Corporate Performance Management (CPM) Software
What is CPM Software and why is it important for your business
As businesses grow, it becomes easier for fragmentation to occur. Information and data sources are split between different teams, to the extent that many businesses don’t have a single, complete birds-eye view of the past, present, and future.
The implications of this are far-reaching, from problems with inter-team communication and collaboration, to a lack of agility for decision makers. No business can successfully run on guesswork, which is why CPM software is essential.
Corporate Performance Management (CPM) software - otherwise referred to as Business Process Management (BPM) and Enterprise Performance Management (EPM) software - is a subset of business intelligence (BI) and brings everything into alignment: processes, strategies, goals, performance, KPIs, revenue, expenses, and more.
The result is intelligent insights and far greater clarity over operations, planning, forecasting, and data reporting.
How CPM software can accelerate company growth
In a nutshell, Corporate Performance Management (CPM) software aids in growth by uniting everything in one place for C-suite executives. This enables strategies to be aligned with execution plans, ensuring that forecasts are based on concrete data as opposed to wishful thinking and guesswork. It also means that key drivers and business metrics can be properly considered, further improving revenue and growth.
CPM software also comes into play at the back-end, by demonstrating results and outcomes through reports and dashboards.
Why companies choose Vena for their CPM software
Vena makes the complex simple, the opaque transparent, and turns goals into reality. It eradicates fragmentation across companies by integrating all data sources into a central database, and allows users to see everything at a high level or in granular detail, drilling down into individual Excel cells.
C-suite executives and decision-makers love Vena because it gives them everything needed to stay agile, keep the company on track, and plan into the future with both forecasting and scenario planning. Whereas some companies can take so long to collate all the disparate data that it’s irrelevant by the time the task is completed, Vena proves real-time access to data and makes financial reporting easier than ever before.
And, of course, it does all of this while allowing users to stay inside Excel, the tool used by finance teams the world over. That means there’s no steep learning curve, no resistance among teams for learning and implementing something new, and no issues with data integrity because everyone is using the same software.
In short, then, companies choose Vena for their Corporate Performance Management (CPM) software because it makes life easier and handles everything needed for successful financial management of an organization.
User case study: the difference between success and failure
Verra Mobility, a smart transportation company, Verra was unable to adequately export its reports into Excel for manipulation and modeling. As a result, the company suffered version control issues and inefficiencies in reporting, as well as poor user adoption. They couldn’t plan with agility, and decision-makers didn’t have reliable data on which to make important decisions.
Since implementing Vena, Verra Mobility enjoys having a single source of truth for data, and it’s supported the company through three major acquisitions, a merger, and reverse IPO - all of which required senior executives to have reliable data, provided through Vena’s standardized financial reports.
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