Best CPM Software
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PRODUCTS
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BUYER'S GUIDE
Buyer's Guide
By Khaleel Hayes, Market Analyst at SelectHub
Think of corporate performance management (CPM) as enterprise performance management (EPM) software's cousin. They both branch off from business intelligence (BI) but have unique abilities to optimize CPM strategies and data collection to help make better business choices. CPM software focuses on building and executing CPM strategies to boost KPIs and revenue.
This buyer's guide details corporate performance management, its benefits, features, comparison strategies, top solutions and questions to ask in the initial selection process.
Executive Summary
- CPM software is a program that aids companies in building effective metrics and KPIs to supervise and record vital business operations.
- Some CPM benefits include better financial transparency, agile economic strategy support and improved budgets.
- Ideal features in this CPM application include planning, forecasting, financial consolidation and close and budgeting.
What Is CPM Software?
Corporate performance management software helps company analysts craft effective techniques to supervise and chronicle business activities with metrics and KPIs.
Difference Between CPM and EPM
Some people think CPM and EPM are identical, but they are as different as hamburgers and hot dogs.
First, EPM software supervises and enhances company sector performance. CPM helps you work out strategies to measure productivity.
Second, CPM focuses more on financial procedures with financial reporting, consolidation, closings and compliances for taxes, general ledger balancing and more. EPM just specializes in financial consolidation and closing.
Lastly, EPM can offer human capital management (HCM) reports and maintain employee data from time and attendance, recruitment, payroll and more. CPM doesn't cater to the HR world.
Primary Benefits
Improve Financial Visibility
Obtain in-depth financial information, such as costs, profits and assets, for better forecast development. You can customize these and other qualities for in-depth reporting to catch and rectify bottlenecks.
Support Agile Finance Strategies
Gauge actuals and predictions to modify and build effective financial strategies against internal and external factors (i.e., pandemics, natural disasters, economic recessions and more) for better endurance.
Obtain In-depth Analytics
There are similarities and differences between BI and CPM. One of those differences includes CPM offering goal and strategy management, financial modeling, budgeting and more. BI can identify undiscovered trends and anomalies, but CPM can help you determine if you're on the right track in completing goals with statistical studies, what-if simulations and more.
Key Features & Functionality
Planning |
Initiate plans for mergers, acquisitions, capital investments, restructuring and new market expansions. Establish company objectives and the required steps to meet those goals. |
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Forecasting/Budgeting |
Obtain real-time data from sales data, cash statements and other sources to craft adequate budgets, earned revenue and future expenses. Manage long and short-term financial planning thanks to centralized data. |
Financial Consolidation/Close |
Gather and merge several operations, departments and business protocols into financial documents, including income statements, balance sheets and more. You can also review CPM information from financial data consolidation, journal entries, multi-currency management, audit trails and more. |
Financial Reporting and Compliance |
Supervise and organize financial statements and reports such as management, automated boards, XBRL support, Excel-based reports and more. |
Metrics/KPIs |
Determine what works for your CPM strategy and eliminate obstacles with in-depth metrics and KPIs for finances, clients, compliance, strategies and more. |
Software Comparison Strategy
Finding the best corporate performance management software for your company requires thorough planning, collaboration and patience. Some selection tips range from five to 25 steps or more.
SelectHub's Lean Selection nine-step methodology helps you choose any tool for any business size and industry. Here's a quick rundown of these nine steps:
- Establish: Take an internal survey and ask why you need a new solution.
- Collaborate: Craft an intricate selection committee of internal and external stakeholders.
- Define: Compile a solid requirements list with your software selection committee.
- Distribute: Compare vendors against your requirements list.
- Justify: Determine if you need a new system or add-on modules.
- Prove: Ask potential vendors for demos, use cases or proofs-of-concept (POCs) to demonstrate their capabilities.
- Rank: Evaluate vendors according to their demo scores and TCO.
- Negotiate: Talk to an ideal vendor about contracts and agreements until you meet a compromise. Repeat this step with other vendors from the seventh step if necessary. Seek legal advice if you find the contract awry.
