3 Reasons Why You Should Consider Corporate Performance Management
3 Reasons Why You Should Consider Corporate Performance ManagementBy Sam Cheo, Managing Director, Sigma Conso Asia
The Corporate Performance Management (CPM) market was previously valued at US$2.735 billion globally. Ever wondered what’s the hype with CPM software? Why are so many companies around the world using it?
Here are three reasons why so many companies are owning a CPM software application and why any company should consider owning CPM software (if you don’t already have one).
1. Data Storage Efficiency And Accessibility
In today’s digital age, data is in abundance. As a result, there is a high likelihood of overlap in data, especially if the data is being stored in thousands of excel sheets. This will eventually lead to the problem of lack of data storage space to store all the business information. Even if there isn’t a lack of storage space, the sheer amount of data can lead to inefficiency as different departments try and search through thousands of files to search for the data they need. Thus, the function of combining data from various sources is one of key importance to companies, so as to be able to get in the end one single version of the truth.
CPM software is known to provide organisations with a broad overview of business data across multiple departments. Everyone within the company, from decision makers down to the very last employee, no longer need to manage multiple spreadsheets and eliminate versioning issues. They can simply access the information that they need. Companies are sometimes required to make critical business decisions and need immediate access to data. With CPM software, that information can be retrieved instantly with real-time accuracy.
2. Analysing And Presenting Data
Decision making is at the core of every business function. Every decision made by the company can make or break the business. Hence, it is important to leverage on business and financial data to help the management make important business decisions. Now that we have the right data at the right place and right time, what’s next? Analysis and presenting these data to the decision makers. After all, what’s the use if the company has all the data in the world but is unable to analyse and present it to the audience?
Embracing the right CPM software application makes it simple for the company to portray a complete picture of the story it wants to tell, be it internal or external. Sigma Conso’s CPM software application comes equipped with standard report delivery, the ability to produce dynamic reports and reporting of different time frames.
3. Modelling Every ‘What If’ Scenarios Your Company Could Face
In today’s business environment, it is not enough to just consider the likely events. Businesses need to be able to respond to uncertain events that could arise from environmental volatility.
Modelling such uncertainties can help the company to mitigate risks and avoid making decisions that could have a negative impact on the business. By projecting the uncertainties that the organisation could possibly face, it gives the company insights into the damage that could be done if issues are not handled properly. This will ultimately lead to stronger and more informed business decisions being made to help the company steer clear of uncertain events in the real world. But how to model such “What Ifs” using Excel sheets?
Modelling “What If” scenarios can be simple with CPM software. With the right CPM software application, it enables the team to project and forecast different business scenarios that the company could face, both in the short term and in the long run. Sigma Conso’s CPM software application allows users to simulate possible strategic corporate events like mergers, acquisitions and sale of a business.