To be successful in today’s uncertain economy, it is critical that businesses take measures to increase the productivity and efficiency of their operations.
However, due to a reliance on antiquated or inappropriate technologies to run their budgeting, planning, forecasting, consolidation and reporting processes, many organisations find that they are unable to support their corporate strategy or growth plans.
In addition, budgeting or forecasting processes overburden staff due to individuals having to access multiple spreadsheets that require manual intervention and a significant amount of time to manage. Multiple business units within an organisation, each with their own unique planning requirements, have to draw upon inconsistent data due to the absence of workflow and version control.
Enabling finance teams to focus on the business issues that matter
A Corporate Performance Management (CPM) solution is a comprehensive tool sitting on an integrated platform, designed to be used enterprise wide for budgeting, planning, forecasting, consolidation and reporting purposes.
It sits on top of accounting systems, such as Sage, Oracle, Navision, SAP or Netsuite. ERP systems are typically used for transactional book keeping. Whereas CPM solutions are complementary to the ERP systems and they are used for planning and reporting purposes.
Technically, you can integrate a CPM tool with multiple sources of data where information would flow through different systems. A Corporate Performance Management (CPM) system is an integrated software platform, designed to help organisations to manage the following processes:
- Budgeting, planning, forecasting and modelling
- Consolidation and period-end close of books
- Reporting and analytics for all stakeholders
Unlike many IT systems, CPM solutions are typically owned and managed by finance teams and require minimum involvement from IT teams to configure and maintain.