Tools of the Trade (TotT): CPM Platforms
Good day readers. We continue our series of articles that focuses on some of the tools, software, and methods used by many I.T. and business professionals. We've reviewed many of the key I.T. and business professional roles in previous articles here in our #thatssuccess blog page. If you haven't read them, take a look at our in-depth analysis in those article here: #corporateteam #data #datateam.
Customer Performance Management (CPM): I think I've heard about it but what is it?
Companies strive to make informed decisions based on real-time insights. Corporate Performance Management (CPM) platforms play an important role in this process, serving as the backbone for strategic planning, budgeting, forecasting, and overall performance analysis. While the acronym CPM looks similar to the acronym CRM (Customer Relationship Managment), which we discussed in a previous article, both solutions are different and serve different purposes & different teams within an organization.
In this article, we will explore the essence of CPM, its integration into daily business operations, the key roles that leverage CPM tools, and a rundown of the top 5 CPM platforms, complete with their pros and cons.
Fueling Operations: The Role of CPM in Daily Business
Corporate Performance Management (CPM) is a comprehensive approach to managing and aligning business activities with an organization's strategic goals. CPM platforms facilitate this process by providing a unified solution for planning, budgeting, forecasting, and performance analysis. Businesses utilize these platforms to streamline their financial processes, enhance collaboration among departments, and gain valuable insights into their overall performance.
Key Players: Roles and Their Interaction with CPM Platforms
Within a corporation, various key roles actively engage with CPM platforms, each contributing to the overall success of integrating a CPM platform into business processes. These roles include:
Financial Analysts: Utilize CPM tools to analyze financial data, create forecasts, and contribute to budget planning.
Chief Financial Officers (CFOs): Leverage CPM platforms for strategic financial planning, risk management, and ensuring financial compliance.
Operations Managers: Rely on CPM tools to align operational activities with organizational goals, optimize resource allocation, and monitor performance metrics.
Business Intelligence Teams: Extract valuable insights from CPM platforms to support data-driven decision-making across the organization.
Exploring the Top 5 CPM Platforms
Let's explore the top five software tools used by professionals in this space, along with their respective pros and cons.
Oracle Hyperion Planning:
Robust functionality for complex financial planning.
Integration capabilities with other Oracle products.
Steeper learning curve.
Higher implementation costs.
SAP Business Planning and Consolidation (BPC):
Seamless integration with SAP ERP systems.
Robust financial consolidation features.
Requires expertise in SAP systems.
Limited flexibility for non-financial planning.
IBM Planning Analytics:
Powerful in-memory processing for fast analytics.
Scalability to handle large datasets.
Complexity in setting up and maintaining.
User-friendly interface for collaborative planning.
Flexibility in model building.
Advanced features may require additional training.
Cost can be a limiting factor for smaller businesses.
Adaptive Insights (now Workday Adaptive Planning):
Intuitive interface for ease of use.
Cloud-based, allowing for easy accessibility.
Integration capabilities may be limited.
Advanced reporting features may require customization.
*Special mention--CCH Tagetik: CCH Tagetik is a corporate performance management (CPM) software solution that helps organizations with financial planning, budgeting, forecasting, consolidation, and reporting. Globescape Consulting has expert functional and technical experience implementing and administering CCH Tagetik, across multiple successful implementation projects and clients in various industries.
Comprehensive Financial Planning.
Collaboration and Workflow.
Learning curve may be a challenge.
Relatively high costs for budget-constrained businesses.
Bringing it all together
Corporate Performance Management platforms are integral tools that empower businesses to align their activities with strategic goals. From financial analysts to operations managers, various roles within a corporation rely on CPM platforms to streamline processes and enhance decision-making. The top 5 platforms, each with its unique pros and cons, offer a diverse array of features catering to different business needs. As organizations continue to evolve toward a focus on data-driven decision-making, CPM platforms remain key tools in accomplishing this goal.