- Sign: Review and sign the CPM provider contract and establish an effective implementation plan.
Cost & Pricing Consideration
Several factors affect a corporate performance management software's TCO, from company size to deployment options and the number of users.
How Many Users Do You Need?
Most pricing models lean on user numbers that utilize the system. Typically, the range can include five to 10,000 or more. The more users you have, the higher the price tag.
How Big Is Your Business?
Currently, most CPM vendors cater to all businesses, including small, medium and large. Most CPM programs scale with your organization as you add employees, machinery and other assets.
Which Deployment Do You Prefer?
Do you prefer on-premise, the cloud or a hybrid of both? Each option has its pros and cons.
On-premise CPM tools typically run on corporate computers and hardware. You're in charge of keeping the CPM tool updated. This method has tiered team support packages with different services and resources.
The cloud allows you to access the CPM tool on any internet-connected device from virtually anywhere. The CPM vendor hosts the tools on their server or independent, third-party servers. CPM vendors also offer various security measures to protect vital information, such as multi-factor authentication, data encryption and user access permissions.
The hybrid option centralizes on-premise and cloud CPM options for a best-of-both-worlds experience. It's best to talk with your CPM vendor about this option in more detail.
Do You Need New Tools or Add-on Modules?
If your video game controller stops working, do you buy a new controller or a new video game console? When looking for a tool, do you need a new system or add-ons? For example, your tool may possess the right accounting, manufacturing, CRM and BI tools but lacks business analytics (BA) and marketing automation (MA) functionality.
The Most Popular CPM Software
We compiled a leaderboard of the best corporate performance management software in the market. These tools demonstrate what CPM tools do to a tee.
Oracle EPM
Oracle EPM is cloud corporate performance management software that offers detailed business operation visibility. Provide accurate CPM insights and narratives for stakeholders and create a collaborative environment. Its top CPM features include planning, profitability and cost management, financial consolidation and close and account reconciliation.
An example of Oracle EPM's main UI.
Anaplan
Leverage this CPM tool to access all-market scenario flexibility with realistic plans and budgets. Assess real-time decisions and trade-offs for in-depth investigations. Utilize internal and external information for better production evaluations and enhanced condition estimates.
A preview of Analplan's metrics.
Adaptive Insights
This CPM tool accelerates and centralizes planning, budgeting, modeling and more to streamline in-depth decision-making. It's a cloud-based corporate performance management tool that caters to all industries. Capabilities include balance sheet cash flow, expense, revenue and capital management.
An example of Adaptive Insights' dashboard.
Questions To Ask
Take time to evaluate and make internal queries about why you need a new corporate performance management tool. Find the root of your problems and how you want your CPM system to solve them.
- What's wrong with your current CPM processes? Is it a lack of real-time analytics, inaccurate data or low productivity numbers?
- Do you need a new CPM tool or add-on modules?
- Do you prefer on-premise, cloud or hybrid deployment?
- How big is your company? Are you expanding or downsizing?
- What's the primary industry that your company serves?
Developing software and vendor questions helps weed out the right CPM providers and puts you one step closer to the right program. Here are a few questions to help you get started.
- Are you familiar with my company's size and industry?
- How many successful CPM implementations have you had in the past year?
- How effective is your support team?
- Does your CPM tool offer thorough planning, forecasting, budgeting and financial consolidation and close?
- What metrics does this corporate performance management tool measure?
In Conclusion
Finding the right CPM software is like finding a needle in a haystack if you don't have the right tools. We hope this corporate performance management software buyer's guide helped you better understand CPM features, benefits solutions, how it differs from EPM software and how to find the right vendors.
