What is Corporate Performance Management (CPM)

To succeed in today's uncertain economy, it is imperative that businesses take steps to improve the productivity and efficiency of their operations.

However, due to the use of outdated or inappropriate technologies to manage budgeting, planning, forecasting, consolidation and reporting processes, many organizations find that they cannot support their corporate strategy or growth plans.

Additionally, budgeting or forecasting processes overwhelm staff because individuals have to access multiple spreadsheets that require manual intervention and significant time to manage. Multiple business units within an organization, each with their own unique planning requirements, are forced to use conflicting data due to a lack of workflow and version control.

The CPM solution is a comprehensive tool running on an integrated platform for enterprise-wide budgeting, planning, forecasting, consolidation and reporting.

ERP systems are typically used for transactions. Whereas CPM solutions complement ERP systems and are used for planning and reporting.

Technically, you can integrate a CPM tool with multiple data sources, where the information will flow through different systems.

The CPM system is an integrated software platform designed to help organizations manage the following processes:

• Budgeting, planning, forecasting and modeling
• Consolidation and closing of the accounting book at the end of the period
• Reporting and analytics for all stakeholders

Unlike many IT systems, CPM solutions are typically owned and operated by finance teams and require minimal involvement from IT groups to set up and maintain.