Growing a business is always great. It may occur through the opening of a new branch, installation of a new production line, or increase in the number of departments. As long as the business structure is simple, a company can make less. For example, it may use Excel forms and minor versions of accounting programs. But, the expansion of business processes arises to introduce more complex and comprehensive transformation, namely corporate performance management systems.
Corporate performance management system - a system or platform that helps monitor the company's business processes. That means that the system helps analyze how the business achieves its goals. Corporate performance management can also be presented as the stack of business intelligence and financial analytics, which help set goals and track the progress of success.
Corporate performance management allows users to combine financial and operational performance using intelligent business tools such as planning, budgeting, reporting, operations management, and forecasting.
Corporate performance management systems help accumulate corporate data in a number of arrays. Due to its multi-dimensional structure, corporate information can be detailed by separate and in-depth accounting items.
The performance system is traditionally implemented considering the existing state requirements for accounting and the specifics of the business of a particular organization. Then a multi-dimensional database is structured with financial models that help calculate specific performance indicators.
However, you cannot just take and implement corporate performance management, since this is a multi-stage process that requires a serious approach not only to setting up the software, but also to assessing the business processes of the entire organization. For example, first you need to describe all organizational processes, what responsibilities are assigned to what positions, create a map of the target statement of the entire system and organization. After that, it is necessary to optimize production and financial accounting and other necessary business processes. And only then can you set up corporate performance management.
Since accounting and reporting rules can change, and the business can also grow further and get more complex, the implementation of the system requires support and adjusting, for example, at least once every six months.
The system should be built on the basis of a long-term strategy for the development of business. Only in this case can sustainability performance be built.