Business Performance Management Software

Business Performance Management (BPM) software is a category of software tools and applications designed to help organizations monitor, measure, analyze, and optimize their performance and achieve their strategic goals. These software solutions provide a comprehensive set of features and functionalities to help businesses manage various aspects of their performance effectively.

Here are some key components and features of Business Performance Management software:

Key Performance Indicators (KPIs) Tracking: BPM software allows organizations to define and track their KPIs, which are critical metrics that align with their strategic objectives. It provides real-time dashboards and reports to monitor KPI performance.
Data Integration: BPM software often integrates with various data sources, including financial systems, CRM (Customer Relationship Management) software, and ERP (Enterprise Resource Planning) systems, to gather relevant data for analysis.
Budgeting and Forecasting: Many BPM solutions offer budgeting and forecasting capabilities, helping organizations plan and allocate resources effectively to achieve their goals.
Financial Consolidation: BPM software can streamline financial consolidation processes, making it easier to compile financial data from multiple entities or subsidiaries for reporting and analysis.
Performance Analytics: These tools use advanced analytics and modeling techniques to analyze historical data, identify trends, and make data-driven decisions.
Scenario Planning: BPM software often includes scenario planning capabilities, allowing organizations to model different business scenarios to understand potential outcomes and make informed decisions.
Strategy Execution: BPM software helps companies align their operations with their strategic objectives. It enables tracking progress towards strategic goals and ensuring that day-to-day activities are aligned with the overall strategy.
Employee Performance Management: Some BPM software solutions offer features for managing and evaluating employee performance, linking individual goals to the organization's strategic objectives.
Collaboration and Workflow: BPM software often includes collaboration tools and workflow automation capabilities to streamline processes and improve communication within the organization.
Report Generation: Users can generate customized reports and presentations to communicate performance results and insights to stakeholders.
Risk Management: Some BPM software includes risk assessment and management tools to identify and mitigate potential risks that could impact business performance.
Compliance and Governance: BPM software helps organizations ensure compliance with industry regulations and internal governance standards by tracking and reporting on relevant data.
Mobile Accessibility: Many BPM solutions offer mobile apps or responsive web interfaces, allowing users to access performance data and reports on the go.
Security and Data Privacy: BPM software often includes robust security features to protect sensitive business data and ensure compliance with data privacy regulations.
Integration with Other Software: BPM tools can integrate with other software applications, such as CRM, ERP, and BI (Business Intelligence) tools, to provide a more comprehensive view of business performance.

Top 10 Business Performance Management Software:

Here are ten popular Business Performance Management (BPM) software solutions that were well-regarded in the industry till September 2021:

Oracle Hyperion: Oracle's Hyperion suite offers a range of BPM and financial planning tools designed to help organizations with budgeting, forecasting, and financial consolidation.
SAP Business Planning and Consolidation (BPC): SAP BPC is a comprehensive BPM solution that integrates with SAP's ERP systems and provides financial planning, budgeting, and consolidation capabilities.
IBM Planning Analytics: IBM Planning Analytics (formerly known as IBM Cognos TM1) offers advanced analytics, forecasting, and budgeting capabilities, enabling organizations to plan and optimize performance.
Anaplan: Anaplan is a cloud-based BPM platform that focuses on enterprise planning and performance optimization, including financial planning, sales, and supply chain planning.
Adaptive Insights by Workday: Now part of the Workday ecosystem, Adaptive Insights provides budgeting, forecasting, and planning tools to help businesses manage their performance effectively.
Host Analytics: Host Analytics offers a cloud-based BPM platform with features for financial planning, budgeting, and reporting. It is known for its ease of use and scalability.
Board: The Board is a unified platform that combines business intelligence (BI) and BPM capabilities to help organizations with planning, reporting, and analytics.
Prophix: Prophix is a BPM solution that specializes in financial planning and analysis, offering features for budgeting, forecasting, and financial consolidation.
Tagetik: CCH Tagetik, now part of the Wolters Kluwer group, provides BPM software with a focus on financial performance management, including budgeting, forecasting, and financial consolidation.
Planful (formerly Host Analytics): Planful offers cloud-based BPM software for financial planning, reporting, and analysis, with an emphasis on ease of use and collaboration.

Why Business Performance Management Software is important?

Strategic Alignment: BPM software helps organizations align their operations with their strategic objectives. It ensures that everyone in the organization is working towards common goals and objectives, thereby enhancing strategic focus.
Performance Monitoring: It provides real-time dashboards and reports that allow businesses to monitor key performance indicators (KPIs) and other critical metrics. This enables timely decision-making and corrective actions when performance deviates from the desired targets.
Data-Driven Decision Making: BPM software enables data collection, analysis, and reporting, helping organizations make informed decisions based on facts and trends rather than guesswork or intuition.
Budgeting and Forecasting: BPM tools assist in the budgeting and forecasting processes, allowing businesses to plan their finances effectively and allocate resources efficiently.
Scenario Analysis: Organizations can use BPM software to model various scenarios and assess the potential impact of different decisions or market changes, allowing for proactive planning and risk management.
Employee Performance Management: BPM software often includes features for setting and tracking individual and team goals, promoting accountability, and recognizing top performers.
Enhanced Collaboration: It fosters collaboration and communication across different departments and teams by providing a centralized platform for performance-related data and insights.
Compliance and Risk Management: BPM software can help businesses ensure compliance with industry regulations and internal governance standards. It also aids in identifying and mitigating risks that may affect performance.
Customer Satisfaction: Improved internal processes and performance often lead to better customer experiences, ultimately enhancing customer satisfaction and loyalty.

Conclusion

Effective business performance management is crucial for organizations seeking to achieve their strategic objectives and remain competitive in a dynamic business environment. BPM software is vital in helping businesses gather, analyze, and act on the data necessary for informed decision-making and continuous improvement.