Corporate performance management is a
broader term that describes the metrics, methodologies, systems, and
processes used to manage and monitor enterprises’ business
performance. The applications that allow corporate performance
management convert deliberately engrossed information to operational
plans and direct combined results. These applications are likewise
assimilated into many elements of the control and planning cycle, or
they address customer relationship optimization needs. Corporate
performance management is the area of business intelligence involved
with managing and monitoring an organization's performance, according
to key performance indicators such as return on investment (ROI),
revenue, overhead, and operational costs. Corporate performance
management is also identified as enterprise performance management or
business performance management. CPM software comprises budgeting,
forecasting, and planning functions, as well as graphical dashboards
and scorecards to deliver and display corporate information.
The corporate
performance management market is primarily driven by the
increasing demand for upgrading of organizational strategy.
Cloud-based corporate performance management software, constructs on
the benefits of traditional EPM software, making it faster and easier
to deploy, increases innovation speed, reduces the cost of ownership,
and supports improved collaboration across the enterprise. It aids
organizations automate manual tasks, speed up key finance processes,
and fuel better alignment between operations and finance. It helps
make strategic plans applicable and understandable, allows human
resource performance to be measured instantly and facilitates
distribution and definition of strategic targets to teams. Another
important factor responsible for the expansion of the market is due
to the reduction in costs. With automatic integration of data,
automatic consolidation of data from other systems, fully integrated
financial statements and driver-based financial models help in
dropping corporate performance management cost and cycle time.
Rising need for improved financial
planning process is also acting as an important factor driving the
expansion of the corporate performance management market during the
forecast period. Most organizations have identified that enhancing
finance performance management is likely to be an important part of
transformation, thereby allowing the finance teams to demonstrate
their value and gain support and trust of leadership. The
organization is likely to implement the necessary changes to keep up
with the modern scenario with the strategic usage of financial
corporate performance management tools.
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Change management is a factor challenging
the global corporate performance management market during the
forecast period. Corporate performance management software should be
kept updated due to the rapid change in organizations. Despite the
fact that substantial change is happening, organizations are
possessing the existing frameworks but tweaking them to make them
more impactful and leaner.
Advances in cloud based corporate
performance management is likely to be an important opportunity in
the global market. Adaptive planning is an easy-to-use, affordable,
rapidly deployable cloud-based solution that permits nonprofits and
companies of all sizes to improve the strategic value of their
finance organizations and uplift their corporate performance
management cycle. Moreover, implementation of software as a service
is also an important opportunity in the market. These services can be
deployed rapidly and provide higher customer satisfaction since they
cost less.
In terms of deployment, the corporate
performance management market can be bifurcated into on-premise and
cloud. In terms of application, the market can be segmented into
financial and banking institutes, retail, transportation and
logistics, IT, telecom, and others. In terms of geography, the market
can be segmented into North America, Asia Pacific, Europe, Middle
East & Africa, and Latin America.
Key companies operating in the corporate
performance management market include International Business Machines
Corporation (U.S.), SAP SE (Germany.), Oracle Corporation (U.S.), SAS
Institute (U.S.), Adaptive Insights (U.S.), EcoSys Management LLC
(U.S.), Longview Solutions (Canada), Sightline Systems (U.S.), and
VisualCue Technologies (U.S.) among others.
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