The greatest value that Corporate Performance Management (CPM) solutions bring to organisations is that they reduce the finance department’s time and effort spent on data collection and manipulation, freeing them up to undertake more value-added activities such as analysing data.
The software tools that support good performance management enable organisations to:
- Produce timely and accurate information
The key to unlocking the value of CPM is to have the ability to report using useful and meaningful information and have clearly structured performance metrics to support your decision making process.
- Increase standardisation 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.
- Eliminate reliance on spreadsheets
- Have more control
As CPM utilises information from one source it enables greater control, improved data security and governance around the numbers produced from it.
- Have greater visibility of financial information
The finance team can develop cost, revenue or resource modelling to help them understand implications of their forecasted numbers.
- Reduce operational risk
CPM enables trust and confidence in financial data, with traceability of actions and seamless workflow capabilities.
In addition to the benefits that good CPM brings to an organisation, it also addresses the following business issues:
- A disjointed budget
A CPM solution will align corporate strategy with the execution of operations to bring about improved cash flow and budget control.
- Manually intensive and time consuming financial processes
CPM software shortens the time required to collect information, consolidate financial data and generate reports.
- Multiple versions of the same data from a variety of sources, or limited visibility of data
CPM software provides a ‘single source of truth’, and by doing so reduces the risk of errors and gives greater insight into your financial status through improved reporting facilities.
- Non-standard and inconsistent financial data
By using the reporting facilities built into the heart of the CPM software, managers are able to review standardised financial information right across the organisation.
If you are looking to replace or reduce your organisation’s reliance on spreadsheets and achieve greater visibility of your company’s performance, a CPM solution could be right for you. RSM can help you to develop your short-term or long-term strategic roadmap and even support your transformation journey with rapid assessments for quick improvements and accelerated results
Contact Darren Mee or Theresa Guermellou to discuss how RSM can help your organisation’s finance function.