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How to Use CPM in the Budget Planning Process


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This blog post will help you navigate budgeting and planning with corporate performance management solutions.

 

The right CPM solution will save you time and money. A key benefit of a CPM software is the ability to automate your processes. The first step is to figure out how to improve your organization’s budget planning process.

Man in suit looking at analytics for his budget and planning project

Image taken from Shutterstock.

Clean Your Data

A budgeting and business planning process is extremely important. A CPM solution gives your organization the exact data to make informed decisions and the data must be clear for the decision makers.

One of our prior articles, Corporate Performance Management in the Future: How to Upgrade Reporting, Budgeting, Dashboards, and Data Warehouse Processes, discusses how executives put CPM platform projects as a high priority because they know that reports and forecasts are only as good as the data that drives them.

Companies will be leaders in their industries because they have successfully implemented a powerful CPM platform that encourages their employees to make smart decisions. These companies have already started cleaning up their data. It can take years, which defines how successful their CPM solution will be because many companies have “dirty data” everywhere.

 

Don't Judge a Book by its Cover

The nature of CPM is constant evolving. For instance, many organizations are wanting to plan at a more detailed level than just the general ledger. When planning becomes more detailed, CPM serves as an operational analytical application. Organizations utilize this as a foundation for planning at a higher and detailed level for budgeting and forecasting. Clearly, a CPM tool facilitates a smooth, more efficient budgeting process across your entire organization.

 

Do Your Research

Software review sites, like G2 Crowd, is a good way to see which product is the best corporate performance management software for you and your organization. CPM helps your business align financial and operational data to drive performance and foster the health of your company.

 

You can learn more about using a CPM tool in your budget and planning process here.

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