Businesses work tirelessly to find every possible advantage they can. There’s no market in the economy where competition isn’t fierce from other businesses both local and abroad.
In order to stay competitive or get ahead, a business needs to look internally and ensure that it is doing everything correctly within itself.
In order to do that, businesses will often turn to corporate performance management software. These software offerings are designed as a way to look inward at processes, actions and results. The software will examine all of the decisions and methods of a company and help determine which are actually proving to be successful and efficient, or which can be improved. Enterprise level corporate entities know that the best improvement of a business comes from within.
Corporate Performance Management (CPM) Software
As mentioned, CPM software performs a vital feature of what’s known as “Business Intelligence”. Business intelligence is all about moving forward. It’s usually a finance or accounting department that uses CPM software.
The software looks at several different factors of a business. These indicators are often the telltale signs of how a business is performing. Operational costs, overhead, revenue and return on investment are all things which are considered and analyzed. This allows CPM software to then forecast potential performance improvements.
Benefits of CPM Software
There are many benefits to using CPM software. The integrated analytics combined with the business forecasting is something that any business can likely benefit from. Some of the best benefits include:
- Improved budgeting - The forecasting of CPM software can help determine exactly how a budget needs to be constructed and developed for a certain division.
- Easy to Use - CPM software is often very intuitive, as well as visually easy to understand. This can be perfect in a business setting, where not everyone is technologically advanced.
- Individual and Group Improvement - CPM software can be designed so that individuals track their own performance against goals, while managers and higher can track the overall outcome of entire departments and divisions against expected goals. Exceeding expectations is certainly always nice to see.
Popular CPM Software Offerings
There are a lot of CPM software products available to assist corporate businesses. They help to inform and make decisions. What follows is only a small sampling of some of the most popular ones that are out on the market:
- IBM Planning Analytics - IBM is of course one of the strongest names in business. This platform offers easy to create budgeting and forecasting, but can also test different scenarios in a really in depth fashion.
- BOARD - This software works to amalgamate the entirety of a business into a single platform. The idea is to give an accurate view of all business across the organization.
- Prophix Software - Prophix is a continually evolving piece of software. It excels at making risk management a priority. Prophix supports both tangible and cloud based systems to fit whatever a business prefers.
- Host Analytics - This is one of the most popular cloud based software offerings available on the market today. This software works to assist in planning and reporting, taking it out of the hands of employees and automating the entire process.