Decision Factors: How to Choose the Right Corporate Performance Management (CPM) Software
Decision Factors: How to Choose the Right Corporate Performance Management (CPM) Software
Navigating the world of Corporate Performance Management (CPM) software can be challenging. With numerous products boasting similar capabilities, it can be difficult to pick between them and determine the best fit for your business needs.
CPM software is essential for businesses to align their strategic objectives with operational performance by providing a unified platform for planning, budgeting, forecasting, and reporting. This software enables organizations to track key performance indicators (KPIs) and other objectives, make data-driven decisions, and ensure accountability across all departments. Ultimately, CPMs should enhance financial transparency, optimize resource allocation, and drive overall business growth.
In the sections below, we’ll examine the various “decision factors” we’ve identified for CPM software. Here we’ll list the most common features, but also the features where user sentiment varies the most. Pay close attention to product ratings for these specific aspects, as they may impact your decision when making a purchase for your organization.
Corporate Performance Management (CPM) Software Specific Features
CPM software-specific features are crucial to evaluate when selecting a solution, as they’ll directly impact the effectiveness and efficiency within an organization. These features, such as budgeting, reporting, dashboards, and scenario modeling, enable businesses to align strategic goals with operational performance.
It is important to note that the features listed below are highly controversial within the CPM category. These are the features where user sentiment varies greatly between users, so prospective buyers should pay close attention to product ratings and user reviews for any features crucial to their business.
Want to learn more about CPM software’s features? Dive into our CPM category on TrustRadius.
Financial Budgeting
Financial budgeting is vital for strategic planning and resource allocation. It allows organizations to forecast financials, set targets, and track performance by integrating revenue, expenses, headcount, and capital.
CPM’s with strong budgeting features can enable agile plan adjustments based on real-time data, ensuring responsiveness to market changes. Additionally, a consolidated budget analysis across departments provides accurate reporting and a clearer view of financial health.
Financial budgeting within CPM software averages a score of 8.5. The highest rating is 9.8 and goes to IBM Planning Analytics, with the lowest rating being 6.5, suggesting that some solutions struggle with this feature.
Local and Consolidated Reporting
Local and consolidated reporting provides a comprehensive view of financial and operational data across an organization. Businesses need to track and report on their specific performance to manage their local operations effectively. Consolidated reporting then aggregates this data to provide a holistic view of the entire organization’s performance. This allows management to assess overall financial health, identify trends across business units, and make strategic decisions that align with the company’s objectives.
This CPM feature has an average of 8.3, with the highest rating being a perfect score of 10, by Cube, showcasing exceptional satisfaction among its users. However, the lowest rating is 5.4, revealing significant dissatisfaction in this specific area.
“[Cube’s return on investment includes] Segment/Location Reporting analysis to better manage specific locations.”
Tera Carpenter | VP of Finance and HR at Dr. Tavel | Medical Practice, 201-500 employees
Management Reporting
Management reporting can be essential, as it bridges raw data with actionable insights for various levels of management. It aids in facilitating both operational and strategic decision-making by providing real-time reports for performance monitoring and trend analysis for long-term planning. Effective reporting empowers managers to make informed decisions, align strategically, quickly adapt, optimize resources, track KPIs, and be proactive about business management.
The Management Reporting feature has an average of 8.1, with the highest rating being a 9.7 by IBM Planning Analytics. The lowest rating is 5.6, signifying dissatisfaction and challenges within this specific feature.
“The Planning Analytics Workspace also provides good dashboarding capabilities for management reporting.”
Frances Berger | Financial & Performance Systems Manager at Eversource Energy | Utilities, 5001-10,000 employees
Personalized Dashboards
Personalized dashboards empower users to create dashboards and reports independently, significantly enhancing operational agility and decision-making speed. This allows individuals at various levels within an organization to tailor data visualization and reporting to their specific roles and needs without relying on IT or administrative support. By enabling users to access, analyze, and present data in a manner most relevant to their tasks, personalized dashboards foster a data-driven culture, where timely insights can lead to quicker reactions to market changes and internal performance variances.
This feature has an average score of 7.9, with the highest rating being a 9.7 by IBM Planning Analytics, highlighting exceptional user satisfaction. The lowest rating, however, is a 3.8.
Scenario Modeling
Scenario modeling allows organizations to analyze potential future outcomes based on different assumptions and plan accordingly for each. By modeling different future states, companies can proactively identify risks and opportunities, develop contingency plans, and make more informed decisions. Scenario modeling supports better resource allocation, improved risk management, and provides a more robust overall performance management framework.
