Hiren Bhatia, Senior Business Development Manager, Finesse, shares how having the right CPM software for your organisaton is key to business progress.
Finance departments have come a long way from being just number crunchers to becoming main contributors in corporate decision-making. Similarly, within an enterprise, the software used for CPM has moved from being used only for planning and budgeting to being full-fledged platforms with multiple purposes that can be used across the enterprise.
When top management decides to invest in a CPM software, there are a lot of things that needs to be considered before a decision is taken to create or expand the current strategy.
An optimal financial performance solution, is not a point solution to support financial planning, budgeting and reporting but a broad platform with built-in intelligence and processes to support multiple inter-related applications in the office of finance and beyond. A platform that can be deployed pervasively throughout the entire organisation, to help gain more insights, reduce risk, increase transparency and efficiency, and ultimately reduce costs.
The core principles of a good CPM solution are:
- “Simplexity.” Simplify the complexity that customers face from the business processes and from technical perspective.
- Openness and multi-platform. Giving customers the freedom to select the technology platform to run the solution and the ability to easily integrate the solution with any other systems.
- There is no future for a product without innovation. Innovation without disruption of critical business processes is the way ahead. The three technologies that are bringing a revolution in our personal as well as business life and these are InMemory, which changes the way we process data; mobility redefines the way we access it; and cloud the way we deploy and maintain it.
A good CPM software can, of course, bring a variety of benefits to your organization such as
- Link operational activities with business strategy without complex integration
- Go beyond finance (i.e. use pervasive and detailed budgeting, planning and forecasting processes across even the largest enterprise)
- Manage communication and collaboration across multiple finance processes
- Link tasks and activities to both budget objectives and actual performance
- Improve control and workflow of activities and processes across the enterprise
- Unify consolidation, reporting, budgeting and forecasting processes
- Gain flexibility to adapt to meet new business requirements quickly
- Manage external compliance, disclosure and financial reporting from single source
Organisations like Finesse, can offer knowledge and expertise on finance processes, regulatory requirements, performance management and the technologies can assist SMEs and event large enterprises find out about which CPM software suits your business the most.