Product Comparisons
- Oracle EPM vs Adaptive Planning
- Board vs. Anaplan
- Anaplan vs. SAP Analytics Cloud
- SAP Analytics Cloud vs. Adaptive Planning
- Anaplan vs. SAP Analytics Cloud
Additional Resources
Top 10 CPM Software Leaders by Analyst Rating (of 36 products)
(of 36 products) GET THE IN-DEPTH REPORTProducts found for CPM Software
Board
Board is a robust solution that offers analytical insights, business analytics and enterprise performance management all under the same hood. It helps key players of a company improve the effectiveness of their decision making. Its customizable and interactive dashboards give enterprises the ability to see a high-level overview of their business, as well as drill down into their KPIs to assess business performance goals. It serves mid- to large-sized companies across various industries, and its programming-free toolkit helps businesses analyze and plan with a tailored, efficient approach, irrespective of technical skill levels.
Domo
Domo is a cloud-based business management suite that accelerates digital transformation for businesses of all sizes. It performs both micro and macro-level analysis to provide teams with in-depth insight into their business metrics as well as solve problems smarter and faster. It presents these analyses in interactive visualizations to make patterns obvious to users, facilitating the discovery of actionable insights. Through shared key performance indicators, users can overcome team silos and work together across departments.
Appian
Appian is a low-code automation platform combined with full-stack automation capabilities to build apps and speed up the workflow. It maximizes resources by bringing together people, technology and data in one workflow. Designed for businesses of all sizes, it automates complicated procedures and creates custom programs on any device. Along with low code development, it offers digital process automation, intelligent business process management, and dynamic case management.
Anaplan
Anaplan offers flexibility against all market circumstances with practical plans and budgets. It assesses real-time choices and trade-offs for thorough analyses. Leverage up-to-date internal and external information to better review production and predict numerous situations.Its top modules include finance, marketing, supply chain and sales. Build, model and maximize compensation strategies to meet or exceed client desires. It also manages supply chain trends in one centralized hub.
AMS360
AMS360 provides organizations with a single solution to manage customers, finances and complex commercial lines from submission to certification. Its reporting and analytics modules automate daily processes like data entry, documentation and incident notification. It streamlines workflow management, drives operational efficiency and improves customer experience, renewals and retentions. Integrated accounting modules monitor financial data in real-time for anomalies. Users can incorporate agency and carrier workflows to increase data accuracy and reduce time spent on finances. Its extensive library of APIs allows users to integrate third-party applications or create new ones easily. It increases consumer engagement with active and meaningful communication, managing emails, campaigns and agency reputation. Artificial intelligence generates predictive models to convey the correct information at the right time.
Pega
Pega is a cloud-based platform that helps organizations manage the customer lifecycle and improve their operational efficiency. Its centralization of stored data improves security. Its artificial intelligence studies billions of customer inputs in real time to generate intelligent chatbots, agile decisions, contextual self-service and unified messaging. It can observe industry trends to generate service rates for agencies. Users can automate daily processes and data documentation with actionable insights.Its low-code approach and integrated APIs ensure easy development and scalability in the face of future changes. Secure data sharing between carriers, agencies and customers eliminates information silos and reduces accounting errors. Predictive models automate customer outreach to increase customer satisfaction and improve retention rates.
Kissflow
Kissflow is a BPM software that supports structured and unstructured workflows. It’s the first-ever Unified Digital Workplace offering that allows businesses to oversee operations from one place. With no coding necessary, users create and enforce business rules, automate tasks and make ad hoc changes in the process without any coding or complex mapping. Collaboration is easy, efficient and secure with the intuitive process. It integrates with other programs and many standard applications.
OneStream
OneStream makes use of single, extensible software to unify corporate performance management processes such as planning, reporting, consolidation and analytics in the cloud or on-premise. It reduces the learning curve and makes data integration simpler by providing one location for all financial needs. A market-leading CPM 2.0 solution, it simplifies and unifies financial consolidation and data quality. Businesses can reduce the total cost of ownership and replace multiple legacy systems by modernizing financial processes. It gives teams the freedom to spend less time on system maintenance and data integration and more time on value-added tasks that drive business performance.
Vena
Vena Solutions offers financial planning and analysis that stores orthodox spreadsheets, templates and models in one database operated by a workflow engine. It leverages accurate calculations, robust data modeling and a controlled environment. Traditional spreadsheet abilities have intense IT consulting, high cost of ownership and flawed audit trailing.It provides spreadsheets with real-time updates and the capability to roll back to previous versions to view and analyze changes over time. Its insightful analysis ensures smarter and faster decision making.