Scenario modeling has an average score of 7.8, showing general user satisfaction. The highest rating for scenario modeling is 9.7, by IBM Planning Analytics, with the lowest rating being a 3.8.
“IBM Planning Analytics is a really good tool for enabling scenario planning and the development of what-if analysis.”
Verified User | Director in Information Technology | Aviation & Aerospace Company, 10,000+ employees
CPM Product Functionality and Vendor Relationship
Product-specific features aside, another aspect to consider when evaluating software is what TrustRadius refers to as “attributes.” These attribute ratings are category-agnostic and are intended to provide a more well-rounded view of how a product performs, highlighting any special features or even underlying issues.
Similar to how we chose CPM’s product-specific features, the following attributes are the most controversially rated amongst users, but also the most important when evaluating any product.
Implementation Rating
Implementation is incredibly important for CPM software (any software, really) as it directly impacts the speed at which an organization can realize the software’s value and achieve its goals. A smooth and efficient implementation minimizes disruption to business operations, ensures rapid user adoption, and reduces the overall cost of ownership. A poor implementation can lead to significant delays, increased costs, user frustration, and ultimately hinder effectiveness.
The average implementation rating for CPMs is 7.5, indicating a generally positive but not outstanding experience. There’s a considerable difference in user sentiment, with the highest rating being 9.0, achieved by Anaplan, with the lowest rating being a concerning 2.2, pointing out potential failures in implementation for some users.
“We like Anaplan for its flexibility, out-of-the-box starting apps, speed to deploy, and ability to maintain long-term.”Verified User | Director in Customer Service | Consumer Services Company, 1001-5000 employees
Support Rating
Like with any product, good support is necessary as it ensures users can effectively leverage the software’s capabilities and resolve any issues that arise. Prompt and knowledgeable assistance from your vendor helps users navigate complex features, troubleshoot errors, and optimize the software to meet their specific business needs.
The average support rating for CPM software is 8.0, reflecting a generally positive experience. However, there is a notable range in satisfaction, with the highest rating reaching a perfect score of 10, achieved by Wolters Kluwer CCH® Tagetik, and the lowest support rating being a 4.7.
“[Wolters Kluwer CCH® Tagetik] support is always punctual, fast, and effective.”Verified User | Manager in Information Technology | Insurance Company, 10,000 employees
Likelihood to Renew
The likelihood to renew metric is important when evaluating CPM software as it reflects the overall customer satisfaction and the perceived value of the solution. A high renewal rate indicates that users find the software effective, reliable, and integral to their business operations. Conversely, a low likelihood to renew rating can signal underlying issues with the software, such as poor functionality, inadequate support, or a failure to meet business needs.
The average likelihood to renew rating for CPM software is 8.8, indicating a generally high level of satisfaction and commitment among users. The highest rating is a perfect 10, Prophix, with the lowest rating being 7.6.
“The time it takes to create deliverables has been shortened significantly through the efficiencies gained using the Prophix solutions.”
Corey Hager | CFO at Miller Insulation Co., Inc. | Construction, 501-1000 employees
Usability
The general usability, or ease of use, of any software is integral as it directly impacts user adoption and efficiency. If the software is intuitive and easy to navigate, users can quickly learn its features and apply them to their tasks, reducing the need for extensive training and support.
The average usability rating for CPM software is 8.3, indicating a generally positive user experience across various products. IBM Planning Analytics leads with the highest rating of 9.7, with the lowest rating standing at 7.1. This suggests that although there is some debate around CPMs’ general usability, most products are generally acceptable in terms of ease of use.
Key Takeaways – Considerations for Selecting CPM Software
User ratings vary significantly in satisfaction among CPM software features and attributes. However, after reading this list, if you believe your organization would do better with a standalone product based on the features listed above, consider the list of related software categories compiled below.
- Corporate Performance Management (CPM)
- Budgeting and Forecasting
- Predictive Analytics
- Financial Planning and Analysis
- Business Intelligence (BI)
- Data Discovery and Visualization
- Financial Risk Management
Methodology
The data in this article comes from vetted user feedback on TrustRadius. Features and attributes were selected based on score variance in TrustRadius reviews. By highlighting the areas where there is mixed customer sentiment, we hope to help buyers make informed purchase decisions. To learn more about our commitment to helping software buyers, read our Promise to Buyers.
