Do you need a better way to manage your budget? Maybe you’re looking for a way to automate some of your tedious tasks. CPM software has the power to change every aspect of your financial operations.
What is CPM software? Corporate Performance Management software is a comprehensive solution that helps you manage all of your budgeting and finance activities. With CPM software, you can automate repetitive or complex tasks, streamline your operations and boost productivity.
Explore the benefits of a CPM software and how it can transform your business.
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Move Beyond Spreadsheets
Did you know that 70% of financial professionals are still stuck in the world of spreadsheets? If you belong to this group, you’ve probably grown frustrated by the limitations of spreadsheets. While they have been the go-to tool for budget management in the past, spreadsheets can’t keep up with today’s data demands, fast-paced business operations, and complex financial processes.
So, how does Corporate Performance Management software do it differently? CPM software empowers you to move beyond spreadsheets and into a new level of operational sophistication. With CPM software, you can:
- Streamline Budget Management
- Automate Repetitive Processes
- Integrate Data Directly from the Source
- Access Real-Time, Data Points
- Create Comprehensive, Insightful Forecasts
- Simplify Consolidation and Close
- Conduct Complex Data Analyses
- And so much more
CPM software is the platform to automate and manage all budgetary and financial processes. Each of these features has impact on your operations, streamlining tasks that would have taken weeks to complete in the past.
Data plays a central role in Corporate Performance Management software. The more your business grows, the more clients you bring on board and the more deals you close means more data to integrate. This also means your data sets grow increasingly more complex, too. When you relied on spreadsheets, you had to manually input each data point. This can only lead to greater room for errors and mistakes. And, with data constantly flowing in, it becomes impossible to keep your budget current.
CPM software can automate these tasks and integrate data directly from the source, reducing both mistakes and the time it takes you to manage your budget. With improvements to your budget, your company is equipped to make well-informed, wise financial decisions.
Using a solution like Prophix, you can accomplish all the tasks you once relied on spreadsheets for, and so much more. With CPM software, you can leave spreadsheets and the headaches that come with them behind.
Clarifying the Cloud for Corporate Performance Management
While you may have heard a lot about the “cloud” you might not know what that means for financial software. Cloud technology is accessed though your web browser, eliminating the need for you to download anything or invest in additional hardware. CPM software launched via the cloud holds a number of benefits for companies, with two of the most important being cost and convenience.
Many cloud solutions use subscription pricing models. This eliminates the need for high upfront costs associated with building your own solution. So, if you wanted to build your own Corporate Performance Management software, you would need to invest in server hardware to run the solution, firewall applications to protect the system from hackers, a network upgrade to facilitate faster internet speeds, possibly even more IT employees to implement and maintain the system, and more. Choosing a cloud CPM suite eliminates the need to pay these high upfront costs. Instead, you’ll likely pay for an ongoing subscription to the software.
You’ll also reap the benefits of using cloud CPM software. When you’re in charge of managing your own solution, there’s no one to call when you have issues, except for your own IT department. When you’re using a cloud CPM software, the host is responsible for providing technical support. Your host also takes care of all the upfront costs like security measures, equipment, and more, which is all housed and maintained out of their own headquarters.
However, while you may not want to build your own solution from the ground up, you may have security and privacy concerns about your financial data. So, you may be more interested in the tradition on-premise model for your performance management software. Fortunately, Prophix allows you to have the choice between on-premise or cloud-based deployment. For on-premise, you get all the functionality of the cloud solution, but you can use the software without logging onto the internet or accessing it via web browser.
When you choose a hosted software like Prophix, whether it’s on the cloud or on-premise, you can focus your attention completely on managing your finances and your budget, not managing your CPM software.
Create Value With CPM
Ultimately, before you invest in any software, you want to be sure it can deliver what it promises and yields a high return on your investment. Not only will a top Corporate Performance Management software fulfill budget and financial management functionalities you’re looking for, it will also add tremendous value to your company.
Because so many of your processes can be automated by a CPM platform, you’ll be able to reinvest valuable time back into your schedule. In fact, it’s estimated that the time required to collect and analyze data can be cut by 70% with CPM software. Using Prophix, you can automate crucial tasks like updating your budgets, collecting data or fulfilling compliance reporting requirements. You and your team can regain countless hours, thanks to CPM automation.
Manual data collection processes are prone to errors. One incorrect number in a spreadsheet could bring your entire budget crashing down. And when you’re inputting so much data manually, it’s easy to make a mistake. Through automation, however, you can minimize errors and maximize efficiency. With each correct data point, you have a realistic view of the state of your business.
Improve Decision Making
Due to the pace of change the volatile markets, every decision made by leaders in your company comes with a certain amount of risk. However, with a CPM software, you can run multiple financial scenarios, revealing what the best course of action is for your company. With CPM software, you’re making better, more profitable decisions for your business.
Saved time is saved money. With a comprehensive view of your business and more time in your schedule, you and your team are free to focus on what matters most to the business.
Ready for Integrated Financial Planning with CPM?
Do you want to realize the benefits of integrating a CPM software solution into your budgeting and financial operations? Before you begin your search, you need to be sure your company is ready to make the change. Take the following steps before you choose a Corporate Performance Management platform for your company.
1. Assess Your Planning and Data Processes – As you prepare to integrate a CPM software into your operations, you need to evaluate your current processes and how they can be improved.
- Identify inefficiencies
- Assess the impact of incorrect data
- Determine the amount of time spent on manual spreadsheets
- Assess your current forecasting process
- Analyze the impact of time-savings associated with a CPM suite
2. Select the Right CPM Solution – It’s essential that you do your homework when assessing potential Corporate Performance Management solutions for your company.
- Outline the essential features you need
- Attend demos or presentations for potential CPM vendors
- Compare the costs and pricing models for each solution you’re considering
- Read reviews or industry analysis reports about the solutions
- Seek recommendations from industry peers
3. Plan for Implementation – Before you can adopt new software, you need to plan for a smooth and efficient implementation.
- Clearly define your goals
- Identify processes that should be automated
- Collaborate with the vendor to discuss how the CPM integrates with your other systems (ERP, HRMS, CRM, payroll, etc.)
- Identify opportunities to collaboration with other departments
- Identify an administrator for the CPM solution
Once you’ve taken these steps, you’re ready to adopt Corporate Performance Management software and integrate it into your financial operations. When you do, you will save precious time and gain the added value of smoother operations, increased automation, and a high return on your investment in the software.
Are you ready to talk about adopting a CPM solution into your operations? Contact Prophix today for a free demo. You’ll see all our features in action and learn how our CPM software can transform your business.