Managing financial operations can be overwhelming, especially when dealing with large volumes of data. Our blog post highlights the benefits of implementing Corporate Performance Management (CPM) software for Finance so your team can gain the ability to automate processes, increase accuracy, and streamline reporting to secure decision-making results.
What does CPM stand for in finance?
CPM software, or Corporate Performance Management software, is a crucial tool for any organization looking to improve its financial and operational performance. CPM software helps businesses with budgeting, forecasting, planning, financial consolidation, reporting, and analysis. With so many options available in the market, choosing the best CPM software can be a daunting task.
However, recently the finance industry has seen the emergence of a new type of CPM software that is more modern and innovative than the traditional approach. This new generation receives the name “CPM for Finance”, and it goes beyond conventional functionalities by leveraging the latest technologies to provide a more comprehensive solution for finance teams.
Corporate performance management (CPM) for finance refers to software solutions that assist finance departments with consolidated financial statements, financial planning, analysis, and reporting. CPM for finance gives CFOs and controllers a comprehensive overview of financial data – whether it’s previous figures, actual data, or planned financial data. A CPM for finance software works as a glue that binds financial data together to improve planning and decision making to pave the way for future success thanks to its ability to integrate with other financial systems, such as ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) systems.
In this blog post, we will discuss some key factors explaining why choosing a CPM software for Finance is the best decision for your organization.
1. Understand Your Business Needs
Every organization has unique requirements, so the first step in choosing the best CPM for Finance software is to understand your business needs. Start by identifying the challenges you face in financial planning, reporting, and analysis. Look for CPM for Finance software that can help you overcome these challenges.
2. Evaluate Features and Functionality
Once you have a clear understanding of your business needs, the next step is to evaluate the features and functionality of a CPM for Finance software. Look for the one that can handle your financial planning and analysis needs, and has robust features such as multi-currency support, data visualization, and forecasting capabilities. Ensure that the software can integrate with your existing systems and provide accurate data in real-time.
3. Consider Ease of Use
CPM for Finance software should be user-friendly and easy to use. Complex software can be difficult to learn, and it may take a long time to implement. Look for software that has an intuitive interface and requires minimal training. Ensure that the software vendor provides adequate training and support to ensure that your team can use the software effectively.
(Software Advice names Lucanet as the Most Recommended software of 2022 for its exceptional performance: Learn more)
4. Check for Security and Compliance
Financial data is sensitive, and it is critical to ensure that the CPM for Finance software you choose is secure and compliant with industry regulations. Look for software that provides role-based access control, data encryption, and audit trails. Ensure that the software vendor follows industry-standard security and compliance protocols.
5. Evaluate Cost and ROI
The cost of CPM for Finance software can vary depending on the features and functionality it offers. Look for software that fits your budget and provides a good return on your investment. Consider the time and effort required to implement the software and the ongoing maintenance costs. Evaluate the potential ROI of the software by looking at its impact on financial planning, reporting, and analysis.
6. Make complex simple with Lucanet’s CPM for Finance software: #1 Top Ranked for Functionality
With Lucanet’s CPM for Finance solution you get all these features, and more! You can rely on a modern software architecture that successfully maps all your requirements in a future-oriented manner. As a multi-award winning provider of CPM software for Finance, we have developed a tool that automatically transfers data from various third-party systems neatly into our database while also making it equally easy for you to enter data in relational and multidimensional databases.
Lucanet is a global market-leading Financial Performance Management (FPM) software tool that provides businesses with a range of benefits. Our software has been ranked #1 for functionality in the BARC Planning Survey 2022 and is a market leader for FPM in the DACH market according to the 2023 BARC FPM SCORE DACH. Additionally, 97% of customers have recommended Lucanet in the G2 Grid Report Winter 2023. Lucanet is an easy-to-use solution, with 92% of users confirming its ease of use in the G2 Grid Report Winter 2023. It automates simple data collection tasks, saving businesses up to 25% of full-time equivalent resources. It also reduces financial close and consolidation times by 5x and IC-reconciliation time by 70% (as reported by Thai Union). Lucanet provides businesses with accurate and transparent data. Toshiba has reported 90% higher data transparency when using Lucanet, and the software has been ranked #1 for data integration in the BARC Planning Survey 2022. It also enables 100% real-time adjustments with just one click. Our software has a fast time to value, with 91% of customers reporting fast implementation in the BARC Planning Survey 2022. Businesses have saved over 360 working hours through increased productivity (as reported by customers). Lucanet also offers over 300 internally developed out-of-the-box integrations with all relevant ERP, HR, and other source systems, providing businesses with a comprehensive solution for their financial needs.
Thanks to Lucanet’s CPM for Finance you will count with advanced analytics capabilities such as predictive modeling and machine learning, which will enable your finance teams to gain deeper insights into financial data and identify trends and patterns that may not be immediately apparent.
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In conclusion, choosing the best software requires careful evaluation of your company’s needs, software features and functionality, ease of use, security, compliance, cost and ROI. With these factors in mind, choosing the right software that meets your organization's specific needs and helps you achieve your financial and operational goals is no longer a difficult task with Lucanet.
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