Why a Faster Corporate Performance Management Solution Set Up Is Critical for Modern Business Success
A Corporate Performance Management Solution Is the Crystal Ball You Need to See the Future
It seems that economists are undecided on the state of the U.S. economy. What do you think is happening? We’ve had an unprecedented global shutdown, bizarre fluctuations in the labor market, and now two consecutive quarters of negative growth.
Honestly, it looks like executives need a crystal ball to run their companies in the 2020s.
Crystal Balls Are Actually Available These Days… But There’s a Problem
You have probably heard of Corporate Performance Management (CPM) software, which is the “crystal ball” of business planning and forecasting.
CPM solutions deliver accurate, seamless financial reporting and forecasting using data derived from your ERP and other key sources. Leading CPM solutions include flexible, driver-based ‘what if’ modeling tools that make it possible for you to “see the future” by viewing the impacts of your various choices before you commit to them.
But, of course, there’s a catch. (There’s always a catch.)
Most of these software solutions take months to set up and start using – and getting access to a crystal ball months from now won’t help you much when the whole world is likely to change tomorrow.
Luckily, you have a faster option.
Why a Faster Set Up for Your Corporate Performance Management Solution Matters
In the past, it may have been okay to wait months for your Corporate Performance Management solution to get up and running. After all, it took a few days for packages to arrive, checks took time to write and deposit, and the stock market didn’t experience multiple AI-driven corrections in a single day. In the 2010s, we all had a little more wiggle room.
In the 2020s, savvy business leaders know that keeping the lights on requires constant insight into real-time numbers. Cloud-based ERP solutions are taking off in the market because one of their greatest benefits is fully up-to-date, anywhere / anytime visibility into business performance.
But, as you already know, ERP solutions have (let’s face it) really limited reporting capabilities. Their canned reports are inflexible and it takes a long time and significant cost to build reports that are truly useful for your unique business needs.
Simply put, those built-in report capabilities can create an agility disaster in the modern world.
As for forecasting, planning, and ‘what if’ modeling tools – ERPs simply don’t have them. If you want that “crystal ball” insight into the impacts of your possible decisions, you’ll have to manage a lot of Excel worksheets, which may or may not have updated ERP data on them.
How to Get Instant Insight with Your CPM Solution
As we said earlier, most Corporate Performance Management solutions take months of waiting before delivering any insight. But not all.
If you choose a CPM solution with instantaneous, one-day setup, like Solver offers, you will have:
- Lower costs & faster ROI
Of course, inflation, uncertainty, high supply chain costs, and sky-high labor costs impact your bottom line. One of the best reasons to choose a one-day rapid deployment is to save on costs. It is simple math: the more hours a consultant must spend setting up your CPM solution, the more they will bill you.
By our estimates, business leaders save $100,000 by choosing Solver’s one-day setup which includes free, unlimited access to the Solver Marketplace with 100+ pre-built, fully (and easily) customizable ready-to-use reports, planning forms, and Power BI dashboards.
- Insight on demand
We already established why you need accurate, forward-looking information right now, instead of months from now. Imagine if you could have that insight tomorrow.
What would you investigate first?
- Decision-making confidence
Perhaps you need to increase prices, cut staff, or drop a product line. Right now, the world is extremely upset with the high prices of inflation, constant corporate layoffs, and even the elimination of soda from McDonald’s Dollar Menu. In other words, you better have some solid reasoning behind your decisions if you choose to take any of these paths.
If you have that “crystal ball” insight now, instead of months from now, you can rest easy, knowing that the hunch you acted on was backed by objective data. Though you are still likely to experience some friction from your decisions, you will know that your reasoning is sound.
Does Your Company Require Speed?
Right now, it seems that everyone is moving slowly – especially the economists, who are continuing their leisurely back-and-forth argument about whether or not two consecutive quarters of losses signal a recession. It’s maddening.
Your business doesn’t have time to wait on them. You know that quick, confident action is THE deciding factor between success and failure – and you’re not going to let everyone else’s delays harm your business’s success.
So the real question is: how much speed do you need when it comes to your business insight? How much do you stand to lose if you wait for that “crystal ball” insight until the end of the year?
Solver gives you access to hundreds of financial planning templates and reports, plus our extensive template glossary and experienced staff who are always happy to share their expertise. Solver is committed to helping you with all your planning and reporting needs, so you can proceed confidently into your business’s financial future.