Corporate performance management is a broader term that describes the metrics, methodologies, systems, and processes used to manage and monitor enterprises’ business performance. The applications that allow corporate performance management convert deliberately engrossed information to operational plans and direct combined results. These applications are likewise assimilated into many elements of the control and planning cycle, or they address customer relationship optimization needs.
The corporate performance management market is primarily driven by the increasing demand for upgrading of organizational strategy. Cloud-based corporate performance management software, constructs on the benefits of traditional EPM software, making it faster and easier to deploy, increases innovation speed, reduces the cost of ownership, and supports improved collaboration across the enterprise.
Corporate performance management is the area of business intelligence involved with managing and monitoring an organization’s performance, according to key performance indicators such as return on investment (ROI), revenue, overhead, and operational costs.
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It aids organizations automate manual tasks, speed up key finance processes, and fuel better alignment between operations and finance. It helps make strategic plans applicable and understandable, allows human resource performance to be measured instantly and facilitates distribution and definition of strategic targets to teams. Another important factor responsible for the expansion of the market is due to the reduction in costs.
Rising need for improved financial planning process is also acting as an important factor driving the expansion of the corporate performance management market during the forecast period. Most organizations have identified that enhancing finance performance management is likely to be an important part of transformation, thereby allowing the finance teams to demonstrate their value and gain support and trust of leadership.