Updated: Dec 10, 2018
Inevitably there are always issues of inefficiency or inaccuracy in companies, be that in planning, reporting, or management, often due to the use of traditional manual excel spreadsheets.
More and more finance departments are seeing the benefits of data-driven solutions including business intelligence (BI) in order to circumvent problems of productivity and inaccuracy that arise through traditional planning and reporting methods.
What does BI actually do?
BI software examines collected data to find quantifiable patterns and trends. It improves upon excel spreadsheets by presenting data in a more easy to digestable way by presenting data in a way that is simple and understandable to those beyond the office of finance, such as Sales and Operational teams, to accurately report and inform business decisions.
However, BI software is merely a lens to viewing the database. It does not allow for adjustment and manipulation of data for forecasting of business, nor does it have the capabilities of Corporate Performance Management (CPM).
What is Corporate Performance Management (CPM) software
Although BI and CPM are often grouped together in discussions in financial services, professional planning, management reporting, they are not the same. So what actually is CPM software? How does it differ with BI? And how can’t be used to better businesses?
CPM software, as the namesake suggests, is software designed to solve various performance management issues. CPM includes all the tools of BI, its data analysis, reporting and presentation tools, but also has tools in place for monitoring, planning, budgeting, forecasting and so on.
It provides a solution to inefficiency or inaccuracy in companies in planning, reporting, or management through a wide variety of tools including strategic planning, budgeting, monitoring performance, management reporting, forecasting, and analysing performance by allowing adjustment and manipulation of the data.
Not only that, the system streamlines budgeting, forecasting and sales to better and manage performance of the company. It provides singular unified system where data from various departments can be viewed and manipulated in one platform, but also consolidation features to aid in data consolidation for financial reporting of companies with multiple entities.
Contrasted to BI, it allows for future forecasting using data, and better management through its tools in planning and budgeting, as well as provide mechanisms for forecasting, data consolidation and so on.
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