Corporate Performance Management (CPM) 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. One can also think of corporate performance as collective accomplishments, success, and failures of an organization. Important to all, the new improved corporate performance management software now offers midmarket companies the tools to manage, measure and monitor their business activities in a more effective and efficient manner, along with enhancing their metrics and processes of their business’s functionality.
Usually, a complete spectrum of CPM services include:-
Corporate Performance Management v/s Business Intelligence
Often people conclude corporate management (CPM) as a term synonymous with business intelligence (BI). However, it’s important to note that BI is an integral part of CPM 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 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. The management no longer requires to make and maintain elaborate spreadsheets and also, eliminate versioning issues as they can access any and every information whenever and wherever they want.
Accessibility of data –
Sometimes, organizations are required to make crucial business decisions and require instant access to the company’s data. With CPM software, the management can access all the data and information in real time which improves 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 sorted and useful manner. It further helps minimize problems associated with reporting comprehensive operational and financial data from a variety of database, applications and legacy systems. In addition to this, CPM’s dashboard offers KPIs, abnormality detection, proactive alerts and drill-through information for an array of constituents:-
- Executives – offering a strategic focus with high-level summaries
- Management – perceptive focus with business entity – specific statistics, and
- Individuals – functional focus with process level information
Web-based Portal
Being a web-based portal, it 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. As CPM may evolve over a period of time, it will conveniently replace misaligned and disjointed decision making and evolve as the new central command system of the twenty-first century.