Many organizations today are faced with various business challenges. From increasing sales to enhancing productivity, these challenges inadvertently affect an organization’s overall performance and bottom line.
Without the presence of clearly defined goals and metrics, it would be quite a difficult task to dissect the vast amount of data available in order to determine if a company’s performance targets were achieved. Many organizations take the spreadsheet route, which might seem like a sound solution, but can lead to data integrity issues and information overload (see blog on: Key Issues with using Excel for Budgeting, Forecasting and Financial Reporting). However, more and more organizations are taking a consolidated approach to managing their performance with the implementation of a Corporate Performance Management (CPM) solution.
Corporate Performance Management (CPM) is a holistic approach that involves integrating a company’s goals, key indicators, and metrics in order to improve an organization’s performance. A CPM solution allows organizations to improve their business processes such as Budgeting, Forecasting, Consolidations, and Reporting. There are several benefits to implementing a CPM solution:
Consolidation of Data: The ability to combine data from various sources provides organizations with a broad overview of business performance across multiple departments. Decision makers no longer require the need to manage multiple spreadsheets and eliminate versioning issues as they can access accurate information in real time, at the enterprise-wide level. In a CPM solution, data is typically stored in a central data repostitory which allows you to access actual, budget, and forecast data.
Data Accessibility: Companies are sometimes required to make critical business decisions and need immediate access to data. With a CPM tool, decision makers have access to real-time data that improves their ability to respond quickly in their ever changing environment. Data is accessible only through security permissions; users can only access data which they are provided access to.
Increase standardization and automation of processes: A CPM solution will streamline the collection, aggregation and reporting of data from multiple sources, with consistency and increased accuracy – providing faster results with shortened period end close, and budgeting/forecasting cycles.
Reduce operational risk: A CPM solution enables trust and confidence in financial data, with traceability of actions and seamless workflow capabilities. Audit trail allows you to sees who changed data and when it was change. Version control allows you to revert back to previous versions of data.
“What-If” Modeling: Fact-based decision making is at the core of every business. However, organizations must be able to react to environmental volatility that exists in the real world. CPM provides “what-if” modeling that is built based on uncertainties that every organization must face. These data models can be used to mitigate risks and ultimately make stronger, more informed business decisions.
How can Delbridge help?
Delbridge provides superior expertise in helping clients select, design, and implement Corporate Performance Management (CPM) and Business Intelligence solutions to fit their needs. As a platform agnostic company, we’ve partnered with the leading CPM vendors (IBM, Vena, Oracle, Prophix, Adaptive Insights, CCH Tagetik, and SAP ) and provide our clients with an unbiased recommendation for a solution. Our hands-on experience with each vendor product is what helps us identify the right solution for our clients’ requirements. Our seasoned consultants have several years of experience specifically in the area of CPM, with hundreds of successful implementations and proven ROI for Fortune 1000 and mid-market companies. At Delbridge, we believe that every solution should be tailored to a company’s unique requirements. Please contact us to find out how Delbridge can help you!