Here's Why CPM Should Always Have a Place in Finance Solutions Toolkit

The Quintessential Technology Source for Corporate Financial Professionals

Here's Why CPM Should Always Have a Place in Finance Solutions Toolkit

By CFO Tech Outlook | Tuesday, January 12, 2021

CPM software offers an analysis of the results of the whole company, taking into account all of its divisions and branches.

FREMONT, CA: Organizations that handle their performance data correctly are bound to thrive. The corporate performance management program is a specialized tool used to track and control the financial and operational success of an enterprise to help the corporation achieve its strategic goals.

With it, corporate and executive finance departments may assess historical and current success and monitor it to achieve a business edge in the future. In addition to accounting and profitability control, Corporate Performance Management (CPM) software is also used in other divisions such as marketing and IT.

Significant Benefits of Corporate Performance Management Software

CPM software should continually have a place in the finance solutions toolkit. Here is why.

A Single-Source of Truth

CPM software offers an analysis of the results of the whole company, taking into account all of its divisions and branches. Large organizations with scattered subsidiaries will benefit tremendously from this capability. This feature gives businesses increased awareness of the overall success of the company.

Eradicating the Need for Spreadsheets

Previously, spreadsheets were used to execute functions done by CPM programs. These spreadsheets require a lot of manual, tedious, and time-consuming tasks and are disadvantageous when used to evaluate business processes. CPM tools can minimize the use of spreadsheets by automating most operations. This aspect cuts prices, increases efficiency, and decreases mistakes.

Enhanced Workflow

Quality monitoring requires a variety of users. CPM software has various features that can be used to handle different users. The administrator may use the tool to monitor the timing and order of procedures like data entry, data import, and monitoring. It has applications that alert users to time limits, allow planned processes to run at a specified time, exchange email reports, calculate, import data from external sources, and more.

Streamlined Calculations

CPM software incorporates spreadsheet-style calculations with an Online Analytical Database for easy data aggregation. When one does the Excel calculations, the CPM tool helps them move the data to the program and use it as a business model. The interface is intended to be user-friendly and satisfies the specifications of finance practitioners.

Weekly Brief