WebSphere
WebSphere is a Java-based tool from IBM that consumers use to create and manage business websites. It allows the website and Java to communicate through its WebSphere Application Server (WAS). It’s useful for high-volume eCommerce transactions. There are four different versions — Application Server, Liberty Core, Application Server ND and the Family Edition.
Planful
Formerly Host Analytics, Planful is a financial planning and analysis cloud platform. It accelerates end-to-end FP A. Suitable for midsize to large-scale businesses, it helps by centralizing data and managing financial and operational processes. It helps users plan and manage reviews, approvals and submissions and generates workflow status reports to check the performance of every department. It helps analyze asset performance by using financial budgeting and forecasting techniques with its capital planning feature. It is a scalable solution that allows companies to check the effect of projects on the overall bottom line.
Bizagi
Bizagi is a low code automation platform that empowers collaboration between people, programs, robots and information with its intelligent process automation. It comes with a pre-built automation tool that manages processes like onboarding, leave requests, accounts payable and recruitment. It’s formed of three complementary products — Modeler, Studio and Engine. Modelere creates, documents and stimulates processes using notation standards. Studio enables organizations to build and automate processes and workflow. Engine executes processes. Asa cloud-based system, models are accessible from anywhere, anytime.
Creatio
Creatio is a low-code suite that simplifies marketing, sales and services efforts for seamless business functionality. Users can utilize customer service management and take consultation from leading experts in the industry. It unifies a BPM engine and CRM functionalities to power operational tasks. Key features include contact and lead management, email marketing, pipelines, dashboards, project management, SLAs and a contact center.It offers mobile access for Android and iOS devices that can be used for updating and adding contact, account and opportunity information, making calls, and sending SMS messages. An API supports customization, and users can build complex integrations and custom modules and apps. SaaS and self-hosting are available.
Jirav
Jirav streamlines financial and analytical procedures with in-depth financial modeling. Efficient bookkeeping modules boost profitability. Construct growth predictions and gauge actuals against projections with more precision.Centralize numerous KPIs to effectively craft budgets and predictions. It allocates plans, files and dashboards to specific editors and other users for simplified feedback. Budget, report, and dashboard and plan are top features.
SAP NetWeaver
SAP NetWeaver is a software stack that provides runtime environments for different SAP products and mySAP business suite. Also referred to as WebAS, it’s built using ABAP programming language and is useful for custom development and integration. It ensures efficiency with the help of portal technology, collaboration room and multi-channel access. It also allows for process and information integration to run cross-functional departments. Developers use the infrastructure to create and distribute various services.
Prophix
Prophix is a cloud-based corporate performance management software that helps with budgeting, forecasting, planning and reporting. A spreadsheet-style interface organizes information and allows users to evaluate financial data. Clients can manage cash flow statements, budgeting and balance sheets. A data analytics tool can be deployed both through the cloud or on-premise. Its modules support financial and non-financial operations, including saving data and activity-based methodologies. Automate the budget submission and review process by capturing data from the general ledger and running data analytics via the cloud.
Oracle EPM
Oracle EPM is a cloud-based platform that provides end-to-end connections across different business processes. It manages enterprise data and maintains integrity. Stakeholders can gain accurate insights and narratives to empower a collaborative environment. Designed for Windows, it offers budgeting, forecasting, qualitative analysis and ad-hoc analysis in a single place.
SAP Analytics Cloud
SAP Analytics Cloud is an augmented analytics solution that uses machine learning technology to generate data visualizations and simulate predictive scenarios. It provides every member of an organization with access to automatic, interactive insights via natural language processing. Powered by artificial intelligence, it helps businesses make decisions with confidence by exploring what-if possibilities based on historical data. There are multiple plans available with different functionality levels, so businesses can choose the subscription that provides the best fit for their needs.
