Corporate Performance Management Definition
Corporate performance management (CPM) is a broad term which encompasses the processes, methodologies, systems, and metrics used to examine and control the business performance. In order to support the processes, methodologies, systems, and metrics, CPM is powered by analytical applications. It is measured in terms of ROI, revenue, and overhead operational costs. It is also known by other names like business performance management (BPM) or enterprise performance management (EPM).
Earlier CPM software was restricted to finance departments, but now it is employed throughout the organization to harmonize the business intelligence systems. With a CPM software, enterprises can cover budgeting, forecasting, business planning, graphical representations, and dashboards to demonstrate the organization’s information. The software allows employees to track their individual or project performance related to business goals. The proliferation of techniques such as six sigma, just-in-time(JIT), and balance further drives the level of efficacy, productivity, and profitability.
CPM strategies offer several benefits like boosting communication, partnership, and alignment among every aspect of an organization. It also brings together the business professionals at the executive, management, and operational levels to achieve the corporate goals.
CPM helps organizations in the positioning of their goals and discloses the inefficiencies amongst their employees, processes, and methodologies. It allows the decision makers to gather information on all the aspects of their business and assist them to streamline the operations aptly. A successful CPM attempt results in higher transparency, higher accuracy, and more consistency.
CPM is a means of understanding the performance of a business and providing it the capability to evaluate the data in a simplified form. It is an approach to Business Intelligence (BI) that can discern the business in ways the finance professional can only dream of having.
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