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Corporate performance management, also called enterprise performance management, describes the practices that help companies plan and manage the financial success of their organization. A CPM system is software that monitors and manages an organization's performance, according to key performance indicators. These can be revenue, return on investment, or other corporate strategic goals, such as increasing operational efficiency or improving corporate strategy.
Corporate performance management systems support financial budgeting, planning and forecasting, and help leaders manage strategy and track the company’s financial health against goals. CPM tools are commonly used by the finance department, but are increasingly designed to be used across the enterprise. All in all, financial corporate performance management helps CFOs and other leaders maintain a clear picture of organizational performance.
Corporate Performance Management (CPM) is closely related to Business Intelligence (BI).
CPM leverages the data provided by BI to guide the organization towards its strategic objectives. The KPIs and scorecards that are the endpoint of BI systems are the starting point of CPM. CPM systems link those metrics to the strategic goals of the organization.
BI is focused on gathering and processing disparate data and presenting it in an easy to digest form like a report or visualization or a dashboard. However, reporting is not necessarily linked to an organization’s strategy. It does not include any mechanisms for planning, controlling, or managing towards business objectives or KPIs.
The fact that these categories are so closely related has led to some category convergence. A number of products offer both CPM and BI capabilities in the same platform.
These activities are designed to assist with both data-driven operational, short-term planning and strategic long-term planning:
Long-term financial planning
Financial budgeting
Forecasting
Scenario modeling
Management reporting
These features allow CPM users to combine and examine data from multiple entities:
Financial data consolidation
Journal entries and reports
Multi-currency management
Intercompany eliminations
Minority ownership
Local and consolidated reporting
Detailed audit trails
These features assist CPM users with their financial statements and regulatory filings:
Financial statement reporting
Management reporting
Excel-based reporting
Automated board and financial reporting
XBRL support for regulatory filing
These tools for at-a-glance and in-depth analysis help CPM users interpret performance metrics in the context of their company's larger strategic goals:
Personalized dashboards
Color-coded scorecards
KPIs
Cost and profitability analysis
Key Performance Indicator setting
Benchmarking with external data
It is vitally important for a CPM system to integrate with a company's BI system. The BI system feeds the CPM system performance data, which the CPM system links with strategic and financial data for the purpose of higher level planning and assessment. Types of integration include:
Flat file integration
Excel data integration
Direct links to 3rd-party data sources
This is a process-oriented set of tasks that involves financial activities including:
Budgeting
Planning
Forecasting
Financial consolidation and close
Financial reporting and compliance
Analytics and financial reporting
Calculating return on investment (ROI)
Overhead and operational costs
Profitability modeling
Finance vs Strategy: Do you care more about strategic planning or financials (such as consolidation and close, reporting, etc)? Products rarely do both of these well, so depending on which is your priority, compare tools based on both capabilities. Look at feature ratings for budgeting, planning and forecasting, versus consolidation and close and reporting.
Deployment type: Products may be cloud-based, on-premise, or offer both deployment types.
Usability: Ease of use is an important factor, even more so if your use of the CPM platform will extend beyond the Finance team. Look for comments about usability in pros & cons sections of reviews, and compare how the products rate for usability.
Reporting: CPM is very centered on reporting and the ability to build custom reports. Reviewers often comment on the quality of reporting, and are asked to rate products based on reporting features.
Pricing varies widely depending on whether tools are designed to serve SMBs or enterprises. Subscription pricing structure is usually per seat per month, with lower pricing for read-only seats. Enterprises are typically paying in the region of $25k total subscription price for market leading solutions.
Adaptive Insights is a financial planning and reporting tool. It includes automated budgeting and forecasting, financial reporting, and other active planning capabilities, including integrations with third-party products like Salesforce.
Phophix offers a Corporate Performance Management (CPM) software that enables budgeting, planning, and reporting. Prophix emphasizes the software’s ability to automate data management and reporting tasks.
Anaplan aims to be the leader in Connected Planning. According to the vendor, the software—powered by their patented Hyperblock engine—enables dynamic, collaborative, and intelligent planning. Large and fast-growing companies worldwide use Anaplan to connect the people and data required for trust...
