Financial performance management (FPM) helps businesses run at optimal performance. This is possible because it offers an integrated suite of performance management apps that offers 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 (BI) all offer varied types of solutions for financial reporting, analytics and planning tools.
But things look different under the hood of each. In fact, we see three clear differentiators to be aware of when shopping for a solution.
- Don’t break the link: Data from your critical data systems, like your ERP, should stay there. Many solutions extract data to a separate system for analysis. This can comprise its integrity and create a host of new problems like version control, data integrity issues and data latency.
- 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 can lead to poor decision-making and make information irrelevant. Real-time data allows you to understand, manage and predict your business 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 business performance and ensure a quick time to value with the investment.
The right Financial Performance Management solution will give you real-time reporting, analytics and planning, but also a native understanding of all your processes and systems, and the ability to handle an incredible volume of transactions at an astronomical speed—all without leaving your own 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, analytics and planning tools work seamlessly with your existing critical platforms, magic can happen. These kinds of tools can help executives understand what’s important—fast—so they can make the right business decisions confidently.
Stay tuned to Hubbleology for more posts on FPM or read our new Ebook if you’d like to learn more!