Corporate Performance Management
You often hear talk about corporate performance management (CPM), what does it really mean? It’s a set of management and analytic processes that enable management to achieve one or more pre-selected goals. Gartner, the leading IT research, and advisory company, defines it as “all processes, methodologies, metrics and systems needed to measure and manage the performance of an organization.”
Two of the most important duties of a chief executive officer are (1) to formulate strategy and (2) to manage his company’s performance. CPM addresses (2) managing performance. While CPM is not a new approach, and whether you know it or not, organizations are always and have always been looking to manage their performance and information.
CPM addresses issues ranging from budgeting, consolidation, and forecasting to strategy formation. Organizations need to examine their businesses, re-examine how they want to manage their information, determine which KPIs are vital to their performance, and ultimately how to measure them. The framework for successful CPM initiatives must incorporate the corporate strategy with key activities and metrics, as well as allow visibility at the right levels to track performance and behavior.
According to “Performance Management Benchmark Report” conducted by the Aberdeen Group, companies that have adopted an effective CPM strategy realized immediate improvements, substantially outperformed their competition, and increased gross profits by up to ten percent.
How We Help
At Binary Stream, our management and development team take Corporate Performance Management seriously. Much of the robust strength in our software has been developed with CPM analytics in mind.
CPM combines management methodologies that focus on performance and analytical reporting. A comprehensive and integrated performance management strategy provides several key benefits to executives:
- Intuitive design for business users
- Compressed planning cycles
- Real-time monitoring & reporting
Spend less time collecting data and more time analyzing it. That is the key. So, when we hear from customers after implementing our solutions they cut 80% of their manual processes, or combined 60 companies into one database saving $70,000 a year… what they have now is the ability to really implement successful CPM processes and the ability to forecast and budget.
CPM leverages both business process and technology to allow management to continually analyze and assess where the organization is today, as well as how to manage and react to changing conditions.
So, when you hear us talk about enhancing corporate performance management using Multi-Entity Management, Property Site Management, Advanced Revenue & Expense Deferrals or Advanced Recurring Contract Billing, you will know we are addressing critical requirements for organizations. We aren’t just developing solutions; we are developing solutions that address your complex issues and providing you the tools to maintain that competitive advantage in today’s landscape.
Be sure to spend time developing a well-articulated CPM strategy and have the right tools to support it.