Skip to content

Best Corporate Performance Management Software: top picks for 2024

  • by

Introduction

Gartner conducted a poll of 157 chief financial officers (CFOs) across a wide variety of companies and industries at the end of 2022 to identify the top 10 CFO priorities for 2023. According to the data, CFOs place a premium on financial strategy, digital transformation, and the long-term plan for their department.

With the advent of “the future of finance” and “finance 3.0,” CFOs and other finance executives have reassessed their priorities in light of the current business climate. Given these top concerns, it’s easy to see why corporate performance management (CPM) software has become so crucial to the finance department.

The concept that the purpose of FP&A is the same as what it was a decade ago is antiquated and simply wrong; as the function assumes more of a strategic leadership role inside any organization, it needs to be equipped with the necessary tools to have an impact. There are a lot of options out there for corporate performance management software, and many of them behave similarly. In order to save time and effort for C-suite finance executives, we have compiled a list of the best corporate performance management systems currently on the market.

Price points, unique selling points, and our professional assessment are all included to help finance departments concentrate on their evolution into the finance departments of the future. Our analysis of CPM tools will focus on companies with 100–500 workers. However, many of the tools described here can be easily adapted for firms of any size.

What is CPM Software?‍ Here are The Details

The financial department typically uses CPM software to monitor corporate performance, guide strategic decisions, and reduce risk. It is often mistaken for Enterprise Performance Management Software, which has a broader, enterprise-level application for tracking performance.

Financial reporting and keeping tabs on vital performance metrics for the department. Forecasting features, budget monitoring tools, automation features, and more are standard in SaaS applications of this type. The trend toward real-time visualization necessitates that CPM software support high-level data visualization as well.

Here are The Benefits of Corporate Performance Management Software

Finance professionals may spend less time budgeting and more time establishing strategic plans when the correct corporate performance management software is in place, making it easier for them to access data and make crucial business choices in less time. Among the many advantages of CPM software are:

  • Acceleration of month-end closing procedures
  • Insights and analytics at the cutting edge
  • Motivators for Leadership and FP&A Team Discussions
  • Better business decisions can be reached through the use of scenario testing.
  • The mechanization of tedious, repetitive work

Acceleration of month-end closing procedures To select the finest corporate performance management software for your firm, examine the information below, explore a few to discover the most excellent fit, and select two or three to test out. Each part includes a “our rating” column that takes into account the platform’s accessibility, its adaptability, and the evaluations it has received from actual customers.

Here are the top CPM programs of the year, broken out in detail.

RELATED:

Best CPM Software choices For You this year

In order to be deemed a “best-in-class” CPM tool, software must handle not just the standard CPM functions but also forecasting, budgeting, and ad hoc analysis. Even further, the platform should be able to support visualization thanks to these features.

To learn more about the quality of customer service provided by each vendor, we also looked at testimonials. It is general knowledge among financial experts that specialized functionality is needed from CPM systems to accommodate specific procedures and insights. Here are this year’s top picks for valuable software for businesses of all sizes.

Abacum

Abacum is the FP&A automation tool that accelerates growth with pre-built CPM templates, more accurate revenue projections, what-if analysis, and workflows for creating budgets.

To automatically monitor and forecast financial, operational, and workforce indicators in a unified corporate performance management platform, FP&A teams may connect all their business systems with Abacum’s best-in-class connectors.

Abacum allows businesses to quickly deliver real-time ad hoc insights, automate budgeting operations with granular permissions, and mix bottom-up and top-down projections in a dynamic multi-dimensional modeling environment. Every day, Abacum helps businesses save time and money by providing faster insights, more precise forecasts, and increased accountability for budget owners.

Price: Costs for businesses are calculated individually to meet their specific needs. 

Great for: Streamlining business value analysis (BvA) reporting, ad hoc studies, off-the-shelf template forecasting, stakeholder accountability through custom workflows, and vendor-level budgeting

Advantages: Abacum has more integration partners than others, and the company’s support staff is dedicated to making its customers’ transition to the platform as easy as possible. Stakeholder accountability and performance management in the financial industry can be ensured with a focus on user-friendliness.

Feature Highlight:Abacum has an immediate impact because of its rich collection of visualization tools and pre-built automation features. Abacum makes budgeting and forecasting painless.‍

Rating: 5/5 stars

Oracle

Oracle is one of the most established providers of corporate performance management tools, and its suite of solutions is designed to work together with other enterprise software.

Oracle’s CPM software is widely recognized as a product for large, enterprise-level firms and may need to be a better fit for SMBs.

Price: You’ll need to get a quote to find out the price.

Great for:  EnterpOracle is reliable, so businesses of any size can use it without worry.

Advantages: Many companies employ Oracle products in some configuration, reaping the benefits of partnering with a single supplier.

Feature Highlight: With the multi-module system, businesses with various locations, subsidiaries, and complicated business lines may integrate their disparate systems and data sources into a unified whole.

