The global pandemic has driven the need for greater agility, continuous forecasting, analysis and modeling. This in turn has also increased the demand for corporate performance management systems (CPM systems). More and more companies are concerned about meeting their goals and sales targets as well as offering safe and productive work environments for employees.
From a global standpoint, we are emerging from the large impact the pandemic had on companies worldwide. These uncertain times have forced employers to think creatively and implement work from home (WFH) strategies and ensure that important financial processes continue.
Financial processes such as:
- Financial and management reporting disclosure
- Planning, forecasting and strategy management
- Profitability modeling and optimization
Let us take a closer look at the benefits of using a corporate performance management system when unexpected situations such as inflation, recessions and pandemics occur.
3 Advantages Importance of using a corporate performance management system in uncertain times
1. Effective financial performance management
There is a growing trend among companies who want to see the bigger picture for their business by joining financial and operational processes together. A holistic perspective of the financial and operational aspects of a company will provide greater insight into its future success. The financial performance solution from Talentia delivers a dynamic and multi-dimensional financial analysis. This is done by using the OLAP Cube, an adaptable tool for business users.
It provides uniform reporting based on homogenous repository, significantly reducing the required time to produce consolidated analyses.
Effectively manage your company’s financial performance with these added benefits:
- Significant reduction in time spent on data manipulation
- Optimization of financial communication
- Quality and reliability of analyzed data
- Adaptation to the current and future needs of the company
2. Rapid and efficient decision-making
Budgeting is an excellent way to implement rapid and efficient decision-making. If the business climate changes unexpectedly, you can rely on fast and efficient actions to be taken.
Talentia’s CPM system covers all key stages of budgeting, from data collection to projections automation. It includes budget aggregation and informed restitution to produce a detailed corporate performance analysis. An effective and efficient solution enables easy-to-model budgets and delivers reliable and detailed forecasts.
3. Reliable real-time data and forecasts
In uncertain times, your company values real-time data reporting and forecasting that can adapt to the changes in the market. The business world truly moves at a rapid pace. Advanced analytic tools and corporate performance management systems need to move with the speed of your business. Overnight data collection and analysis are not as fast as they once were. With more corporations allowing international and remote work, your team needs the best and most accurate information on a continuous basis. Keep in mind that faster data reporting may not always translate into accurate data reporting. You want to be sure you are using a system that provides fast but reliable data.
Talentia offers a tailor-made solution for CFOs and managers. We help financial controllers decipher the past, analyze the present and anticipate the future. If you are looking for guidance or would like to learn more about Talentia’s CPM tool, do not hesitate to contact us. See how we can simplify your financial complexities and help your company anticipate a bright future ahead.