Chief financial officers (CFOs) and their finance departments are under greater scrutiny to improve business results than ever before. Business environments are rapidly changing and increasingly complex, yet finance professionals are consistently challenged to build timely, sustainable performance management processes. Financial Performance Management (FPM) solutions help businesses run at optimal performance. This is possible because they offer an integrated suite of performance management apps that provide reporting, analytics, and planning in a single, real-time solution that fully understands your ERP.
There are quite a lot of new-aged analytics and BI solutions that promise to help you get the most out of your data. The difficulty for you is that the devil often lies in the details.
FPM, corporate performance management (CPM), and business intelligence all offer varied types of solutions for financial reporting, planning, and analytics. And of course, let’s not forget our favorite—month-end close. But, things look different under the hood of each different type of management solution. In fact, we see three clear differentiators to be aware of when shopping for a performance management solution.
- Don’t break the link
Data from your critical data systems should stay there. Many solutions extract data to a separate system for analysis. This can comprise its integrity and ensures that you work with old data.
- Real-time speed
You want to know what’s going on in your company right now, not yesterday or worse, six months ago. Old data means that your information irrelevant and ultimately leads to poor decision-making. Real-time data allows you to understand, manage, and predict business results and stay one step ahead.
- Speak the ERP language
FPM solutions should actually understand your business systems, instead of merely connecting to them. When this happens, end-users are immediately empowered to drive improved business performance.
An efficient financial performance management solution will give you a native understanding of all your processes and systems, and the ability to handle an incredible volume of transactions at astronomical speeds—all in a single platform. Sounds like a dream come true, right?
These concepts are what drive our business because they’re essential to the success of your business. When reporting, planning, and analytics tools work seamlessly with your existing critical platforms, magic can happen. Comprehensive performance management tools can help executives and management understand what’s important—fast—so they can make the right business decisions confidently.
Implementing a comprehensive, real-time FPM software solution will enable your finance department to improve decision making and business results by streamlining and optimizing your company's financial performance.
Here are a few things to look for when searching for a comprhensive FPM solution:
- Streamlined planning, budgeting, and analysis
- What-if scenario modeling
- Complex profitability modeling and analysis
- Real-time performance and management reporting
- Automated financial close and consolidations