Corporate performance management (CPM) is an umbrella term used to describe softwares, strategies and processes that track and monitor company performance on a day-to-day basis. CPM solutions enable businesses to streamline their performance across departments, coordinate cross-team projects, and identify areas for improvement. This blog post will explore five benefits of installing a CPM solution for your business.
1. It helps organizations to align strategy with business processes
By implementing corporate performance management, companies are able to link strategic goals to operational goals and link those operational goals to process goals. With CPM, your company’s Mission, Vision, and Core Values are translated into desired Strategic Results. The organization’s “Pillars of Excellence”, or Strategic Themes, are selected to focus effort on the strategies that matter the most to success and ensure that you reach your goals.
2. It helps in establishing company-wide standards
One of the most important functions of a CPM solution is to establish company-wide standards. With CPM, companies can establish metrics, KPIs, and standards for employees in various departments, including sales, marketing, customer support, and human resources. CPM technological solutions are designed to capture data from a variety of sources, including customer surveys, website tracking, and employee feedback. This allows companies to use data from a wide array of sources to establish company-wide standards. For example, customer service agents can be evaluated based on customer feedback received from a variety of sources, including social media, surveys, and phone calls. These solutions can be used to track and monitor customer feedback, which can then be used to evaluate customer service agents.
3. It helps to track key performance indicators
One of the primary functions of a CPM solution is to help companies keep track of key performance indicators (KPIs). CPM solutions are designed to track KPIs related to sales, profitability, customer satisfaction, and other business metrics. These KPIs are essential for company executives to measure how effectively each department is performing. CPM solutions can help businesses track KPIs using a variety of metrics, including graphs, charts, and reports. This allows companies to track KPIs across multiple departments and locations. These metrics can also be integrated into existing business software, including accounting, HR, and customer relationship management (CRM) systems.
4. It is effective in monitoring business processes
With a CPM solution, businesses can track and record key data on each business process, including the amount of time it takes to complete the process. This data can be used to benchmark the performance of each business process, identify areas for improvement, and identify potential bottlenecks. Business process monitoring is essential for compliance with data privacy and security regulations. CPM solutions are designed to track and monitor every step of each business process, including the data being inputted and transformed along the way.
5. It increases employee efficiency
One of the best ways to use CPM is to increase employee efficiency. Businesses adopt CPM to track employee performance, identify bottlenecks in the business process, and recommend changes to increase efficiency. The data gathered through effective CPM practices can be used to help human resources managers identify the best employees for each role, as well as determine which employees are underperforming. In the same vein, the data collected can also be used to recommend changes to improve[AB1] efficiency. For example, if data shows that a particular business process takes too long, CPM technologies can recommend talents and best employee strategies to speed up the process. This data can also be used to help identify training gaps in the workforce, which can help HR managers identify which employees need extra training or need to be re-assigned to a different role.
6. It streamlines your Talent Acquisition Process
Another way to use CPM is to streamline your Talent Acquisition Process (TAP). Companies can use CPM to track candidate activity, from the moment they apply for a job to when they are hired. Effective CPM processes enable tracking the data related to each candidate, including the candidates’ application history, interview notes, and hiring decisions. This data can be used to identify trends in the hiring process and recommend changes to streamline the hiring process. For example, CPM solutions can help hiring managers identify the average amount of time it takes to hire a candidate and determine if there are any areas for improvement.
Conclusion
As discussed, corporate performance management solutions are designed to track and monitor business metrics, KPIs, and business processes across departments. For businesses operating in the technological and highly competitive climate of today, the importance of CPM cannot be overemphasized. For successful CPM incorporation, businesses may contact Audeo as we specialize in expert CPM installations critical for tracking and monitoring a wide array of business metrics, including sales, profitability, and customer satisfaction. Our solutions can also be used to track and monitor business processes, and can be used to establish company-wide standards and increase employee efficiency. Streamline your TAP, and identify areas for improvement within your business today.