Many Singaporean businesses face challenges such as inefficient financial processes, lack of real-time data for decision-making, and difficulties in adapting to rapid market changes. Additionally, they often struggle with choosing the right software to meet their specific needs.
According to McKinsey, streamlining processes and tasks can boost operational efficiency by 5 to 15 percent. By, implementing Corporate Performance Management software, businesses can facilitate this improvement by automating repetitive tasks and more.
From financial forecasting and budget management to strategic planning and performance reporting, having the right CPM software can transform the landscape of business management in Singapore.
Key Takeaways
|
Table of Content:
Table of Content
How Can CPM Software Help Singaporean Businesses?
Corporate Management Software encompasses a range of tools designed to facilitate the comprehensive management of a company’s operations and strategies.
Typically, CPM software is incorporated into ERP systems to enhance overall functionality and provide a cohesive platform for managing operational and financial performance.
Effective use of CPM tools can lead to enhanced decision-making, improved financial health, and better alignment of business strategies with performance goals.
Best CPM Software Providers
Selecting the right Corporate Performance Management (CPM) software is critical for enhancing the efficiency and effectiveness of business operations in Singapore.
This section evaluates the best CPM software providers by considering their unique features, adaptability to local market requirements, and more. By comparing these providers, companies can better understand which software aligns best with their strategic goals and operational needs.
HashMicro CPM Solutions
HashMicro’s suite of CPM tools as the best ERP software is incorporated into its ERP software and designed with the intricacies of the Singaporean market in mind, offering features that cater to local business practices and compliance regulations.
Our software provides comprehensive solutions for budgeting, forecasting, and performance reporting, all integrated within a user-friendly interface. Following this, by automating complex processes, HashMicro helps Singaporean businesses reduce errors, save time, and improve their overall strategic planning and execution.
What makes HashMicro’s CPM solutions different:
- WhatsApp Integration: Ensures efficient communication through seamless integration with WhatsApp.
- Efficient Data Management: Facilitates easy management and organization of data through advanced sheet management capabilities.
- Mobile Accessibility: Offers mobile applications for easy access and management via mobile devices.
- Flexible Deployment Options: Provides the choice between cloud-based or on-premise deployment for web ERP, catering to different business needs.
- Advanced Reporting and Analytics: Includes tools such as Pivot, KPI Scorecard, Custom BI, and Dashboard Ninja for comprehensive business intelligence.
| Pros | Cons |
| ✓ Streamlined performance management operations ✓ Unlimited user ✓ Integrated into an ERP software with more features ✓ Highly customizable ✓ Supported by the Singapore government grants (EDG up to 50% and NTUC CTC Grant up to 70%) |
× Long waiting list for the free demo registration × The implementation time might be longer due to the extensive range of features included. |
Having helped hundreds of both local and international businesses in Singapore, HashMicro offers a wide variety of solutions for Corporate Performance Management with the integrated CPM software inside our ERP system package. Find out how much would it cost to boost your business operation below!
Vena CPM Software
Vena is a corporate performance management (CPM) software provider designed to streamline and enhance financial planning, budgeting, and forecasting processes. Its platform empowers businesses to make informed decisions with real-time insights, thereby ensuring agility and accuracy in financial operations.
| Pros | Cons |
| ✓ User-friendly interface ✓ Collaborative tools ✓ Excel integration |
× Doesn’t support Google Sheets × No free trial × Might lack certain advanced CPM features |
Anaplan Business Software
Anaplan is a cloud-based business planning and performance management platform that revolutionizes the way organizations approach complex planning and forecasting. Furthermore, its versatile and user-friendly interface supports a wide range of applications, from financial and sales planning to supply chain and workforce management.
| Pros | Cons |
| ✓ Flexibility and scalability ✓ Real-time data processing ✓ Efficient calculation engine |
× Steep learning curve × Time-consuming adjustment × Complex for users without experience |
Cube Performance Management
Cube is a dynamic financial planning and analysis (FP&A) platform designed to enhance the accuracy and efficiency of budgeting, forecasting, and reporting processes. By integrating seamlessly with existing spreadsheets and various business systems, Cube offers a user-friendly interface that leverages familiar tools while providing advanced functionalities.
| Pros | Cons |
| ✓ Excel integration ✓ Scalable management software ✓ Real-time data integration |
× Limited functionality × No FX normalization × Performance impact on learning curves |
Prophix Business Management
Prophix is a comprehensive corporate performance management (CPM) software that transforms financial planning, budgeting, and forecasting for businesses of all sizes. Besides utilizing advanced automation and integrated data management, Prophix streamlines complex financial processes, reduces manual workload, and enhances accuracy.
| Pros | Cons |
| ✓ Automation capabilities ✓ Comprehensive reporting tools ✓ Excellent customer support |
× May not integrate seamlessly with non-financial systems × Manual template adjustment is time-consuming × Can appear cluttered to new users |
Solver Corporate Performance Management Software
Solver is an innovative corporate performance management (CPM) solution designed to optimize financial planning, budgeting, and reporting processes. By integrating seamlessly with popular enterprise resource planning (ERP) systems and utilizing a user-friendly interface, Solver empowers finance teams to streamline data management and enhance decision-making which evidently suitable for businesses of all sizes.
