changing requirements too often as they can drag on the project. With changing requirements, time and effort is misused trying to [...]
With so many CPM solutions in the marketplace showcasing similar capabilities, choosing one can be a daunting task.
There are ten key areas for consideration when evaluating what solution fits your organization.
1. Data Model
- The data model is the foundation of your CPM system. It stores all information in a centralized location (can be cloud-based or on premise).
- Ability to create more than one data model with multiple data sets.
- Shared dimensions
- Ability to attach unstructured data
- Calculation capabilities
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