For many organizations, the use of data analysis tools, analytics programs, or BI software is…
Gone are the days of an annual budgets, plans, and forecasts. Priorities can shift in an instant in today’s fast-paced business environment, and when it comes to business systems this can cause a huge headache. From the masses of data being generated by IoT environments to the impact of changing macroenvironmental factors such as Brexit, businesses need to react quickly to remain competitive, but are at risk of missing key opportunities if their business performance analysis tools can’t react with them.
The recently released Nucleus CPM Technology Value Matrix 2019 highlighted two key trends affecting the CPM space:
So why is flexibility such a key factor in relation to Corporate Performance Management software?
Firstly, let’s take continuously changing customer requirements. As mentioned above, organizations face the need to continuously adapt their strategy to meet market demands or macroenvironmental changes. But if CPM solutions require manual input or costly consultancy work to be adapted, this quickly becomes unsustainable. Requiring a project scope and budget sign-off just to make a series of small updates is not conducive to fast-paced decision-making.
It’s a similar story in relation to the second finding; expanding CPM solutions into other departments requires additional development work. A process which works for one department might not work in the same way for another, and again organizations find themselves in the position of investing heavily to make the necessary developments if their solution isn’t flexible enough to adapt with ease.
It is for these reasons that Nucleus highlights the importance of flexibility in modern CPM solutions. As one of the Leaders in the Nucleus Technology Value Matrix, we at BOARD are proud to boast flexibility as one of our decision-making platform’s key features. The drag-and-drop, coding-free nature of the BOARD solution has been designed with user-friendliness, adaptability, and growth in mind, enabling organizations to produce end-to-end business planning solutions with minimal cost and workload.
For many businesses, this flexibility is yet to be achieved, as the ability of many corporate performance management solutions to rapidly respond to changing business requirements is limited. Often, an organization’s planning and performance management activities are conducted in one of two ways:
Typically, these solutions have been implemented on a Finance or IT basis, rely heavily on consultancy hours for small tweaks in a time-consuming process which is not conducive to responsive decision-making, and restrict performance management knowledge to certain areas of the organization. This often results in the overlooking of the impact of operations (and broadly speaking, non-financial factors) on the bottom line.
The common factor amongst both of these methods is the lack of flexibility for change, and in an unpredictable business environment it’s not hard to understand why this is a fatal flaw.
Having a corporate performance management solution which offers the flexibility to adapt to changing requirements is vital. As increasing numbers of organizations make this shift, the competitive gap between those who can react with speed and those who can’t will only widen. If your legacy solutions are holding you back, perhaps it’s time to think about upgrading.
Read the full analyst report to learn more about the current state of the corporate performance management software market.