Customer Complaints:  There is a significant learning curve involved in making efficient use of these corporate performance management tools for people who need to become more familiar with Oracle. Time-to-value for FP&A teams can also be slowed by the implementation period, which can run anywhere from eight to twelve months.

Rating: 3.8/5 stars

SAP

SAP’s enterprise resource planning applications are well-integrated and backed by a reputable company name. Using the SAP Analytics Cloud and associated CPM technologies, you may collaborate with other departments, simulate different outcomes, and execute financial plans. SAP forums, thanks to their large user base, are a great place to get answers to your questions and find solutions to your problems.

Price: Business plan starts at $21 per user/month You can check manually

Great for: Companies that have already standardized their data to SAP’s product suite and employ one or more of SAP’s legacy products.

Advantages: Because SAP assists and works with large firms, its products are ideal for conglomerates.

Feature Highlight: The reports compile common KPIs for businesses into a convenient dashboard.

Customer Complaints: Customers often voice frustration that it can be challenging to meet complicated data drill-down requirements using SAP Analytics Cloud. It is also challenging to link the software with other business systems due to the product’s restricted data preparation features.

Rating: 4/5 Stars

Anaplan

Anaplan’s user base praises the software for its analytical prowess and user-friendly interface. In terms of customer size, the vast majority of Anaplan’s clientele are large businesses (90%) rather than sole proprietors.

Essential financial procedures such as the close, financial consolidation, compliance audits, and analytics may all be handled with ease by using this CPM application. For managers who aren’t comfortable with cutting-edge technology, it provides both a dashboard and PDF reports.

Price: Prices are unavailable without a specific request. 

Great for: Finance experts who work for large or publicly traded companies and who are rarely called upon to produce ad hoc assessments.

Advantages: With its ability to service a wide variety of corporate business needs, Anaplan is a valuable tool for companies of all sizes.

Feature Highlight: Users of Anaplan have the option of conducting scenario testing across multiple dimensions, allowing for comprehensive business activity planning and forecasting. It is possible to build and store financial spreadsheets on a regular basis.

Customer Complaints: Customers have complained that they can’t fully utilize Anaplan without a specialized in-house team. Customizing Anaplan involves technical coding abilities, which might impede time-sensitive planning phases.

Rating: 4.5/5 Stars

Workday Adaptive Planning

Workday Adaptive Planning improves data analysis and decision-making across finance, sales, human resources, and other functions. It is thus more accurately described as enterprise planning management software than as a corporate performance management tool.

The software integrates with your existing ERP, GL, or spreadsheets to help you generate insights, automate projections, and generate management reports. Because of its versatility, it is mighty and up to any task.

Price: Prices are unavailable.

Great for: Businesses of all sizes are interested in finding a single, versatile solution. There are only so many programs that can take in as much data as Workday Adaptive Planning does.

Advantages: With the help of this CPM software, finance departments may easily assume a more strategic role in the company thanks to its extensive set of cross-functional features. Workday facilitates the art of sustainable scaling.

Feature Highlight: Workday is one of the first technologies to realize the need to integrate personnel information with financial data, thereby generating helpful HR and finance insights concurrently.

Customer Complaints: Despite the app’s versatility, users have complained about its poor calculation speed and lack of customizable features. Workday needs to be more flexible to accommodate the needs of businesses with frequent yet one-off data inputs or those that require manual entry.

Rating: 4.2/5 Stars

IBM Planning Analytics

CPM software IBM Planning Analytics is particularly user-friendly since it combines the functionality of a financial database with the familiarity of Excel.

IBM’s corporate performance management solution is popular among businesses since it helps make information more accessible to more people.

Price: Cost only available via custom quote. 

Great for: To improve their analytical capabilities, finance departments that want to avoid dealing with the hassle of implementing change management policies and procedures. IBM Planning Analytics’ familiar Microsoft Excel user interface makes it accessible to accountants and financial analysts of all experience levels. IBM can handle anything, from the most straightforward spreadsheets to the most complicated operations.

Advantages: IBM PA can find inconsistencies in data from multiple sources, flag them for attention, and explain how and why they arose. Data inconsistencies are a common source of stress for businesses that rely on different data feeds, but IBM PA streamlines the resolution process.

Feature Highlight: With drag-and-drop analysis, finance teams may easily undertake analytical inquiries without resorting to sophisticated models.

Customer Complaints: Customers say IBM’s lack of customer care has hindered their ability to learn and implement the technology.

Rating: 3.8/5 Stars

BI360 Suite

Solver’s BI360 is a business intelligence (BI) software package that combines the advantages of Microsoft Excel with a data warehouse and a modern online portal. This user-friendly program facilitates both basic and advanced financial performance reporting without complicating the interface. It can easily connect to other enterprise resource planning (ERP) systems as well as its data warehouse, giving users a wide range of options.

Price: Pricing for standard licenses begins at $312 monthly per user.

Great for: Users without technical expertise who want to have access to robust reports and insights with a few mouse clicks.