Adaptive Planning
Adaptive Planning expedites planning, modeling, budgeting and prediction for enhanced decision making. It's suitable for all industries and available on the cloud. Establish benchmarks and initiate balanced boundaries.Top modules include balance sheet cash flow, revenue, expense management, workforce modeling and capital management. It can improve precise budgeting and planning operations and assess numerous data set situations. It also facilitates company housekeeping and leaders to maximize a healthy working atmosphere.
Solver
Solver BI360 is a corporate performance management suite that assists organizations in reporting, data warehousing, dashboarding and analysis, and budgeting and forecasting. Deployable either on-premise or in the cloud, it integrates with many data sources, including accounting, ERP and CRM. It pulls data from a multitude of data sources and enables report designing from within Excel itself, boosting productivity and accelerating decision-making processes. It caters to growth-focused organizations, from small businesses to large enterprises, and serves customers across the globe with its teams located in North America, Latin America, Africa, the Asia Pacific and Europe.
Jedox
Jedox is a solution that helps organizations optimize business processes such as budgeting and forecasting through efficient planning, analysis and reporting. Easy to set up and maintain, it has the flexibility to seamlessly integrate with other sources and be tailored to specific needs and industry requirements. Through intuitive user interfaces as well as mobile accessibility, employees of all technical skill levels can work with data on a self-service basis. It provides flexible deployment options, including SaaS, public or private cloud, on-premises and hybrid.There are four pricing plans which fulfill the varying requirements of different organizations: Essential, Business, Professional and Performance. Suitable for companies of any size, it can help small and midsize businesses make the jump from spreadsheets to a method of more accurately and transparently planning for the future. It also assists global enterprises in centralizing and streamlining their operations for greater efficiency.
Tallyfy
Tallyfy offers comprehensive risk identification, assessment, response planning and monitoring. Customize workflows for incident reporting, root cause analysis and corrective action planning. It provides real-time visibility and reporting on daily activities to reduce risk exposure and minimize the impact of potential risks. Integration with other business apps like CRM and ERP systems provides a complete view of risks across the organization.
Business Automation Workflow
Business Automation Workflow is an IBM-led, ready-to-use tool of Cloud Pak for Business Automation, which works on-premise or cloud. As a combination of a case and process manager, it provides a modern workflow-building interface, allowing users to create tasks in different tools. It creates unified data records linked by case or customers. Businesses get a 360 degree view of the work and transform workflow using advanced analytics, business rules and collaboration tools.
InPhase
InPhase is an end-to-end scalable platform that enables organizations to make the most out of business data, improve decision-making and troubleshoot issues. It generates and delivers easy-to-interpret data insights to relevant stakeholders faster through dashboards and automated routing. Organizations can avert crises, anticipate outcomes and prevent wasted efforts using robust KPI monitoring and predictive analytics. Easy to customize, use and scale, it offers optional ready-to-use packages to facilitate various business processes. It also provides data consistency, mobility, communication and team planning modules to enable remote collaboration across devices. The vendor provides onboarding in days and offers extensibility through development to tech-savvy users.
ProcessMaker
Processmaker is a low-code BPM software and an open-source workflow management that boosts the flow of information. Users can build, automate and deploy business processes of different scales. It doesn’t require the designer to have extensive programming experience to generate language forms and subforms. Users from businesses across the industry, be it IT or HR, can design and run workflow without any coding knowledge. An automated drag-and-drop interface creates the workflow. With offline accessibility, users fill out forms and synchronize the program when they are back online. Use a REST API to extend integrations and interactions with third-party apps. It’s available for both iOS and Android users.
Brightidea
Brightidea is a cloud-based idea management software solution by Ideawake that helps organizations collect and effectively manage various innovative ideas, crowdsourcing them and enabling collaboration. It also keeps track of the performance through every stage. Depending upon the feasibility and cost-effectiveness, user initiatives are rated and evaluated. The portal gives everyone the freedom to check on the current and future financial standing of the organization. From news feed, collaborative work, ideation, mind mapping, status tracking, idea management, everything is included.
