Seven Reasons to Invest in a CPM Solution

March 2, 2023

To keep up with the fast pace of technological change, regularly assessing and upgrading your company’s BI, if required, has become essential for a successful business. In particular, Corporate Performance Management software is a priceless tool that monitors a company’s financial health and defines organizational strategies

As businesses continue to navigate an increasingly complex and competitive market, it’s crucial to have effective tools for managing performance and achieving strategic goals. Hence, investing in a Corporate Performance Management software is definitely a good idea. Here are seven reasons to invest in a CPM solution:

1. Real-time data

Data can be read and used as changes happen in real time across all parts of the organization. Thus, by offering analytics, reporting and planning in a single real-time solution, this type of business performance management software allows its users to plan confidently, close faster and report accurately.

2. Real-time collaboration

Real-time feedback enables departments across the companies to collaborate in a synchronous way on dynamic processes such as budgeting, forecasting and reporting. Hence, teams can collaborate smoothly and transparently using a unified financial performance management solution instead of different tools and a fragmented approach.  

3. Avoidance of manual mistakes 

The automation of repetitive tasks related to budgeting, planning, consolidation and reporting, among others, reduces room for error and ensures data accuracy and quality. Accordingly, by turning manual updates into automatic processes, CPM accounting provides clean and updated dynamic reports that are virtually error-free.  

4. Internal and external regulations compliance

Since the best CPM software can incorporate any internal and external reporting framework, planning, forecasting and budgeting can be performed while ensuring that operations fully comply with employment regulations, financial standards and environmental rules. 

5. Time and money saving through automation

The integration and automation of data collected from all sources makes strategic reporting easier and enables faster progress in achieving strategic goals, saving time that can be devoted to other value-added activities. Therefore, by providing an end-to-end solution with minimal use of IT resources, financial performance software is a highly effective way to save the cost and time associated with traditional solutions. 

6. More productivity

With CPM business intelligence you can achieve quantitative insights on revenue, based on historical data, current results and predictive analytics, which allows optimized business planning. Thus, data-driven decisions allow you to respond instantly to opportunities and threats, so that your company can perform at peak efficiency

7. Enhanced decision making

The possibility of contextualizing real-time corporate performance using a single source of truth enables your team to accurately forecast outcomes and make quicker and more confident decisions based on insights, rather than guesswork. Likewise, CPM software provides a comprehensive view of corporate financial wealth, allowing you to identify weaker areas and make the appropriate changes.   

If you have still not implemented a CPM system in your company, Talentia can guide you in choosing the appropriate financial performance software to successfully drive your business in today’s fast-changing world, helping you to reduce the complexity of finance.