Advantages: Solver’s most valuable characteristics include its accessibility to users with varying degrees of technical expertise, its ability to integrate with existing systems, and the full suite of reporting tools available in Power BI.

Feature Highlight: This product’s integration with Power BI makes it possible to conduct interactive cash flow simulations by adjusting a number of critical variables.

Customer Complaints: Clients have complained that Solver’s help desk could be more helpful and able to fix their problems. The team may only sometimes be able to reproduce the problem, and sometimes, there is no workable remedy.

Rating: 3.5/5 Stars

OneStream Software

OneStream is unique among CPM tools in that it allows customers to create new solutions without leaving the platform. It keeps to a single source of truth while allowing for maximum adaptability, a difficult balance to strike in the modern digital world. OneStream provides artificial intelligence (AI) and machine learning (ML) technologies to process data to the next level once it is ready to be processed.

Price: Not Available

Great for: Companies in growth mode that have some familiarity with Visual Basic (VB) and other programming languages.

Advantages: OneStream can significantly shorten the time it takes for a financial closing to occur while still maintaining the highest levels of data protection. This accounting software is mainly used for budgeting, annual planning, and the visual representation of financial data.

Feature Highlight: OneStream makes it easy to manage several currencies, account owners, and cross-company transactions with its built-in financial information library. The most advanced financial institutions can benefit significantly from OneStream’s ability to optimize these issues without further staff involvement.

Customer Complaints: The lack of a robust support infrastructure and the solution’s relative novelty make it unsuitable for use by no-code finance experts and more prominent, more established corporate planning management solutions.

Rating: 3.6/5 Stars

Vena

Vena is a corporate performance management program that helps its users reach their maximum potential by employing an Excel interface and a proprietary growth engine. This cloud-based CMP application consolidates data from a variety of sources and connects seamlessly with your current infrastructure to increase your business’ efficiency with minimal effort. You won’t need to conduct complex training programs or hold the hands of your staff while they embrace Vena; it’s built to be utilized with existing finance skill sets.

Price: Cost only available via custom quote. 

Great for: This planning tool is suitable for businesses that still need to be ready to phase out Excel or their existing finance teams entirely. Vena makes improving the financial department as easy as updating your monthly projections.

Advantages: Vena makes it simple for groups to work together. The financial statements can be worked on simultaneously by multiple people without the risk of a mistake being made, thanks to document locking and cell freezing.

Feature Highlight: Vena’s extensive list of data connections makes it simple for your company to benefit from a unified data set without undergoing a data landscape redesign.

Customer Complaints: A higher level of technical proficiency is required to use some of Vena’s more complex features. On the other hand, clients rave about how responsive and helpful Vena’s support crew is.

Rating: 4/5 Stars

Picking Up The Best Corporate Performance Management Software for your business needs

You’ve done the research, and now you know what corporate performance management software will work best for your company. If your finance team has access to more sophisticated technological resources, you will want to use a different tool than a more traditionally oriented finance team.

Many of the above resources provide free trials that you should take advantage of before making a final decision.

Best Corporate Performance Management Software: Abacum!

Abacum has superior software because it was made for mid-sized businesses.

When in doubt as to which CPM tool to use, Abacum is the best option. Its award-winning in-house FP&A staff provides the industry’s quickest onboarding, making it the go-to CPM platform for mid-market businesses.

We’re confident you’ll enjoy it for the five reasons listed below:

  • When you have an in-house implementation team, you never have to worry about being alone in the dark.
  • Unlike other programs, which necessitate coding skills and a technical background to operate efficiently, Abacum was designed to be used by both non-technical and technical staff.
  • Because of its superior user interface and user experience, it has a far higher rate of adoption and a much shorter return on investment period.
  • You can rest assured that your teams won’t squander time chasing statistics or ironing out systems if you take advantage of data wrangling automation, integration of data sources, and in-built data reconciliation. Abacum eliminates the need for #REF references, Vlookups, and SumIf calculations.
  • Our product is the best advertisement we need. We are a partner who is ready to help you take your business to the next level whenever you are, in contrast to our competitors, who may make the sales cycle feel like just another chore.

It’s guaranteed to be a hit. Please contact or email us immediately for a free consultation.

FAQs

What is the difference between EPM and CPM?

Enterprise performance management (EPM) software, as outlined above, is utilized at the enterprise level, whereas finance functions generally use corporate performance management (CPM) software to streamline financial procedures and expectations.

What are the advantages of EPM tools?

EPM technologies enable enterprise-wide planning, making cross-functional collaboration easier and informing organizational metric tracking.

How do you manage business performance?

Every company needs to develop its strategy for managing business performance, but there are several universally essential considerations. The proper people are hired, the right technology is implemented (such as CPM tools), and time is spent learning about and satisfying client needs.

RELATED:

Leave a Reply

Your email address will not be published. Required fields are marked *

Amazons GPT44X: Everything Explained in details