Corporate performance management software vendors are usually highly motivated to make sales. Corporations have deep pockets and have to struggle to maintain efficiency. To the software salesperson who is selling efficiency, this sounds like a win-win.
However, as a business owner, you will want to look beyond the flashy sales gimmicks and jargon and make sure you are investing in a program that can help your employees thrive. The number one mistake companies make when buying a new system is not testing it out thoroughly. Here are some questions to ask as you research corporate performance management software vendors:
SaaS or SaaP: Which to Choose?
One of the first options that you will need to consider is whether you are going with a software as a service (SaaS) or software as a product (SaaP).
SaaS is currently more popular. About 93% of all CIOs are utilizing them. Their greatest advantages are their convenience and space. SaaS platforms tend to require much less hands-on work than their SaaP counterparts. Similarly, space is also an issue with SaaPs. SaaS systems offer virtually unlimited off-site storage. With SaaP, you only have as much digital room as you provide.
Many SaaSs also use AI technology, which can be a huge benefit when it comes to CPMS reporting. AI can even identify and track large numbers of minor variations, which would otherwise become lost.
With all that SaaS has going for it, why would a corporation choose a SaaP? Data control. For example, some institutions like government agencies or contractors might not want information funneled into off-site servers.
How Does Your Organization Plan?
Ask yourself: What does your corporation base its projections and planning on, and how can corporate performance management software help? Corporate software platforms are usually developed as an agreement between a software developer and one or more CIOs who are working as advisors.
Information officers have their own biases, so while most systems will offer most functions, they might not all be equally adept.
You will want to consider your organization’s planning patterns. Are they based on financials or strategic blueprints? This is where you may want to hit the “free trial” button. Examine consolidation and reporting features. Can you see your business making the most of these features?
What About Business Intelligence Integration?
The data that a CPM system utilizes comes from your business intelligence (BI) platforms.
With that in mind, you will want to make sure that any new software you choose will offer an efficient and stable connection to your existing BI program. Before you invest in a corporate performance management software program, you should ask for several references of companies who use your BI software.
If you don’t have a BI system or you are thinking about trading yours out, there are a number of CPM options, including some that have BI applications built in. This is especially true of SaaS providers.
Bottom Line: Understand Your Own Business Needs
Reviews and references are great resources when researching a CPM system. Just remember that no two corporate performance management software vendors are run the same way. So look past the enthusiasm of other businesses and find a good fit for your own company.