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
  • Data load automation capabilities

2. Dimensions, Members, and Structures

  • Across all CPM solutions, members are organized into hierarchies. Assigning attributes is also a common way to group data. If your organization reports in different ways, invest in a CPM platform that can handle alternate hierarchies and shared members.
  • Must haves:
  • Ability to create and manage statistical accounts
  • Ease of renaming and reorganizing members

3. Functionality

The main functionalities of a CPM solution should cover profitability, budgeting, forecasting, financial planning, and extended/integrated business planning.

Common Functionality:

  • Currency conversion. Ability to switch back and forth between local and base currencies using multiple rate types.
  • Consolidation of data via hierarchy roll ups. Ability to configure positive, negative, and null roll-ups.
  • Ability to load data from data sources and ERP systems.
  • Ability to delete and copy data.

Analysts at Gartner divided CPM software into two main functional segments: Financial Corporate Performance Management (FCPM) and Strategic Corporate Performance Management (SCPM).

FCPM must haves:

  • Financial consolidation
  • Financial reporting
  • Management reporting, costing, forecasting
  • Reconciliation, close management
  • Inter-company transactions
  • Disclosure management

SCPM must haves:

  • Corporate planning and modeling
  • Integrated financial planning
  • Strategy management
  • Profitability management
  • Performance reporting

4. Reporting Capability

  • Reports and templates should have the ability to be dynamic and re-useable
  • Ability to suppress rows/columns where the combination returns no data
  • Drill through functionality
  • Ability to add line item details
  • Validation rules

5. Security

  • Ability to assign roles to groups of users or single users
  • Able to restrict page options or specific data from unauthorized users

6. Workflow

  • Ability to define and assign tasks
  • Ability to set deadlines and approval processes

7. Audit Capabilities

Time and date stamped audit trail for template changes, data model changes, process changes, and data changes

8. Affordability

Take in consideration the number of users, implementation cost, initial investment, and on-going costs

9. Vendor Ability

  • Evaluate the vendor’s technical abilities and expertise to implement the solution
  • Does the vendor provide maintenance and user training?

10. Demonstration Workshop

The vendor should provide a customized and interactive demonstration of the CPM solution. The aim is to estimate the level of integration and level of effort needed to implement and maintain the solution.

Book a personalized demo with Delbridge today and chat with our experts in CPM to find a solution that best fits your company.