6 Factors Vital To Your Corporate Performance Management Software Succeeding
Corporate performance management solutions are software tools that consolidate multiple functions into a single reporting and analytics platform. As such, they can be highly beneficial to medium-sized and large companies, due to the complexity of their financial systems and operations.
The process of implementing CPM software is an essential starting point for enhancing and systematising your performance management process, and ensuring the software delivers the best results. Errors during implementation, inadequate training, or the wrong choice of vendor platform for your organisational requirements can all hamper the functioning of your CPM solution and reduce its value. It’s therefore important to understand what contributes to a successful CPM implementation. Here’s what you should consider when implementing a new CPM software platform:
1) Identify Your Current Challenges
In order to identify the biggest challenges you face, start with a thorough analysis of core tasks such as budgeting, forecasting, and reporting. Common challenges include time-consuming processes that lead to an inefficient use of resources, human error, duplications, fragmented systems, problems when communicating information within or between departments, and the inability to meet deadlines consistently.
2) Make Strategic Choices
In most cases, you’ll come up with a long list of challenges. Be strategic when choosing the challenges which, if eliminated, would deliver the highest benefits in a short period of time. In other words, look for easy wins first and ensure that the chosen CPM has the relevant features to help you succeed.
3) Know The Essential Features CPM Software Should Have
For a successful implementation, you want to ensure your CPM solution targets your specific needs as defined above, and has other vital capabilities, such as:
Enabling flexibility in organisational and accounting structures.
Integration with ERP applications, transaction systems, and with P&L, balance sheets, and cash flow statements.
A range of detailed and quality management reporting features.
In-depth data analysis capabilities.
4) Decide What Features You Need – and What You Don’t
Each CPM platform carries a wide range of options when it comes to features and complexity, and many are arranged in a modular framework, but more doesn’t always equal better. There’s no benefit in choosing a software solution with a long list of features if you don’t need them. Often, complex solutions are big-ticket programmes with a very time consuming and resource-intensive set up.
We recommend choosing a CPM platform that can be closely configured to your business model and the needs of your sector. Implementing your solution as a managed service through a support and development partner, such as Account-Ability, is also a good way to tailor your software to your requirements for the best ROI.
5) Decide On The Scope of CPM Roll-Out
Implementing new organisation-wide software can be a disruptive process, so discuss the scope of the CPM software roll-out with your executive board, departmental heads, and key stakeholders in advance of choosing a vendor. Some companies may want to exclusively use the software within the finance department. In other cases, there will be plans to roll it out to other line managers and departments.
The decision will depend on your business priorities and organisational culture,but it’s smart to invest in a CPM system that can handle, with no additional cost, both ‘centralised planning’ and ‘devolved planning’ by line managers. This gives you the chance to adjust and tailor your implementation as you gain experience and your objectives grow. Working with a support partner like Account-Ability can help you project manage the transition smoothly and enable positive change management and user buy-in at every stage.
6) Take a Project-Management Approach To Implementation
To ensure your implementation is efficient and problem free, approach the process from a project management perspective, paying attention to strategic budgeting and resource allocation, communication, ownership, deadlines, and deliverables.
This approach makes it easier to progress and measure success. It can also help implementation go ahead without disrupting operations or organisational culture. Once you put all these factors together and decide to go ahead, be resolute. CPM software can be implemented economically, gradually, and deliver results quickly. Don’t let Excel lovers discourage you and just do it, with the help of the experts at Account-Ability.
For a free quote or to find out more about how we can help, please call 01242 578966 today.
Image Source: Unsplash