| Pros | Cons |
| ✓ Intuitive design ✓ Wide range of integrations ✓ Customizable reporting tools |
× May require initial training × Complex setup × Excel-based limitation |
Planful Business Software
Planful offers a Continuous Planning platform designed to streamline and speed up financial planning and analysis (FP&A) activities. By automating these processes, Planful enhances agility in planning and decision-making cycles, empowering the entire organization to make more informed decisions more often. This platform elevates the overall financial insight within the company, ensuring smarter, data-driven decisions at every level.
| Pros | Cons |
| ✓ User-friendly ✓ Supports rolling forecasts ✓ Real-time collaboration |
× Complex implementation × Steep learning curve × Setting up multiple hierarchies is challenging and time-consuming |
AchieveIt Corporate Management Software
AchieveIt is a robust execution management and strategic planning platform designed to help organizations track, manage, and achieve their goals effectively. Moreover, with its comprehensive suite of tools, AchieveIt facilitates the alignment of strategic initiatives across various departments, ensuring that everyone is working towards common objectives.
| Pros | Cons |
| ✓ Ease of use ✓ Project management tools ✓ Integration capabilities |
× May require some initial setup and training × Some detailed financial planning features are less comprehensive × Limited customization |
Datarails CPM Software
Datarails is a platform designed to empower finance teams by transforming traditional spreadsheet-based processes. By integrating seamlessly with Excel, Datarails enhances data management, automates consolidation, and streamlines reporting. The platform offers advanced features such as real-time data synchronization, robust version control, and powerful analytics, enabling finance professionals to gain deeper insights and make data-driven decisions with confidence.
| Pros | Cons |
| ✓ User-friendly ✓ Integration capabilities ✓ Automation features |
× Excel reliance × Steep learning curves × Complex financial planning might be lacking |
Jedox Business Performance Management
Jedox is a comprehensive enterprise performance management (EPM) software that helps with financial planning, budgeting, and forecasting processes. Additionally, Jedox is built to integrate seamlessly with existing IT infrastructure, Jedox combines the power of Excel with advanced functionalities for data consolidation, real-time analytics, and sophisticated modeling.
| Pros | Cons |
| ✓ Strong security down to the cell level ✓ Wide range of integrations ✓ Customizable tools |
× Flexibility and a wide range of options can require more time and expertise × Smaller companies without dedicated IT support may find it challenging × Data visualizations and dashboards are limited |
How to Choose the Best CPM Software
By following these guidelines during your initial discovery and demo phases, you can avoid wasting time with providers that are not a good fit for your business. Here are four tips to help you select the best CPM software:
1. Conduct a Thorough Discovery
Initiate contact through emails, phone calls, or by reviewing marketing materials. Furthermore, don’t hesitate to ask providers about their company culture, strategic priorities, and product roadmap to ensure you’re partnering with a company that aligns with your values and goals.
2. Prioritize Ease of Use
Ensure the software is user-friendly and adaptable to your needs. Even the most feature-rich software is ineffective if it isn’t easy to use. Confirm that your team feels confident about its usability before moving forward.
3. Request a Customized Demo
A tailored demo that addresses your specific needs is crucial in the evaluation process. It allows you to see the software in action, ask questions, and build trust with your potential vendor.
4. Prepare a List of Questions
Ask providers specific questions to help you make an informed decision:
- Have you worked with a similar company before?
- How long would it take to implement your software?
- What do your support options include?
By following these steps, you can ensure a thorough evaluation and find the CPM software that best suits your business needs.
Conclusion
Choosing the right Corporate Performance Management software is a strategic decision that can profoundly impact the success of Singaporean businesses. Without a doubt, the best CPM providers offer solutions that not only simplify financial management and reporting but also provide strategic insights that drive business growth.
As a result, when it comes to selecting the right Corporate Performance Management (CPM) software for your business, HashMicro stands out with its exceptional blend of functionality, ease of use, and customization.
Furthermore, with HashMicro, you can effortlessly manage budgeting, forecasting, and performance reporting, ensuring that your business operations are not only efficient but also aligned with your long-term goals. Try out our free demo now!
Frequently Asked Questions Around CPM
-
What is meant by CPM software?
Corporate Performance Management (CPM) software refers to a set of applications and processes designed to help organizations manage and improve their overall performance. This software aids in financial planning, budgeting, forecasting, and reporting. It integrates data from various sources to provide a comprehensive view of a company’s financial health and operational efficiency.
-
What are the key features of CPM software?
CPM (Corporate Performance Management) software includes several key features such as financial planning and budgeting, forecasting, consolidation of financial data, performance reporting, and KPI tracking. Additionally, it often provides scenario analysis, strategic planning tools, and real-time data integration.
-
Why is CPM software important?
Corporate Performance Management (CPM) software is crucial for organizations because it enhances their ability to plan, monitor, and manage business performance effectively. By integrating financial and operational data, CPM software subsequently provides a comprehensive view of an organization’s performance, thereby allowing for more informed decision-making.
-
Is CPM and ERP the same thing?
No, CPM (Corporate Performance Management) and ERP (Enterprise Resource Planning) are not the same. CPM software focuses on financial planning, budgeting, forecasting, and performance reporting, helping businesses manage and improve their overall performance. In contrast, ERP systems integrate and manage core business processes such as accounting, human resources, supply chain management, and inventory management.
-
Is CPM integrated into ERP?
Yes, CPM (Corporate Performance Management) can indeed be integrated into ERP (Enterprise Resource Planning) systems. As a result, this integration allows organizations to leverage not only the comprehensive data management and operational functionalities of ERP systems but also the strategic planning and performance analysis capabilities of CPM software.
