How heavy is your performance management backpack?
Imagine that you’re carrying a backpack. Now suppose that all your performance management is in that backpack. Start with the little things: financial calculations, metrics, drivers. Next add in consolidations, financial and management variance reports and countless spreadsheets. Then add some of your bigger items: rolling forecasts, predictions, scorecards, complex sales operations business models, treasury models, the single version of the truth and financial disclosure.
Your backpack is getting heavy, right?
Here’s the thing: The heavier your performance management backpack is, the slower your business moves. The slower your business moves, the farther you lag behind competitors that are leaner than your business is.
But, you might be thinking, all these are business necessities. Indeed, you could argue, you need such capabilities to succeed in an increasingly competitive and complex business environment. Then what is the solution? Is there a solution? Or are you in a no-win scenario?
In the more than 20 years I have spent designing, building, implementing and selling performance management solutions, I have found a single overriding criterion for successful performance management: speed. Using the latest technologies can help you dramatically accelerate and enhance your business results during each stage of the performance management journey:
- Automate to reduce manual processes—and risk.
- Integrate to enhance the accuracy of business planning.
- Forecast using market insights gained through predictive analytics.
- Innovate using agile analytics and advanced modeling capabilities.
- Align strategy for growth across functions and business units.
Performance management is not about adding a new layer of technology to your existing systems, thereby adding weight to your performance management backpack. Rather, at each stage in the journey, advanced performance management can diminish the weight (time elapsed and resources required) of your critical business processes without compromising the effectiveness or quality of the information and insights they deliver. Accordingly, advanced performance management solutions can reduce the time you take to make the ideal decision, allowing you to execute your strategy more effectively than ever before.
Heading into the cloud
Cloud technology is a primary driver accelerating performance management today. Many industry-leading solutions are available either on-cloud or on-premise, with no compromise in the power of the analytics. For example, the cloud-based IBM Watson Analytics delivers advanced financial performance management capabilities — including cognitive, predictive and visual analytics — at a fraction of the cost of earlier technologies. Similarly, IBM Cognos TM1 gives users the full capabilities of an enterprise planning, budgeting and forecasting solution in both on-premise and on-cloud deployments.
These and other similarly innovative next-generation technologies represent the future of performance management, bringing heightened agility to companies by providing accurate, data-based insights to enhance forecasts and planning and enable effective execution of business strategy.
Discover hands-on software trials, demos and videos and learn how today’s Financial Performance Management technologies can transform your business.