6 Reasons why a modern CPM solution is a must-have
Did you know you are sitting on a real goldmine of data? As more and more data is collected every day, it would be a shame not to use it. A modern cpm solution can help you get the most out of your data by turning accurate information into valuable insights. This will give your company a big competitive advantage, businesswise as well as on the labour market.
A must-have for companies who want to keep growing. Let us explain why:
#1 Poor data reliability
Technology has taken a big leap in the past 10 years. Despite this, many companies still use Excel for reporting to tax offices, shareholders, and other stakeholders. The same goes for management information, which is often produced by manually integrating and converting data from various systems.
Not only is this a hell of a job, but it might also lead to unreliable insights and forecasts. Or even a board that does not trust the information provided and refuses to use it for making strategic decisions. Obviously, this is very frustrating for the people who spend so much time and effort on producing solid and reliable data. As a result, skilled employees might leave the company.
With a modern cpm solution, the reliability of your data can be improved.
#2 Increased complexity of reporting
The growing need for specific insights makes your reporting process a lot more complex. Besides consolidated information, the board also asks for drill-downs containing detailed information about the performance of specific business units or product groups. If your cpm system cannot handle such requests, this information can simply not be produced or only after tons of manual work.
A modern cpm solution makes it easier to combine financial and other data and apply the right interpretation. This enables financial and business controllers to really step into their role as business partners and provide valuable insights for more complex business issues.
#3 Higher demand for flexibility
One of the key characteristics of successful companies is their agility: their capability to foresee how global economic developments (such as pandemics, inflation, rising energy prices or unstable countries) affect their business and respond adequately. This requires a reporting tool that allows you to analyse various scenarios. This higher demand for flexibility can be met by a modern cpm solution providing you with flexible reporting options. Say goodbye to pivot tables in Excel!
#4 Higher need for data-driven insights
When it comes to strategic decision-making, which would you trust more: your gut feeling or data-driven insights? Our answer might slightly surprise you: use best of both worlds! Keep the gut feeling, as it is a strong and useful entrepreneurial radar. But underpinning it with data-driven insights to check if you’re going the right direction.
Developments in the field of corporate performance management make it easier to aggregate data from various systems – or even integrate all this data in one central system. Not only financial data, but also hr, sales, marketing, and production data. Combining data from different sources creates more possibilities to turn it into valuable strategic insights.
#5 More regulations to comply with
When your company grows, you will have more regulations to comply with. For example international regulations in case of global acquisitions or stock exchange regulations in case of an IPO. And more regulations usually mean more administrative obligations. It can save you a lot of research and administrative work if your cpm solution already contains the necessary compliance checks and validations. And it will make your reporting process a lot easier
#6 Higher job satisfaction
By automating simple and repetitive tasks – like calculations, validations, data checks, and automatic mail – your reporting process requires less manual work. Instead of spending hours manually manipulating data and maybe even working overtime, skilled employees can deliver a more valuable contribution to strategic decision-making by acting as a genuine business partner. Also, they will be able to finish their work and go home on time. A huge positive impact on their work/life balance and job satisfaction. And a major competitive advantage when hiring new personnel.