In a follow-up to my previous post (Five Reasons Why You Shouldn’t Buy Prophix Software wink, wink) I want to highlight some considerations on why 2017 should be the year for you to transform the Office of Finance and make better business decisions.
6 Reasons Why You Need Corporate Performance Management
1. Not enough hours in a day.
If you’re relying on spreadsheets to decipher, analyze, and report large amounts of financial data, you’re also spending a lot of time cutting and pasting, creating formulas and layouts.
Corporate performance management (CPM) software slashes the hours it takes to access and organizes your financial data – not only saving you time and money but preserving your team’s sanity!
2. Too many errors, not enough accuracy.
So much manual entry is required when using spreadsheets that mistakes are bound to happen.
Similarly, it’s difficult to track reviews and submissions that require approval from multiple people. There’s always the risk of compliance snafus if you can’t prove that employees followed the correct procedures.
CPM software supports more efficient financial processes, providing you with transparency.
3. You’re having a tough time actioning your data.
Linking the achievement of corporate goals to operational activities may seem like a fantasy, but many organizations around the world are doing this today.
Put purpose and value back into your planning process. Link performance with outcomes – month to month, or weekly if you need. Gauge performance and make better business decisions to improve your company’s financial position.
4. Accessing your financial data presents a challenge
It takes time to compile your financial information. Senior management expects that information in minutes. Is it possible to be more prepared?
Integrating CPM software with your ERP system allows you to easily access and organize your financial data.
5. You need to be more responsive to change
If you struggle with manual data entry now, just imagine the paperwork you’ll have as your business grows.
Corporate performance management software offers you the ability to analyze your historical data, along with present-day trends and patterns, to predict future outcomes.
Don’t just respond to change– anticipate it, and make sound decisions based on what you see coming.
6. You’re sick of slugging it out with your ERP
There’s a big difference between an accounting generalist and a financial analyst.
A generalist typically works under basic accounting principles. A financial analyst provides the company with more strategic and nuanced information.
Corporate performance management software seamlessly integrates with nearly every ERP in use today. It extends the life and value of your ERP investment by enabling you to do so much more with the valuable information it holds.