SAP Analytics Cloud combines planning, business intelligence, and predictive analytics as a unified cloud-based platform allowing visualization, planning and prediction to be performed within a single tool. It is built on top of the very fast SAP Cloud Platform, and integrates natively with on-p...
Host Analytics is a cloud-based enterprise performance management (EPM) suite. It includes financial applications for modeling, planning, consolidation, reporting and analytics.
Oracle’s complete EPM suite gives you the agility you need to respond to change faster, promises the vendor. Combined with the innovation and simplicity of the cloud, it enables companies of any size to drive accurate and agile plans across finance and operational lines of business, accelerate f...
The SAP BPC software is designed to help users plan and achieve a faster, more accurate close. The SAP BPC software aims to help users spend more time growing their business and less time closing books. The vendor’s value proposition is that their software delivers planning, budgeting, forecastin...
Tagetik is a corporate performance management solution that unifies budgeting, financial planning, consolidation and management reporting. Tagetik is offered as SaaS, on a private cloud, or on-premise, and can migrate between deployments as needed.
Oracle's Corporate Performance Management suite was acquired from Hyperion in 2007. The product is offers a broad suite of capabilities and many customers use only a subset of the platform capabilities.. Oracle has integrated Oracle BI tools to extend the platform further.
BOARD is a business decision-making platform for organizations of any size. BOARD hosts several business modeling, planning, and analysis all in one cloud-based platform.
Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.
Quantrix is designed to allow users to address the limitations and risks inherent to spreadsheets when developing business-critical models. According to the vendor, this solution offers unmatched capability for forecasting, planning, budgeting, risk modeling and visual analytics, and also allows ...
Synoptic provides ERP financial reporting tools and analysis. This solution is designed to deliver real-time data. The vendor’s value proposition is that their solution empowers users to create financial and operational reports with spreadsheet ease of use.
IBM Planning Analytics, powered by IBM TM1®, is an integrated planning solution designed to promote collaboration across the organization and help keep pace with the speed of modern business. With its calculation engine, this enterprise performance management solution is designed to help users mo...
Jedox is a Business Intelligence and Corporate Performance Management solution. According to the vendor, their solution’s unified planning, analysis and reporting empowers decision makers from finance, sales, purchasing and marketing. Additionally, the vendor says this solution helps business use...
Capital IQ is a market intelligence software solution offered by S&P Global Market Intelligence, which is the result of McGraw Hill Financial's acquisition of SNL Financial.
Wdesk from Workiva is a cloud platform designed to provide collaboration, data integration, and an audit trail. Wdesk helps mitigate risk, and improves productivity
Business Objects SRC is a financial planning / performance management product and was acquired by Business Objects in 2005. SAP acquired Business Objects in 2007, and made the decision to retire the SRC product line in 2008 in order to consolidate their product portfolio. The replacement product ...
Workday Financial Management is built on a global foundation that provides organizations with the core financial management capabilities expected from a modern cloud solution. It goes well beyond just managing financial processes to achieve greater insight, improve financial consolidation and red...
Hubble® is an integrated suite of performance management apps from insightsoftware.com. This solution offers reporting, analytics and planning in a single real-time solution. The vendor says Hubble integrates a company’s critical business systems so users at all levels have access to live data—...
Solver BI360 is a business intelligence software solution that includes features such as enterprise collaboration, budgeting, and data warehousing.
Kepion is performance management software that integrates planning, budgeting and forecasting capabilities with analytics, scorecards and dashboards to optimize collaboration and communication within an organization. According to the vendor, Kepion 6.0 simplifies the following business processes...
ePROMIS ERP is an ERP software product from the vendor ePROMIS Solutions, based in Houston, Texas. It is used by a range of industries: Construction, Contracting, MEP (Mechanical, Electrical & Plumbing), Trading & Distribution, Manufacturing, Oil & Gas, Transportation and Logistics, H...
ReconNET is a corporate performance management solution from Trintech. ReconNET automates account reconciliation, including high-volume reconciliation, with the goal of helping users tighten controls, reduce risk and increase process efficiency.
SAP Profitability and Performance Management promises to help optimize business performance and improve the bottom line. The vendor says key capabilities include: Build, maintain, and utilize sophisticated business and financial models that support multiple allocation methods for costs and reve...