In recent years, corporate performance management (CPM) has been observed some major shifts in the market trend. The evolution of technological developments alongside changes in customer demands have led to a noticeable transformation of the CPM market.
The following are a few highlights of key trends we have identified:
CPM vendors’ offering are shifting from legacy on-premise applications to cloud solutions. The growth of cloud-based deployment has outpaced on-premises software.
Introducing unified, single platforms that streamline financial processes.
Applications are designed to be more easily adopted by financial and operational departments.
Digitalization accelerates daily operations for the Office of Finance by facilitating automation of rule-based works.
CPM software’s enriching product portfolio supports a broader range of functionalities. For example, include business intelligence capabilities in CPM solution.
CPM vendors continue to invest in developing innovative functionalities:
Leverage machine learning and artificial intelligence (AI) to discover valuable insights behind data and develop forecasts or predictions.
Embedded analytics enable users to gain predictive insights, competitive intelligence and analytics capabilities in the same application which deliver better productivity and user experience.
Intuitive interface to make the solution approachable for both financial and non-financial users.
Vendors are developing their software to be aligned with the shifting market trend while improving the functionalities to better meet customer’s requirements. Is your current CPM tool future-proof for the ongoing market transformation? Are you thinking about changing to new software?
When it comes to choosing new CPM software, some key factors should be evaluated in advance. As the number of CPM solutions increases while business requirements for these solutions grow to the same extent, we notice that digitalization is changing the role of the Finance function. Finance transformation forces companies to review their current business models. As a result, Finance is rapidly merging and expanding within the IT landscapes for many companies as Finance becomes more increasingly a data-driven function.
From our experience, we noticed that most times companies face difficulties in vendor selection. The market trends, system dependencies, business requirements and IT policies together can make it challenging to determine which items to consider, delaying the selection processes and negatively affecting the cost of ownership. Another common problem one will encounter is the dilemma between moving to cloud solutions or remaining with on-premise applications.
With many vendors providing different tools while the market is on the move, choosing the right one for your company can be challenging. This is where we step in to assist you.
What we can do for you
With our background in advising organizations on vendor selection and proven record of implementing CPM processes in multiple tools, we are able to identify your needs and suggest applicable software that fulfills them. We will advise you with the selection of new CPM solutions and provide you with a better understanding of what you should take into consideration when looking for new tooling that supports your CPM processes.
We at CPMview have developed an all-in-one approach to help companies make the best choice for a viable CPM solution. We achieve this by working closely with you in a step-by-step manner throughout the entire process, from the initial gathering of information to the final selection advice.
By holding interviews with key stakeholders, we collect your needs and wishes, and analyze them against current market trends. Your full list of requests will later be translated into business, system and technical requirements to a detailed context and recorded in Request for Information (RFI).
At CPMview, we conduct in-depth vendor research with up-to-date information which aims to provide you with a clear overview of the capabilities and strengths of different software from all relevant vendors in the market. Based on our research, we objectively pre-select specific vendors that make a good match with your requirements and issue RFIs to them. We analyze and compare all the returned RFIs to draw up a short list of suitable vendors. Together with you, we will design a thorough demonstration test for a Proof of Concept (PoC) workshop with comprehensive evaluation criteria for you to gain an added impression of the shortlisted vendors.
Vendor Analysis & Advisory
Finally, we review vendors’ input during the PoC sessions, find the best match solution for you and advise on vendor selection. Furthermore, our approach contributes to “negotiating leverage” with vendors to help you secure a good value proposition.
By establishing realistic time frames for the project, the vendor selection process can be finalized within 6 months from project start.
Think big, start small
We aim at helping you to save time and limit cost while reducing risk with better decision-making. Our 5-steps all-in-one approach helps you evaluate and choose the most suited CPM solution from the ideal vendor for your project organization.
Are you considering a new CPM solution? Do you want to know more about CPM Vendor Selection? Contact us today, we are happy to help!