Tagetik
Tagetik is a broad all-in-one financial ERP with various modules such as budgeting, planning and forecasting, financial reporting, disclosure management, compliance regulatory reporting and more.It runs on a unified apparatus that fuses finances and operations while facilitating consolidations and closes, scheduling, analytics and documentation, disclosures and compliance. Its deployments include cloud and on-premise.
IBM Planning Analytics
IBM Planning Analytics is a multidimensional in-memory database for analytics and planning. Part of the IBM Analytics Suite and powered by TM1, it provides forecasting, budgeting and reporting at an enterprise scale through data compression. With all data connected to a central hub, it enables collaborative planning with workflow approvals and review protocols in place. Enterprises perform OLAP analysis faster through in-memory technology.Integrating with Microsoft Excel, it gives businesses the ease and familiarity of working with spreadsheets with the power of an enterprise database. With automated time-series modeling, it enables self-service predictive analysis. The vendor offers a 30-day free trial.
LucaNet
LucaNet is a promising software platform that ranks 29 among all CPM Software according to our research analysts and 24 crowd-sourced reviews from 1 source. Starting from $0, LucaNet is priced free of charge to start, has offered a free trial in the past and is most fitting for medium sized companies. LucaNet can be deployed in the cloud and on-premise and is accessible from a few platforms including Windows and Linux devices.
Adeptia
Adeptia is a self-service integration solution that helps B2B data onboarding companies upload customer information faster into multi-enterprise business ecosystems. It combines the complete functionality of B2B connectivity and ETL data integration on one interface. It brings together the various parts of the data pipeline by connecting internal modules with external business partners through automated data flows.Data in virtually any format can be converted to any other data type through transformation workflows. With full visibility regarding security and governance, the data integrator’s IT team sets up and enables everything for business customers to leverage it on an ongoing basis.
Planning Maestro
Implement Planning Maestro by Centage to simplify planning protocols and make swifter business choices during market shifts. Planning, budgeting, forecasting, reporting and analytics are its top modules. Assess numerous what-if situations and make more precise predictions.It pinpoints where, when and why actuals deviate from projections. Obtain in-depth reports and dashboards for more transparent results. It also allows numerous data source integrations for centralization.
Kepion
Kepion streamlines company-wide planning and analysis to improve decision-making. Its primary modules include finance, sales, IT and workforce. It aligns plans with business objectives to simplify workflows.It enables operation and data modeling for what-if situations. Dig deep into reports for supply chain and KPI evaluations. It also tracks information revisions in real time.
CorVu
Rocket CorVu is an analytics solution that transforms raw data into meaningful intelligence and data visualizations that inform better decision-making. Users can establish and maintain up-to-date visibility of enterprise data through dashboards and reports. The main offering is CorVu NG, while the company also offers five additional components: CorBusiness, CorStrategy, CorRisk, Rocket HyperVu and Rocket CorPortfolio. Working together, they simplify and speed up performance management and centralized reporting for organizations of all sizes. Originally founded in 1990 in Sydney, Australia, Rocket acquired it in 2007.
Unit4 ERP
Unit4 ERP leverages a natural language digital assistant to expedite day-to-day business activities and provides a seamless user experience. Its financial management module offers real-time visibility and control over each stage of the record-to-report cycle. It consolidates enterprise-wide data within a unified system to streamline budget planning and analysis. Automate and streamline project life cycles, optimize resource utilization and execute projects with precision with the project management inclusion.
eloomi
Eloomi is a cloud-based performance management and LMS suite that offers skill development, succession planning and employee coaching solutions. Managers can use special tools to measure, evaluate and track performances. It engages employees with all-around feedback, surveys, two-way guided evaluations and training modules to set and achieve benchmarks.
idu-Concept
IDU Concept offers real-time company-wide financial data via the internet. It streamlines the budgeting process and simplifies mundane processes. It's also available for the cloud or on-premise deployments.Financial budgeting, forecasting, reporting, sales planning, fixed asset management and financial management are its top features. It automates processes to reduce budget cycles from months to weeks. It also effortlessly supervises machinery and other assets.
Call SelectHub for a free 15-minute selection analysis: 1-855-850-3850
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