Understanding Your Corporate Performance Management Market Size

Corporate Performance Management (CPM) software or business performance management is an umbrella term generally used to describe a methodology or a process that helps businesses manage the success of their company. Another way to think of corporate performance is as the collective accomplishments, successes, and failures of an organization. Important to all, the new improved corporate performance management software now offers mid-market companies the tools to manage, measure and monitor their business activities in a more effective and efficient manner, along with enhancing the metrics and processes of their business’s functionality. Here’s what you need to know about the corporate performance management market size.

Typically, a complete spectrum of CPM services includes:

• Planning, forecasting, and budgeting
• Profit modeling and optimization
• Financial consolidation
• Strategic planning
• Financial, statutory and management reporting

Corporate Performance Management vs Business Intelligence

People often use the term corporate management (CPM) interchangeably with business intelligence (BI). However, it’s important to note that BI is an integral part of CPM software and is not a strategy in itself. BI has become a term that describes a technology used to access, examine and report on data useful to an organization and further encompasses a wide range of applications such as reporting, ad hoc queries, online analytical processing, search, scorecards, visualization, dashboards and more, which help the organizations map their functionality in a better manner.

Corporate Performance Management – Organizational Benefits

CPM is a comprehensive approach that involves integrating organizational goals, human resources, key indicators, and metrics to enhance the overall performance of an organization. Some of the main benefits are as follows:-

Data Consolidation

CPM software has the capability to combine data from various sources and provide the company with an overview of business performance across a multitude of departments in the most simplified and understandable form. This eliminates the need to create and maintain elaborate spreadsheets and makes versioning issues obsolete, as users can access any and every information whenever and wherever they want.

Accessibility of data

Organizations may be required to make crucial business decisions and require instant access to the company’s data. With CPM software, management can access all the data and information in real time, thereby improving their ability to respond quickly to the dynamic business decisions.

Digital Dashboards

By combining and placing data in one centralized area, decision makers of the company can use the CPM dashboard to access the information whenever they want in the form of charts, graphs, spreadsheets, etc.

Comprehensive Regulatory Compliance

CPM’s comprehensive regulatory compliance empowers companies to meet new rigorous legal and statutory regulations which require new standards of disclosure, accountability, and transparency. The CPM dashboard links the organization’s operational statements with dynamic business plans, highlights abnormalities, streamlines verification processes, offers audit trails and performs due diligence analysis.

Streamlined Reporting

CPM helps exhibit company data and information in the most organized and useful manner. It further helps minimize problems associated with reporting comprehensive operational and financial data from a variety of databases, applications and legacy systems.  CPM’s dashboard also offers KPIs, abnormality detection, proactive alerts and drill-through information for an array of constituents, including:

• Executives – offering a strategic focus with high-level summaries
• Management – perceptive focus with business entity-specific-statistics
• Individuals – functional focus with process level information

Web-based Portal

Being a web-based portal, the CPM dashboard offers a single access point which can be altered or tailored to meet the specific needs of individual users and also allows them to publish reports, draw analysis, compile queries and prepare charts easily.

These tangible advantages of corporate performance management software are just like watching a trailer for a three-hour-long movie. CPM is primed to evolve over a period of time, meaning it will likely replace misaligned and disjointed decision making and become the new central command system of the twenty-first century.